# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-23-016748
**Filing Date:** 2023-1
**Character Count:** 493332
**Document Hash:** 9b72b9f6f030eab02c502f8f9f2ea2c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016748.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016748

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 23563257

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

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

## Series and Classes Contracts Data

### JPMorgan Short Duration Core Plus ETF (Series ID: S000071090)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000225677 | JPMorgan Short Duration Core Plus ETF | JSCP            |

## Nport-Ex

**JPMorgan Short Duration Core Plus ETF**

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

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED MUTUAL FUNDS HOLDINGS" LIST ("the <br> List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS <br> NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR <br> SALES LITERATURE WITH THE GENERAL PUBLIC. The list is <br> submitted for the general information of the shareholders of the Fund. <br> It is not authorized for distribution to prospective investors in the Fund <br> unless preceded or accompanied by a prospectus. The list has been <br> created from the books and records of the Fund. Holdings are <br> available 60 days after the fund's fiscal quarter, using a trade date <br> accounting convention, by contacting the appropriate service center. <br> The list is subject to change without notice. The list is for <br> informational purposes only and is not intended as an offer or <br> solicitation with respect to the purchase or sale of any security.<br>|
| &nbsp;&nbsp; JPMorgan Asset Management is the marketing name for the asset <br> management business of J.P. Morgan Chase & Co.<br>|
| J.P. Morgan Distribution Services, Inc., member FINRA. |
|© J.P. Morgan Chase & Co., 2022. |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — 39.1%** | **Corporate Bonds — 39.1%** | **Corporate Bonds — 39.1%** |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/2025 | 570000 | 564713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 2/4/2026 | 125000 | 113627 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) 6.00%, 2/15/2028 (a) | 55000 | 51573 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/2028 (a) | 45000 | 40050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2029 (a) | 60000 | 52800 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2025 (a) | 42000 | 41549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 11/30/2029 (a) | 18000 | 18945 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc. 6.25%, 3/15/2026 (a) | 60000 | 59708 |
| &nbsp;&nbsp;&nbsp; Triumph Group, Inc. 8.88%, 6/1/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992045 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50970 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc. 4.38%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111952 |
| **Auto Components — 0.3%** | **Auto Components — 0.3%** | **Auto Components — 0.3%** |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186682 |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc. 5.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37809 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26105 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP 6.25%, 5/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35663 |
| &nbsp;&nbsp;&nbsp; Dana, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19578 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The) 5.25%, 4/30/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106020 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP 5.25%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587562 |
| **Automobiles — 0.8%** | **Automobiles — 0.8%** | **Automobiles — 0.8%** |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 2/10/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178623 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 1/29/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/12/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318747 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 5/13/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 6/8/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1476270 |
| **Banks — 14.8%** | **Banks — 14.8%** | **Banks — 14.8%** |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383892 |
| &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620949 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (a) | 450000 | 429080 |
| &nbsp;&nbsp;&nbsp; Banco Continental SAECA (Paraguay) 2.75%, 12/10/2025 (a) | 150000 | 130716 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 5/28/2025 | 600000 | 563857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 8/18/2025 | 400000 | 397465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (c) | 200000 | 171345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.17%, 3/24/2028 (c) | 200000 | 185362 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (c) | 200000 | 197933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (c) | 585000 | 542113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%), 3.38%, 4/2/2026 (c) | 380000 | 361845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 1.73%, 7/22/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 2.55%, 2/4/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 4.95%, 7/22/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 6.20%, 11/10/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413726 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.25%, 9/16/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203171 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) 4.75%, 7/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515484 |
| &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.28%, 11/24/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275237 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) (SOFR + 2.07%), 2.22%, 6/9/2026 (a) (c) | &nbsp;&nbsp; 1295000 | &nbsp;&nbsp;&nbsp;&nbsp; 1189288 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.67%), 0.98%, 5/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%), 2.01%, 1/25/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.84%), 3.11%, 4/8/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.61%, 9/29/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.12%, 1/28/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%), 4.66%, 5/24/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846820 |
| &nbsp;&nbsp;&nbsp; Citizens Bank NA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.40%), 4.12%, 5/23/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.00%), 4.57%, 8/9/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388260 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/17/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 1.91%, 6/16/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511987 |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.03%), 1.17%, 12/8/2023 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.98%, 9/10/2025 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276351 |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) (SOFRINDX + 1.95%), 5.90%, 10/9/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499882 |
| &nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec (Canada) 2.05%, 2/10/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186277 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.53%), 0.73%, 8/17/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%), 0.98%, 5/24/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.54%), 1.64%, 4/18/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179716 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.03%), 7.34%, 11/3/2026 (c) | 580000 | 605713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 2.25%, 11/22/2027 (c) | 385000 | 331851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%), 5.21%, 8/11/2028 (c) | 420000 | 405291 |
| &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.73%, 4/1/2027 (c) | 200000 | 176537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%), 4.02%, 3/28/2028 (c) | 235000 | 219279 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026 (c) | 200000 | 184976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 3/24/2026 | 400000 | 380359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.72%, 8/11/2026 (c) | 415000 | 402638 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.13%), 3.84%, 4/17/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 258000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 512000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%, 1/19/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353184 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group Cayman 3 Ltd. (Japan) 4.60%, 3/27/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677939 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 1.24%, 7/10/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.24%), 2.84%, 7/16/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 2.65%, 5/22/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435474 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.47%, 11/10/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179788 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.08%), 3.37%, 1/5/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%), 1.09%, 3/15/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838788 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/28/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/14/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.23%, 1/21/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334228 |
| &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) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278008 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.10%), 7.78%, 11/16/2025 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 3.97%, 3/30/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293541 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 4/2/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182333 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan) 0.85%, 3/25/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188616 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169465 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 4.54%, 8/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524158 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 3.53%, 3/24/2028 (c) | 285000 | 264735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.98%), 4.81%, 7/25/2028 (c) | 945000 | 922955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, <br> 2/4/2030 (c)<br>| 75000 | 68221 |
|  |  | &nbsp;&nbsp; 29128846 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Central American Bottling Corp. (Guatemala) 5.25%, 4/27/2029 (a) | 140000 | 125125 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) | 80000 | 36000 |
| &nbsp;&nbsp;&nbsp; Grifols Escrow Issuer SA (Spain) 4.75%, 10/15/2028 (a) | 200000 | 168076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204076 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. 4.25%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28373 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69761 |
| &nbsp;&nbsp;&nbsp; PGT Innovations, Inc. 4.38%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46326 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc. 4.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63442 |
| &nbsp;&nbsp;&nbsp; Summit Materials LLC 5.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240212 |
| **Capital Markets — 4.1%** | **Capital Markets — 4.1%** | **Capital Markets — 4.1%** |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4320 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 6/9/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 2.59%, 9/11/2025 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.34%), 6.37%, 7/15/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375584 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%), 2.22%, 9/18/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.31%, 11/16/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267297 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.57%), 0.67%, 3/8/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%), 1.76%, 1/24/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 4.39%, 6/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.95%, 10/21/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 423000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 2.64%, 2/24/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%), 3.62%, 3/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204607 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21%, 11/22/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.63%, 9/23/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.13%), 4.10%, 6/21/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355259 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.62%), 0.73%, 4/5/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.67%), 4.68%, 7/17/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 0.98%, 12/10/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 1.51%, 7/20/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291489 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 2.48%, 1/21/2028 (c) | 400000 | 355387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 4.21%, 4/20/2028 (c) | 220000 | 209572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%), 6.30%, 10/18/2028 (c) | 400000 | 414326 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 7/16/2025 | 200000 | 182657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 7/14/2026 | 200000 | 174441 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 1.01%, 7/30/2024 (a) (c) | 400000 | 387695 |
| &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) (c) | 410000 | 396578 |
| &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) (c) | 270000 | 232007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8048357 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| &nbsp;&nbsp;&nbsp; Albemarle Corp. 4.65%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441103 |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil) 4.50%, 1/31/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169500 |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 7/5/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74623 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35131 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59826 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177816 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) 4.25%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62531 |
| &nbsp;&nbsp;&nbsp; Rain CII Carbon LLC 7.25%, 4/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22751 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1696495 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. 4.25%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62656 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC 6.63%, 7/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33250 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc. 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60786 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The) 4.63%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32182 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) 4.63%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53885 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc. (Canada) 4.00%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38606 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC 4.13%, 6/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121071 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC 5.75%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78210 |
| &nbsp;&nbsp;&nbsp; Stericycle, Inc. 3.88%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532846 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; CommScope, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151312 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42942 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46500 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Construction & Engineering — continued** | **Construction & Engineering — continued** | **Construction & Engineering — continued** |
| &nbsp;&nbsp;&nbsp; MasTec, Inc. 4.50%, 8/15/2028 (a) | 85000 | 76742 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC 4.88%, 9/15/2028 (a) | 65000 | 52681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218865 |
| **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** | **Consumer Finance — 2.3%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/16/2024 | 450000 | 443637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 8/14/2024 | 200000 | 189297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | 490000 | 430855 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2024 (a) | 450000 | 438989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (a) | 125000 | 118400 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%), 1.34%, 12/6/2024 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 2.64%, 3/3/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 1.88%, 11/2/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 4.93%, 5/10/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383724 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 1/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 5/3/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186458 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. 5.00%, 4/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371492 |
| &nbsp;&nbsp;&nbsp; Navient Corp. 7.25%, 9/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21002 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20880 |
| &nbsp;&nbsp;&nbsp; Park Aerospace Holdings Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/15/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/15/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4599540 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc 4.13%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176000 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC 1.51%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60869 |
| &nbsp;&nbsp;&nbsp; LABL, Inc. 6.75%, 7/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105050 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62138 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67342 |
| &nbsp;&nbsp;&nbsp; Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519737 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Service Corp. International 5.13%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42623 |
| **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 4/6/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190610 |
| &nbsp;&nbsp;&nbsp; Fondo MIVIVIENDA SA (Peru) 4.63%, 4/12/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512932 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Altice France Holding SA (Luxembourg) 6.00%, 2/15/2028 (a) | 200000 | 134118 |
| &nbsp;&nbsp;&nbsp; Altice France SA (France) 5.13%, 7/15/2029 (a) | 200000 | 157622 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2028 (a) | 83000 | 76298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 (a) | 285000 | 245021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2032 (a) | 15000 | 12544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/2032 | 240000 | 198064 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a) | 85000 | 80879 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc. 4.63%, 9/15/2027 (a) | 70000 | 58975 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2026 (a) | 45000 | 38475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157712 |
| &nbsp;&nbsp;&nbsp; NBN Co. Ltd. (Australia) 1.45%, 5/5/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177146 |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp. 8.75%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89674 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA (Italy) 6.38%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1455272 |
| **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/14/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 7/12/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423550 |
| &nbsp;&nbsp;&nbsp; Eskom Holdings SOC Ltd. (South Africa) 6.75%, 8/6/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487046 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 3.65%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724887 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/15/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69124 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60892 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 7/15/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3116797 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc. 4.38%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35424 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Guara Norte SARL (Brazil) 5.20%, 6/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 187230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153915 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc. 4.65%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221752 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23962 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Entertainment — continued** | **Entertainment — continued** | **Entertainment — continued** |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. 4.75%, 10/15/2027 (a) | 95000 | 85737 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. 3.76%, 3/15/2027 (a) | 475000 | 432859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573206 |
| **Equity Real Estate Investment Trusts (REITs) — 0.2%** | **Equity Real Estate Investment Trusts (REITs) — 0.2%** | **Equity Real Estate Investment Trusts (REITs) — 0.2%** |
| &nbsp;&nbsp;&nbsp; Corporate Office Properties LP 2.00%, 1/15/2029 | 140000 | 108348 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. 4.88%, 9/15/2027 (a) | 58000 | 54537 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP 4.75%, 10/15/2027 | 75000 | 68509 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. 3.13%, 2/1/2029 | 47000 | 39238 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP 5.63%, 5/1/2024 (a) | 50000 | 49517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320149 |
| **Food & Staples Retailing — 0.2%** | **Food & Staples Retailing — 0.2%** | **Food & Staples Retailing — 0.2%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54146 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc. 5.50%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23160 |
| &nbsp;&nbsp;&nbsp; Rite Aid Corp. 8.00%, 11/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358436 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. 4.88%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30164 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30707 |
| &nbsp;&nbsp;&nbsp; Viterra Finance BV (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/21/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/21/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876049 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP 5.88%, 8/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52388 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55200 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135534 |
| **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; AdaptHealth LLC 4.63%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50084 |
| &nbsp;&nbsp;&nbsp; Centene Corp. 4.63%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78106 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62279 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc. 4.63%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93090 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. 4.75%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119812 |
| &nbsp;&nbsp;&nbsp; Highmark, Inc. 1.45%, 5/10/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114835 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/2027 (a) | 65000 | 61190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2029 (a) | 175000 | 151844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815036 |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) 3.88%, 1/15/2028 (a) | 52000 | 46409 |
| &nbsp;&nbsp;&nbsp; Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 40000 | 35597 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. 6.25%, 7/1/2025 (a) | 105000 | 103772 |
| &nbsp;&nbsp;&nbsp; Carnival Corp. 9.88%, 8/1/2027 (a) | 100000 | 97607 |
| &nbsp;&nbsp;&nbsp; Gohl Capital Ltd. (Malaysia) 4.25%, 1/24/2027 (d) | 200000 | 177000 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc. 4.88%, 1/15/2030 | 80000 | 74032 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46336 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International 5.50%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103686 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28665 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. 5.50%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27088 |
| &nbsp;&nbsp;&nbsp; Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24059 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC 4.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48512 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. 6.25%, 5/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34964 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC 7.75%, 4/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90191 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1000871 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53175 |
| &nbsp;&nbsp;&nbsp; Lennar Corp. 4.75%, 5/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147026 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. 5.50%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150770 |
| &nbsp;&nbsp;&nbsp; Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400715 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28898 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42536 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands, Inc. 5.00%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225198 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp; Calpine Corp. 4.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86902 |
| &nbsp;&nbsp;&nbsp; Termocandelaria Power Ltd. (Colombia) 7.88%, 1/30/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240318 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| &nbsp;&nbsp;&nbsp; Athene Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 1/8/2024 (a) | 259000 | 245553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91%, 8/19/2024 (a) | 295000 | 270284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 1/14/2025 (a) | 308000 | 288960 |
| &nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding 0.80%, 8/12/2024 (a) | 230000 | 213147 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding 3.88%, 6/11/2025 (a) | 150000 | 144554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1162498 |
| **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; B2W Digital Lux SARL (Brazil) 4.38%, 12/20/2030 (d) | 200000 | 123450 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc. 4.25%, 6/1/2028 (a) | 55000 | 45246 |
| &nbsp;&nbsp;&nbsp; Block, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34083 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. 4.70%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520272 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc. 3.63%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74450 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325751 |
| &nbsp;&nbsp;&nbsp; Presidio Holdings, Inc. 4.88%, 2/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1423607 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Vista Outdoor, Inc. 4.50%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49400 |
| **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34805 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22352 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC 6.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182264 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC 5.88%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50467 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94435 |
| &nbsp;&nbsp;&nbsp; Gray Escrow II, Inc. 5.38%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76297 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97963 |
| &nbsp;&nbsp;&nbsp; News Corp. 3.88%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46215 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc. 5.63%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67890 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC 6.25%, 6/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21890 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33623 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17800 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 4.13%, 12/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49842 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2027 (a) | 55000 | 51328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2029 (a) | 210000 | 195531 |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC 5.63%, 8/15/2029 (a) | 75000 | 64312 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. 4.50%, 5/1/2029 (a) | 59000 | 50224 |
| &nbsp;&nbsp;&nbsp; Videotron Ltd. (Canada) 5.13%, 4/15/2027 (a) | 45000 | 43020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1550892 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV 6.13%, 5/15/2028 (a) | 200000 | 194154 |
| &nbsp;&nbsp;&nbsp; Arconic Corp. 6.13%, 2/15/2028 (a) | 85000 | 79811 |
| &nbsp;&nbsp;&nbsp; ATI, Inc. 5.88%, 12/1/2027 | 75000 | 69902 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. 6.38%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70772 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17500 |
| &nbsp;&nbsp;&nbsp; CSN Inova Ventures (Brazil) 6.75%, 1/28/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189250 |
| &nbsp;&nbsp;&nbsp; FMG Resources August 2006 Pty. Ltd. (Australia) 4.50%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64050 |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26382 |
| &nbsp;&nbsp;&nbsp; Novelis Corp. 4.75%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857569 |
| **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** | **Multiline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc. 2.30%, 4/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18812 |
| **Multi-Utilities — 0.0% ^** | **Multi-Utilities — 0.0% ^** | **Multi-Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. 2.38%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42790 |
| **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** |
| &nbsp;&nbsp;&nbsp; Aker BP ASA (Norway) 2.00%, 7/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176081 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27675 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60901 |
| &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd. (Australia) 4.20%, 3/23/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337976 |
| &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51549 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP 4.13%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79564 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP 4.50%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32130 |
| &nbsp;&nbsp;&nbsp; Chesapeake Energy Corp. 6.75%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79300 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/14/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56714 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc. 6.75%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73249 |
| &nbsp;&nbsp;&nbsp; Crestwood Midstream Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 5/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40300 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. 4.13%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83705 |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) 5.38%, 6/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139811 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Energean Israel Finance Ltd. (Israel) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/30/2024 (d) | 12000 | 11595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/30/2026 (d) | 80000 | 74400 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP 4.05%, 3/15/2025 | 105000 | 101957 |
| &nbsp;&nbsp;&nbsp; EnLink Midstream Partners LP 4.15%, 6/1/2025 | 38000 | 36258 |
| &nbsp;&nbsp;&nbsp; EQM Midstream Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2024 | 12000 | 11460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/2025 (a) | 15000 | 14700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/1/2027 (a) | 50000 | 48500 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP 6.25%, 5/15/2026 | 70000 | 64885 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a) | 475000 | 430943 |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV (India) 3.85%, 3/29/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163066 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Corp. 8.00%, 5/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54822 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP 5.75%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68704 |
| &nbsp;&nbsp;&nbsp; Holly Energy Partners LP 6.38%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58703 |
| &nbsp;&nbsp;&nbsp; Leviathan Bond Ltd. (Israel) 6.13%, 6/30/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48994 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC 7.50%, 2/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27097 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP 5.63%, 4/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56422 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. 6.13%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52759 |
| &nbsp;&nbsp;&nbsp; Oil and Gas Holding Co. BSCC (The) (Bahrain) 7.63%, 11/7/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201850 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49%, 1/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244296 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. 4.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23334 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 5.88%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81149 |
| &nbsp;&nbsp;&nbsp; Southwestern Energy Co. 5.38%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98721 |
| &nbsp;&nbsp;&nbsp; Sunoco LP 5.88%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42860 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP 6.00%, 12/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3651249 |
| **Personal Products — 0.1%** | **Personal Products — 0.1%** | **Personal Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. 5.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113073 |
| &nbsp;&nbsp;&nbsp; Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169623 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57614 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc. 4.88%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174591 |
| &nbsp;&nbsp;&nbsp; Organon & Co. 5.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177482 |
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648329 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc. 4.75%, 3/1/2029 | 75000 | 60881 |
| &nbsp;&nbsp;&nbsp; Realogy Group LLC 5.75%, 1/15/2029 (a) | 55000 | 42071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102952 |
| **Road & Rail — 0.6%** | **Road & Rail — 0.6%** | **Road & Rail — 0.6%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/2027 (a) | 45000 | 41621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/2028 (a) | 35000 | 30748 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The) 4.63%, 12/1/2026 (a) | 75000 | 65060 |
| &nbsp;&nbsp;&nbsp; Triton Container International Ltd. (Bermuda) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 6/7/2024 (a) | 200000 | 184287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 4/15/2026 (a) | 859000 | 741231 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. 7.50%, 5/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1123311 |
| **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp; Broadcom Corp. 3.88%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142002 |
| &nbsp;&nbsp;&nbsp; Entegris Escrow Corp. 5.95%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32692 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. 1.65%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110373 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. 4.25%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654716 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62914 |
| &nbsp;&nbsp;&nbsp; NCR Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182206 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. 4.50%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58806 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21953 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) 3.63%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72983 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46654 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29602 |
| &nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. 3.75%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21037 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc. 4.75%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228407 |
| &nbsp;&nbsp;&nbsp; SRS Distribution, Inc. 4.63%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49154 |
| &nbsp;&nbsp;&nbsp; Staples, Inc. 7.50%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675980 |
| **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman 4.88%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46804 |
| **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; William Carter Co. (The) 5.63%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33565 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Thrifts & Mortgage Finance — 1.3%** | **Thrifts & Mortgage Finance — 1.3%** | **Thrifts & Mortgage Finance — 1.3%** |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/22/2023 (a) | 400000 | 395853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 7/21/2024 (a) | 285000 | 279460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 1/14/2025 (a) | 500000 | 463794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/19/2027 (a) (b) | 535000 | 520933 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (a) | 80000 | 72729 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.06%), 3.77%, 3/8/2024 (a) (c) | 200000 | 198401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.39%), 4.36%, 8/1/2024 (a) (c) | 200000 | 197086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/14/2026 (a) | 350000 | 319693 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2508076 |
| **Tobacco — 0.3%** | **Tobacco — 0.3%** | **Tobacco — 0.3%** |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) 3.22%, 9/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139232 |
| &nbsp;&nbsp;&nbsp; BAT International Finance plc (United Kingdom) 4.45%, 3/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581606 |
| **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357559 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/30/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 1/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218080 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56714 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50873 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc. 4.88%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148654 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc. 7.25%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1805675 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69725 |
| &nbsp;&nbsp;&nbsp; Kenbourne Invest SA (Chile) 4.70%, 1/22/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144850 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $83,434,883)<br>|  | &nbsp;&nbsp; 76854767 |
| **Asset-Backed Securities — 18.2%** | **Asset-Backed Securities — 18.2%** | **Asset-Backed Securities — 18.2%** |
| &nbsp;&nbsp;&nbsp; ACC Auto Trust Series 2021-A, Class A, 1.08%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95669 |
| &nbsp;&nbsp;&nbsp; Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 212052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186262 |
| &nbsp;&nbsp;&nbsp; ACM Auto Trust Series 2022-1A, Class B, 4.47%, 4/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 438000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434192 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd. (Cayman Islands) Series 2019-10A, Class AR, 5.38%, 7/22/2032 (a) (f) | 350000 | 341270 |
| &nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (a) | 263000 | 222531 |
| &nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class D, 2.97%, 12/12/2025 (a) | 318340 | 315371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class E, 3.32%, 3/13/2026 (a) | 450000 | 439634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 2.12%, 3/13/2028 (a) | 1000000 | 937148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class D, 5.83%, 10/13/2028 (a) | 284000 | 272714 |
| &nbsp;&nbsp;&nbsp; AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class E1, 2.33%, 10/17/2038 ‡ (a) | 300000 | 251662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR4, Class E1, 2.97%, 12/17/2038 ‡ (a) | 400000 | 336132 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Trust Series 2021-A, Class B, 2.40%, 7/17/2046 ‡ (a) | 313000 | 263118 |
| &nbsp;&nbsp;&nbsp; AREIT Trust Series 2021-CRE5, Class C, 6.16%, 11/17/2038 ‡ (a) (f) | 336000 | 317457 |
| &nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund (Cayman Islands) Series 2019-13A, Class A1NR, 5.40%, 4/22/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194589 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 5.21%, 7/20/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 331610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324839 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1R, 5.11%, 7/15/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243851 |
| &nbsp;&nbsp;&nbsp; BSPRT Issuer Ltd. (Cayman Islands) Series 2021-FL7, Class B, 5.93%, 12/15/2038 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440221 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 2.98%, 11/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 456930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 2.16%, 4/15/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 277033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241135 |
| &nbsp;&nbsp;&nbsp; CarNow Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class C, 3.84%, 9/16/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 222042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 2.16%, 2/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 1.69%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class D, 5.79%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 397000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378823 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands) Series 2012-2RA, Class A1, 5.04%, 1/20/2028 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 142394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140535 |
| &nbsp;&nbsp;&nbsp; Continental Finance Credit Card ABS Master Trust Series 2021-A, Class A, 2.55%, 12/17/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368773 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class E, 5.00%, 3/17/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class E, 5.81%, 3/16/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 1.21%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class D, 2.31%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class D, 6.45%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230441 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class C, 1.63%, 9/16/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class C, 5.70%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 467000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449141 |
| &nbsp;&nbsp;&nbsp; Crossroads Asset Trust Series 2021-A, Class C, 1.44%, 1/20/2026 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118889 |
| &nbsp;&nbsp;&nbsp; Dext ABS LLC Series 2021-1, Class A, 1.12%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 196831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187651 |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund (Cayman Islands) Series 2017-49A, Class AR, 5.14%, 7/18/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 497131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489493 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class D, 2.55%, 11/17/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class E, 5.33%, 11/17/2025 (a) | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, 1.16%, 11/16/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, 1.31%, 5/17/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218043 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class D, 3.11%, 8/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 142965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class E, 3.74%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 1.40%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, 1.96%, 1/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 4.56%, 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749294 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; FCI Funding LLC Series 2021-1A, Class A, 1.13%, 4/15/2033 (a) | 63515 | 61942 |
| &nbsp;&nbsp;&nbsp; FHF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 0.83%, 12/15/2026 (a) | 239746 | 227052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.27%, 3/15/2027 (a) | 80338 | 76709 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class E1, 2.99%, 12/17/2038 ‡ (a) | 500000 | 427008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class D, 4.50%, 7/17/2039 ‡ (a) | 615000 | 542235 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class D, 4.08%, 2/18/2025 (a) | 550000 | 541196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class C, 2.24%, 1/15/2026 (a) | 500000 | 489919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class D, 1.27%, 3/15/2027 (a) | 225000 | 202772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class C, 1.46%, 9/15/2027 (a) | 143000 | 129135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class D, 3.64%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 536000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482784 |
| &nbsp;&nbsp;&nbsp; Foundation Finance Trust Series 2021-1A, Class A, 1.27%, 5/15/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 103486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92568 |
| &nbsp;&nbsp;&nbsp; FREED ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1CP, Class B, 1.41%, 3/20/2028 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3FP, Class A, 4.50%, 8/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 458448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455857 |
| &nbsp;&nbsp;&nbsp; FRTKL Series 2021-SFR1, Class D, 2.17%, 9/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198147 |
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd. (Cayman Islands) Series 2015-19A, Class A1RR, 5.27%, 7/24/2030 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 249310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245383 |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class C, 3.06%, 8/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class D, 4.94%, 12/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, 1.48%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178240 |
| &nbsp;&nbsp;&nbsp; Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2, Class A, 1.15%, 6/25/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 119674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110070 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust Series 2021-3, Class E1, 3.20%, 1/17/2041 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 467650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386427 |
| &nbsp;&nbsp;&nbsp; LCM LP (Cayman Islands) Series 14A, Class AR, 5.28%, 7/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391827 |
| &nbsp;&nbsp;&nbsp; LCM Ltd. (Cayman Islands) Series 26A, Class A1, 5.31%, 1/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244592 |
| &nbsp;&nbsp;&nbsp; Lendbuzz Securitization Trust Series 2021-1A, Class A, 1.46%, 6/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 130459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123922 |
| &nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 1.46%, 12/15/2028 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C, 2.82%, 6/15/2029 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278538 |
| &nbsp;&nbsp;&nbsp; LendingPoint Asset Securitization Trust Series 2020-REV1, Class B, 4.49%, 10/15/2028 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291026 |
| &nbsp;&nbsp;&nbsp; LendingPoint Pass-Through Trust Series 2022-ST1, Class A, 2.50%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 145992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137370 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust Series 2019-2A, Class A, 2.78%, 4/20/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 201048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194503 |
| &nbsp;&nbsp;&nbsp; LL ABS Trust Series 2021-1A, Class A, 1.07%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 111287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106609 |
| &nbsp;&nbsp;&nbsp; LMREC LLC Series 2021-CRE4, Class A, 5.09%, 4/22/2037 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89334 |
| &nbsp;&nbsp;&nbsp; Longfellow Place CLO Ltd. (Cayman Islands) Series 2013-1A, Class AR3, 5.08%, 4/15/2029 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66792 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163920 |
| &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust Series 2021-1A, Class A, 1.54%, 3/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269364 |
| &nbsp;&nbsp;&nbsp; Mission Lane Credit Card Master Trust Series 2021-A, Class A, 1.59%, 9/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341732 |
| &nbsp;&nbsp;&nbsp; MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class A, 1.14%, 1/22/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 137304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class B, 1.44%, 1/22/2041 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53416 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2020-37A, Class AR, 5.21%, 7/20/2031 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346748 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2022-SFR1, Class E1, 3.55%, 2/17/2039 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449172 |
| &nbsp;&nbsp;&nbsp; NMEF Funding LLC Series 2021-A, Class B, 1.85%, 12/15/2027 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169931 |
| &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 116924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103620 |
| &nbsp;&nbsp;&nbsp; Oportun Funding XIV LLC Series 2021-A, Class A, 1.21%, 3/8/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157723 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 1.18%, 11/15/2027 (a) | 44701 | 43851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HG1, Class A, 1.22%, 1/16/2029 (a) | 193021 | 181529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 1.15%, 5/15/2029 (a) | 94017 | 91355 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1, 5.48%, 2/20/2028 (a) (f) | 68444 | 67720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1, 5.48%, 5/20/2029 (a) (f) | 134831 | 133101 |
| &nbsp;&nbsp;&nbsp; PFP Ltd. (Cayman Islands) Series 2021-7, Class C, 5.55%, 4/14/2038 ‡ (a) (f) | 166492 | 154155 |
| &nbsp;&nbsp;&nbsp; PRET LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL3, Class A1, 1.87%, 7/25/2051 (a) (e) | 207618 | 185369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL6, Class A1, 2.49%, 7/25/2051 ‡ (a) (e) | 260987 | 241223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (a) (f) | 428255 | 375828 |
| &nbsp;&nbsp;&nbsp; Pretium Mortgage Credit Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL2, Class A1, 1.99%, 6/27/2060 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 195744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 ‡ (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 152792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137970 |
| &nbsp;&nbsp;&nbsp; Progress Residential Series 2021-SFR3, Class E1, 2.54%, 5/17/2026 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169455 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class D, 4.45%, 4/17/2039 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 562000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497693 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class D, 1.13%, 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class D, 1.33%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277812 |
| &nbsp;&nbsp;&nbsp; Skopos Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class C, 3.63%, 9/16/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class D, 5.24%, 4/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316042 |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust Series 2018-4, Class D, 4.76%, 11/26/2027 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 102242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100999 |
| &nbsp;&nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class AR, 5.32%, 1/20/2032 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391574 |
| &nbsp;&nbsp;&nbsp; Stratus CLO Ltd. (Cayman Islands) Series 2021-1A, Class A, 5.04%, 12/29/2029 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 447983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439550 |
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd. (Cayman Islands) Series 2016-18A, Class A1RR, 5.42%, 7/23/2033 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243142 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust Series 2021-SFR1, Class E1, 2.79%, 7/17/2038 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201360 |
| &nbsp;&nbsp;&nbsp; Upstart Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ST4, Class A, 2.00%, 7/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 109905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ST5, Class A, 2.00%, 7/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 127773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ST8, Class A, 1.75%, 10/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 182295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ST9, Class A, 1.70%, 11/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 147640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ST10, Class A, 2.25%, 1/20/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 286737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ST1, Class A, 2.60%, 3/20/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 419940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392824 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class B, 3.09%, 4/22/2030 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class B, 1.75%, 6/20/2031 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A, 0.83%, 7/20/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class B, 1.84%, 9/20/2031 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class B, 2.49%, 11/20/2031 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A, 5.98%, 8/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 545667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534552 |
| &nbsp;&nbsp;&nbsp; US Auto Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 0.79%, 7/15/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.49%, 3/17/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139292 |
| &nbsp;&nbsp;&nbsp; US Auto Funding Trust Series 2022-1A, Class B, 5.13%, 12/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 574000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542935 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; VCAT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL2, Class A1, 2.12%, 3/27/2051 (a) (e) | 142963 | 129237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL3, Class A1, 1.74%, 5/25/2051 (a) (e) | 155264 | 138670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL4, Class A1, 1.87%, 8/25/2051 ‡ (a) (e) | 218248 | 196007 |
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd. (Cayman Islands) Series 2018-32A, Class A2A, 5.26%, 7/18/2031 (a) (f) | 150000 | 147275 |
| &nbsp;&nbsp;&nbsp; Veros Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 3.47%, 12/15/2025 (a) | 305549 | 298282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 0.92%, 10/15/2026 (a) | 43875 | 43120 |
| &nbsp;&nbsp;&nbsp; VOLT CIII LLC Series 2021-CF1, Class A1, 1.99%, 8/25/2051 ‡ (a) (e) | 275051 | 256634 |
| &nbsp;&nbsp;&nbsp; VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (a) (e) | 145976 | 128847 |
| &nbsp;&nbsp;&nbsp; VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a) (e) | 118737 | 105657 |
| &nbsp;&nbsp;&nbsp; VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a) (e) | 148833 | 132746 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class E, 3.59%, 3/17/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class D, 2.80%, 6/16/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 0.95%, 3/16/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, 1.23%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, 2.12%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $37,951,501)<br>|  | &nbsp;&nbsp; 35666434 |
| **U.S. Treasury Obligations — 16.1%** | **U.S. Treasury Obligations — 16.1%** | **U.S. Treasury Obligations — 16.1%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 4/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 5/15/2025 | &nbsp;&nbsp;&nbsp; 2370000 | &nbsp;&nbsp;&nbsp;&nbsp; 2289642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 6/15/2025 | 13810000 | &nbsp;&nbsp; 13382753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp; 2847800 | &nbsp;&nbsp;&nbsp;&nbsp; 2765481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/2025 | &nbsp;&nbsp;&nbsp; 2057700 | &nbsp;&nbsp;&nbsp;&nbsp; 2024584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 | &nbsp;&nbsp;&nbsp; 3535000 | &nbsp;&nbsp;&nbsp;&nbsp; 3547980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2025 | &nbsp;&nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4955125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 2/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 5/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 8/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 9/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 3/31/2029 | &nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $32,284,967)<br>|  | &nbsp;&nbsp; 31706779 |
| **Mortgage-Backed Securities — 11.1%** | **Mortgage-Backed Securities — 11.1%** | **Mortgage-Backed Securities — 11.1%** |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, 30 Year Pool # G08878, 4.50%, 5/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 270642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268250 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 10 Year Pool # RD5034, 2.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 494614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461889 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 15 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZS6689, 2.50%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 193821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB0661, 2.50%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 509382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB0725, 4.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp; 1027505 | &nbsp;&nbsp;&nbsp;&nbsp; 1007154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB8184, 4.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp; 1305290 | &nbsp;&nbsp;&nbsp;&nbsp; 1276877 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZT1703, 4.00%, 1/1/2049 | 905390 | 875971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD8231, 4.50%, 7/1/2052 | 872634 | 849994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD8233, 5.00%, 7/1/2052 | 240467 | 239483 |
| &nbsp;&nbsp;&nbsp; FNMA Pool # BM4562 ARM, 3.08%, 5/1/2047 (f) | 1623464 | 1636009 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 15 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4361, 2.50%, 6/1/2036 | 384573 | 356436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS1563, 2.50%, 7/1/2036 | 547347 | 507325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS1329, 2.00%, 2/1/2037 | 999668 | 902208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS2930, 4.00%, 9/1/2037 | 1358949 | 1330454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4776, 4.00%, 10/1/2037 | 1397040 | 1366653 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 20 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3075, 3.50%, 11/1/2039 | &nbsp;&nbsp;&nbsp; 1084917 | &nbsp;&nbsp;&nbsp;&nbsp; 1044877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8310, 2.50%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 266594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236880 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM2972, 4.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 935968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS2237, 4.00%, 10/1/2046 | &nbsp;&nbsp;&nbsp; 2169890 | &nbsp;&nbsp;&nbsp;&nbsp; 2114916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM1285, 4.50%, 5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 149016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS1847, 4.00%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 274051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS1891, 4.00%, 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 918327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS0085, 4.00%, 11/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 995545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4842, 5.50%, 12/1/2052 | &nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1773322 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8201, 4.50%, 8/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 744553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8429, 5.50%, 11/20/2052 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $22,215,618)<br>|  | &nbsp;&nbsp; 21819371 |
| **Commercial Mortgage-Backed Securities — 6.6%** | **Commercial Mortgage-Backed Securities — 6.6%** | **Commercial Mortgage-Backed Securities — 6.6%** |
| &nbsp;&nbsp;&nbsp; Beast Mortgage Trust Series 2021-1818, Class B, 5.33%, 3/15/2036 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167582 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class A, 4.58%, 9/15/2036 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class D, 5.53%, 9/15/2036 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256390 |
| &nbsp;&nbsp;&nbsp; BX Mortgage Trust Series 2022-MVRK, Class A, 5.28%, 3/15/2039 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482677 |
| &nbsp;&nbsp;&nbsp; BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV, 4.68%, 2/15/2036 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RISE, Class D, 5.63%, 11/15/2036 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class D, 5.79%, 1/15/2039 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480589 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PRM2, Class F, 7.63%, 10/15/2036 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC11, Class AS, 3.42%, 4/10/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC23, Class C, 4.58%, 7/10/2047 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC27, Class B, 3.77%, 2/10/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC27, Class C, 4.56%, 2/10/2048 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC29, Class C, 4.28%, 4/10/2048 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class C, 4.17%, 6/10/2048 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219142 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-WCM, Class G, 6.57%, 10/15/2034 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR10, Class AM, 4.52%, 8/10/2046 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS5, Class C, 4.77%, 9/10/2047 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449110 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20, Class C, 4.61%, 11/10/2047 ‡ (f) | 100000 | 92201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR26, Class B, 4.62%, 10/10/2048 ‡ (f) | 200000 | 186923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-PC1, Class B, 4.43%, 7/10/2050 ‡ (f) | 200000 | 184623 |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust Series 2015-C4, Class E, 3.71%, 11/15/2048 ‡ (f) | 325000 | 267241 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class X1, IO, 0.56%, 8/25/2027 (f) | 3593891 | 61150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K028, Class X3, IO, 1.70%, 6/25/2041 (f) | 4629000 | 26086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K111, Class X3, IO, 3.29%, 4/25/2048 (f) | 405000 | 72537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class X3, IO, 3.52%, 6/25/2048 (f) | 380000 | 71637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X3, IO, 3.06%, 9/25/2048 (f) | 430000 | 70830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K125, Class X3, IO, 2.75%, 2/25/2049 (f) | 460000 | 70953 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K732, Class C, 4.19%, 5/25/2025 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-K31, Class C, 3.74%, 7/25/2046 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-K41, Class C, 3.96%, 11/25/2047 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K57, Class C, 4.05%, 8/25/2049 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K58, Class C, 3.87%, 9/25/2049 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100274 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS2, Class B, 3.76%, 5/10/2049 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3, Class C, 4.11%, 10/10/2049 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS5, Class D, 3.51%, 3/10/2050 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183393 |
| &nbsp;&nbsp;&nbsp; Independence Plaza Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-INDP, Class A, 3.76%, 7/10/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-INDP, Class C, 4.16%, 7/10/2035 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137920 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class C, 4.78%, 8/15/2048 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class D1, 4.39%, 3/17/2049 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342523 |
| &nbsp;&nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class D, 4.68%, 3/15/2050 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213291 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C16, Class D, 5.17%, 12/15/2046 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188483 |
| &nbsp;&nbsp;&nbsp; KKR Industrial Portfolio Trust Series 2021-KDIP, Class D, 5.13%, 12/15/2037 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 131250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122513 |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust Series 2021-BMR, Class C, 4.97%, 3/15/2038 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 191679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180622 |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust Series 2021-MHC, Class D, 5.48%, 4/15/2038 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235596 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C14, Class D, 5.23%, 2/15/2047 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 175023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class D, 3.26%, 5/15/2048 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C25, Class B, 4.68%, 10/15/2048 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468901 |
| &nbsp;&nbsp;&nbsp; SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195941 |
| &nbsp;&nbsp;&nbsp; SMRT Series 2022-MINI, Class E, 6.50%, 1/15/2039 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320171 |
| &nbsp;&nbsp;&nbsp; STWD Mortgage Trust (Cayman Islands) Series 2021-LIH, Class B, 5.53%, 11/15/2036 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379499 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust Series 2021-2, Class A, 1.52%, 8/25/2051 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 147575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122296 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS4, Class B, 4.22%, 12/15/2048 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC22, Class D, 4.71%, 9/15/2058 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176165 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C11, Class C, 4.35%, 3/15/2045 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25, Class B, 4.24%, 11/15/2047 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class C, 3.92%, 9/15/2057 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $14,308,382)<br>|  | &nbsp;&nbsp; 13051491 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Collateralized Mortgage Obligations — 4.3%** | **Collateralized Mortgage Obligations — 4.3%** | **Collateralized Mortgage Obligations — 4.3%** |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, 5.42%, 12/25/2041 ‡ (a) (f) | 521000 | 484858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M2, 6.52%, 1/25/2042 ‡ (a) (f) | 225000 | 208310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1, 6.50%, 6/25/2042 (a) (f) | 413469 | 416280 |
| &nbsp;&nbsp;&nbsp; FHLMC STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA1, Class M2, 5.72%, 1/25/2050 (a) (f) | 72731 | 71913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA3, Class B1, 9.77%, 7/25/2050 (a) (f) | 200000 | 204395 |
| &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes Series 2021-DNA2, Class M2, 5.82%, 8/25/2033 (a) (f) | 100000 | 96630 |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2673, Class PE, 5.50%, 9/15/2033 | 104610 | 106356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3878, Class PL, 4.50%, 11/15/2040 | 438219 | 437678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4718, Class DA, 3.00%, 2/15/2047 | 275854 | 254641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class MI, IO, 3.00%, 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 476336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76885 |
| &nbsp;&nbsp;&nbsp; FNMA, Connecticut Avenue Securities Series 2017-C07, Class 2M2, 6.54%, 5/25/2030 (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98080 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-136, Class DL, 3.50%, 12/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 256212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-42, Class EA, 3.75%, 6/25/2052 | &nbsp;&nbsp; 2578645 | &nbsp;&nbsp;&nbsp;&nbsp; 2481468 |
| &nbsp;&nbsp;&nbsp; GNMA Series 2021-9, Class MI, IO, 2.50%, 1/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 247111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32164 |
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust Series 2021-GS3, Class A1, 1.75%, 7/25/2061 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 120507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106604 |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177169 |
| &nbsp;&nbsp;&nbsp; NYMT Loan Trust Series 2021-SP1, Class A1, 1.67%, 8/25/2061 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 278510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247612 |
| &nbsp;&nbsp;&nbsp; PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, 2.95%, 10/25/2025 ‡ (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 695184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 2.12%, 3/25/2026 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 117544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 1.79%, 6/25/2026 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 816850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.79%, 7/25/2026 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 268288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, 1.87%, 8/25/2026 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 233681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11, Class A1, 2.49%, 11/25/2026 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 245364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221545 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust Series 2021-2, Class M1, 2.19%, 2/25/2066 ‡ (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97763 |
| &nbsp;&nbsp;&nbsp; VOLT CV LLC Series 2021-CF2, Class A1, 2.49%, 11/27/2051 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 408744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $8,925,888)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 8391400 |
| **Foreign Government Securities — 0.8%** | **Foreign Government Securities — 0.8%** | **Foreign Government Securities — 0.8%** |
| &nbsp;&nbsp;&nbsp; Dominican Republic Government Bond, 6.00%, 7/19/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | *288750* |
| &nbsp;&nbsp;&nbsp; Federal Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/28/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 3/24/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165750 |
| &nbsp;&nbsp;&nbsp; Hashemite Kingdom of Jordan 4.95%, 7/7/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192725 |
| &nbsp;&nbsp;&nbsp; Islamic Republic of Pakistan 6.00%, 4/8/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82022 |
| &nbsp;&nbsp;&nbsp; Republic of Angola 8.25%, 5/9/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185750 |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/3/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/2032 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60629 |
| &nbsp;&nbsp;&nbsp; Republic of Ecuador |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/31/2030 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/31/2030 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/31/2035 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47905 |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| <br> **VALUE($)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp; Republic of Iraq 6.75%, 3/9/2023 (d) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $1,944,098)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1616419 |
| **Municipal Bonds — 0.1%** (f) (g) | **Municipal Bonds — 0.1%** (f) (g) | **Municipal Bonds — 0.1%** (f) (g) |
| **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 0.80%, 11/20/2035 | 2740 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Rev., 0.80%, 11/20/2035 | 2151966 | 121351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $124,103)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121505 |
|  | **SHARES** |  |
| **Short-Term Investments — 6.7%** | **Short-Term Investments — 6.7%** | **Short-Term Investments — 6.7%** |
| **Investment Companies — 5.8%** | **Investment Companies — 5.8%** | **Investment Companies — 5.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, 4.02% (h) (i) <br>(Cost $11,349,380)<br>| 11347820 | 11351224 |
| **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.59% (h) (i) <br>(Cost $789,486)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 789486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789486 |
|  | **PRINCIPAL** <br>**AMOUNT($)**<br>|  |
| **U.S. Treasury Obligations — 0.5%** | **U.S. Treasury Obligations — 0.5%** | **U.S. Treasury Obligations — 0.5%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 1/19/2023 (j) | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 3/2/2023 (j) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $1,077,495)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1076065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $13,216,361)<br>|  | &nbsp;&nbsp; 13216775 |
| **Total Investments — 103.0%** <br>**(Cost $214,405,801)**<br>|  | **202444941** |
| **Liabilities in Excess of Other Assets — (3.0)%** |  | **(5927818)** |
| **NET ASSETS — 100.0%** |  | **196517123** |

---

&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** |  |
| ABS | Asset-Backed Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2022. |
| CIFC | Commercial Industrial Finance Corp. |
| CLO | Collateralized Loan Obligations |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown <br> represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or <br> refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.<br>|
| LIBOR | London Interbank Offered Rate |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 is <br> $763,167.<br>|
| (c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2022. |
| (d) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities <br> offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have <br> restrictions on resale.<br>|
| (e) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of November 30, 2022. <br>|
| (f) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2022. <br>|
| (g) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (h) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (i) | The rate shown is the current yield as of November 30, 2022. |
| (j) | The rate shown is the effective yield as of November 30, 2022.  |
| (k) | All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps. |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 5 Year Note | 223 | 03/31/2023 | USD | 24261703 | 180929 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | (106) | 03/22/2023 | USD | (12062468) | &nbsp;&nbsp; (92972) |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp; (32) | 03/22/2023 | USD | &nbsp;&nbsp; (3846500) | &nbsp;&nbsp; (39067) |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp; (25) | 03/31/2023 | USD | &nbsp;&nbsp; (5138867) | &nbsp;&nbsp; (17432) |
|  |  |  |  |  | (149471) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 31458 |

---

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

---

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

---

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.39-V1 | 5.00 | Quarterly | 12/20/2027 | 4.79 | USD 2,150,000 | 96341 | (158172) | (61831) |

---

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

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from <br> the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference <br> obligation, as defined under the terms of individual swap contracts. |

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring
 that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of
 buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood
 that a seller will be obligated to perform (i.e. make payment) under the swap contract.Increasing values, in absolute terms and relative to notional amounts,
 are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average
 spread across the underlying reference obligations included in a particular index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit
 protection would receive, upon occurrence of a credit event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate
 the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

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

---

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

---

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (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 SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of Investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

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

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

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

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

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

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

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

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

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

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

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

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

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 | $— | $27967560 | $7698874 | $35666434 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6934380 | &nbsp;&nbsp;&nbsp;&nbsp; 1457020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8391400 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4257624 | &nbsp;&nbsp;&nbsp;&nbsp; 8793867 | &nbsp;&nbsp;&nbsp;&nbsp; 13051491 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76854767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76854767 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1616419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1616419 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21819371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21819371 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121505 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31706779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31706779 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 11351224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11351224 |
| &nbsp;&nbsp;&nbsp; Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789486 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1076065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1076065 |
| Total Short-Term Investments | &nbsp;&nbsp; 12140710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1076065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13216775 |
| **Total Investments in Securities** | $12140710 | $172354470 | $17949761 | $202444941 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $180929 | $— | $— | $180929 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (149471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (149471) |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (158172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (158172) |
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| $31458 | $(158172) | $— | $(126714) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2022**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**November 30,** <br>**2022**<br>|
| **Investments in** <br> **Securities:**<br>|  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed <br> Securities<br>| $7077155 | $— | $(606925) | $(548) | $1111854 | $(1148490) | $988147 | $(221043) | $498724 | $7698874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized <br> Mortgage <br> Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88474) | &nbsp;&nbsp;&nbsp; 2958 | &nbsp;&nbsp;&nbsp;&nbsp; 717279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45443) | &nbsp;&nbsp;&nbsp;&nbsp; 221445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1457020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8663746 | &nbsp;&nbsp; (106168) | &nbsp;&nbsp;&nbsp;&nbsp; (690382) | &nbsp;&nbsp; (8846) | &nbsp;&nbsp; 1444414 | &nbsp;&nbsp; (1063473) | &nbsp;&nbsp; 1477763 | &nbsp;&nbsp; (424463) | &nbsp;&nbsp; (498724) | &nbsp;&nbsp;&nbsp;&nbsp; 8793867 |
| **Total** | $16390156 | $(106168) | $(1385781) | $(6436) | $3273547 | $(2257406) | $2687355 | $(645506) | $— | $17949761 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain Level 3 investments were re-classified between Commercial Mortgage-Backed Securities and Asset-Backed Securities.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2022, which were valued using significant unobservable inputs (level 3), amounted to $(1,416,950).

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

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**November 30, 2022**<br>| **Valuation Technique(s)** | **Unobservable Input** | &nbsp;&nbsp; **Range (Weighted** <br>**Average) (a)** <br>|
|  | $6530407 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 100.00% (15.62%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.61% - 9.36% (7.58%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed <br>Securities<br>| &nbsp;&nbsp; 6530407 |  |  |  |
|  | &nbsp;&nbsp;&nbsp; 1457020 | Discounted Cash Flow | Constant Prepayment Rate | 10.00% (10.00%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.97% - 9.69% (8.18%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage <br>Obligations<br>| &nbsp;&nbsp;&nbsp; 1457020 |  |  |  |
|  | &nbsp;&nbsp;&nbsp; 8793867 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 7.06% - 57.29% (9.56%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage- <br>Backed Securities<br>| &nbsp;&nbsp;&nbsp; 8793867 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | $16781294 |  |  |  |

---

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

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2022, the value of these investments was $1,168,467. 

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

**B. Investment Transactions with Affiliates** — The Fund invested in Underlying Funds, which are 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, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market <br> Fund Class IM Shares, 4.02% <br> (a) (b)<br>| $23982204 | $76563900 | $89193238 | $(4884) | $3242 | $11351224 | 11347820 | $205481 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money <br> Market Fund Class IM Shares, <br> 3.59% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110760 | &nbsp;&nbsp;&nbsp;&nbsp; 3073923 | &nbsp;&nbsp;&nbsp;&nbsp; 2395197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789486 | &nbsp;&nbsp;&nbsp;&nbsp; 789486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4713 | &nbsp;&nbsp; — |
| **Total** | $24092964 | $79637823 | $91588435 | $(4884) | $3242 | $12140710 |  | $210194 | $— |

---

&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, 2022.

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

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

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

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

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

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

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

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

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

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

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

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps,

------

**JPMorgan Short Duration Core Plus ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

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

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

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

<u>Credit Default Swaps</u>

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Short Duration Core Plus ETF

- **b. EDGAR series identifier (if any):** S000071090

- **c. LEI of Series:** 549300V5YHFS27F77L35

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $198885827.18

**Total Liabilities:** $2371666.87

**Net Assets:** $196514160.31

**Cash Not Reported:** $33.72

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 217.12013000 | **1-Year:** 11536.85840000 | **5-Year:** 21151.44057000 | **10-Year:** 2876.93072000 | **30-Year:** 0.00000000

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

- **3-Month:** -839.48218000 | **1-Year:** 939.28353000 | **5-Year:** 6582.12980000 | **10-Year:** 871.26631000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225677 | -1.97%               | -0.15%               | 1.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1017355.45             | $-3771421.61                               |
| Month 2  | $-809106.11              | $26228.16                                  |
| Month 3  | $-669244.51              | $3552720.18                                |

**Designated Index Information**

- **Index Name:** 1-5 Yr Gov/Credit

- **Index Identifier:** 1031TRUSD0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Outfront Media Capital LLC                          | Outfront Media Capital LLC                                                      | CUSIP: 69007TAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22000 | PA      | $21890.00     | 0.01%             | 2025-06-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                            | Energizer Holdings, Inc.                                                        | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42536.00     | 0.02%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                          | Garda World Security Corp.                                                      | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $53885.40     | 0.03%             | 2027-02-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                      | DISH DBS Corp.                                                                  | CUSIP: 25470XAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $47513.00     | 0.02%             | 2024-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Corporate Office Properties LP                      | Corporate Office Properties LP                                                  | CUSIP: 22003BAN6<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    140000 | PA      | $108348.08    | 0.06%             | 2029-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP                                   | Genesis Energy LP                                                               | CUSIP: 37185LAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $64884.65     | 0.03%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust               | Westlake Automobile Receivables Trust, Series 2020-1A, Class D                  | CUSIP: 96042KAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $170830.49    | 0.09%             | 2025-06-16      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| Atlas Senior Loan Fund XIII                         | Atlas Senior Loan Fund, Series 2019-13A, Class A1NR                             | CUSIP: 04942VAW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $194588.80    | 0.10%             | 2031-04-22      | Floating      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GKM0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    380000 | PA      | $361845.30    | 0.18%             | 2026-04-02      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                          | Occidental Petroleum Corp.                                                      | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52758.94     | 0.03%             | 2031-01-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AIB Group plc                                       | AIB Group plc                                                                   | CUSIP: 00135TAB0<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |    645000 | PA      | $620948.92    | 0.32%             | 2025-04-10      | Variable      | 4.26%                 | Yes           |                  2 | On Loan: No      |
| BWX Technologies, Inc.                              | BWX Technologies, Inc.                                                          | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40050.00     | 0.02%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                 | Nexstar Media, Inc.                                                             | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     72000 | PA      | $67890.24     | 0.03%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Independence Plaza Trust                            | Independence Plaza Trust, Series 2018-INDP, Class C                             | CUSIP: 45378YAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $137920.23    | 0.07%             | 2035-07-10      | Fixed         | 4.16%                 | Yes           |                  3 | On Loan: No      |
| PetSmart, Inc.                                      | PetSmart, Inc.                                                                  | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $228407.50    | 0.12%             | 2028-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                                 | CNX Resources Corp.                                                             | CUSIP: 12653CAC2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3985.00      | 0.00%             | 2027-03-14      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     83000 | PA      | $76298.58     | 0.04%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                      | Pagaya AI Debt Selection Trust, Series 2021-1, Class A                          | CUSIP: 69547JAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44701 | PA      | $43850.73     | 0.02%             | 2027-11-15      | Fixed         | 1.18%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia Capital SA                           | Telecom Italia Capital SA                                                       | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     35000 | PA      | $28743.75     | 0.01%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chesapeake Energy Corp.                             | Chesapeake Energy Corp.                                                         | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79300.00     | 0.04%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.               | Sumitomo Mitsui Financial Group, Inc.                                           | CUSIP: 86562MAA8<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    400000 | PA      | $392765.27    | 0.20%             | 2024-04-02      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                   | NatWest Group plc                                                               | CUSIP: 780097BA8<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $487305.24    | 0.25%             | 2026-04-05      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2015-GC31, Class C                  | CUSIP: 17323YAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $219141.63    | 0.11%             | 2048-06-10      | Variable      | 4.17%                 | No            |                  3 | On Loan: No      |
| Central American Bottling Corp.                     | Central American Bottling Corp.                                                 | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    140000 | PA      | $125125.00    | 0.06%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Kennedy-Wilson, Inc.                                | Kennedy-Wilson, Inc.                                                            | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |     75000 | PA      | $60881.25     | 0.03%             | 2029-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280BS7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $197656.78    | 0.10%             | 2024-05-18      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                                | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    320000 | PA      | $267296.79    | 0.14%             | 2027-11-16      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                     | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAH8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199568.81    | 0.10%             | 2024-01-05      | Variable      | 3.37%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                              | Tenet Healthcare Corp.                                                          | CUSIP: 88033GDA5<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     65000 | PA      | $61190.35     | 0.03%             | 2027-11-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                 | Republic of Ecuador                                                             | CUSIP: 27927IAE3<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     50000 | PA      | $30275.00     | 0.02%             | 2030-07-31      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FREED ABS Trust                                     | FREED ABS Trust, Series 2022-3FP, Class A                                       | CUSIP: 35634EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    458448 | PA      | $455857.28    | 0.23%             | 2029-08-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Holly Energy Partners LP                            | Holly Energy Partners LP                                                        | CUSIP: 435765AJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $58703.17     | 0.03%             | 2027-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| EQM Midstream Partners LP                           | EQM Midstream Partners LP                                                       | CUSIP: 26885BAF7<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14700.00     | 0.01%             | 2025-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Oceaneering International, Inc.                     | Oceaneering International, Inc.                                                 | CUSIP: 675232AA0<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67837.70     | 0.03%             | 2024-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CCZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    420000 | PA      | $374144.53    | 0.19%             | 2026-09-30      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                            | BX Trust, Series 2022-LBA6, Class D                                             | CUSIP: 12433EAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    525000 | PA      | $480588.99    | 0.24%             | 2039-01-15      | Floating      | 5.79%                 | Yes           |                  3 | On Loan: No      |
| N/A                                                 | U.S. Treasury 10 Year Note                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -106 | NC      | $-92972.60    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Islamic Republic of Pakistan                        | Islamic Republic of Pakistan                                                    | CUSIP: 695847AS2<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    200000 | PA      | $82022.00     | 0.04%             | 2026-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                            | PRET LLC, Series 2021-NPL6, Class A1                                            | CUSIP: 69362GAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260987 | PA      | $241222.77    | 0.12%             | 2051-07-25      | Variable      | 2.49%                 | Yes           |                  3 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2020-1A, Class E                    | CUSIP: 30167HAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    635000 | PA      | $613075.23    | 0.31%             | 2027-01-15      | Fixed         | 3.74%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                               | Albertsons Cos., Inc.                                                           | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $54146.46     | 0.03%             | 2029-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2019-1A, Class D                      | CUSIP: 36256DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $546177.06    | 0.28%             | 2025-12-15      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| ACC Auto Trust                                      | ACC Auto Trust, Series 2021-A, Class A                                          | CUSIP: 00108XAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97199 | PA      | $95669.41     | 0.05%             | 2027-04-15      | Fixed         | 1.08%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group plc                            | Lloyds Banking Group plc                                                        | CUSIP: 53944YAB9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $380358.82    | 0.19%             | 2026-03-24      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                          | Allison Transmission, Inc.                                                      | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37809.63     | 0.02%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                              | Lendmark Funding Trust, Series 2019-2A, Class A                                 | CUSIP: 52604AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    201048 | PA      | $194503.28    | 0.10%             | 2028-04-20      | Fixed         | 2.78%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                 | Republic of Ecuador                                                             | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |    110000 | PA      | $47905.00     | 0.02%             | 2035-07-31      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Viterra Finance BV                                  | Viterra Finance BV                                                              | CUSIP: 92852LAA7<br>LEI: 213800HBZGEIZLKJBI17 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $172343.15    | 0.09%             | 2026-04-21      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    345000 | PA      | $308640.10    | 0.16%             | 2028-02-04      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| VCAT LLC                                            | VCAT LLC, Series 2021-NPL2, Class A1                                            | CUSIP: 91822YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    142963 | PA      | $129236.60    | 0.07%             | 2051-03-27      | Variable      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                                                | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182264.00    | 0.09%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Citizens Bank NA                                    | Citizens Bank NA                                                                | CUSIP: 75524KPG3<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |    400000 | PA      | $388260.38    | 0.20%             | 2028-08-09      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Co.                            | Central Garden & Pet Co.                                                        | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29137.50     | 0.01%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                        | Royal Caribbean Cruises Ltd.                                                    | CUSIP: 780153BR2<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     28000 | PA      | $28665.28     | 0.01%             | 2029-01-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                 | Lithia Motors, Inc.                                                             | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32375.00     | 0.02%             | 2027-12-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                          | Verus Securitization Trust, Series 2021-2, Class M1                             | CUSIP: 92538FAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    144000 | PA      | $97762.94     | 0.05%             | 2066-02-25      | Variable      | 2.19%                 | Yes           |                  3 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418DZ39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    384573 | PA      | $356436.12    | 0.18%             | 2036-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                               | Albertsons Cos., Inc.                                                           | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $222021.60    | 0.11%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    400000 | PA      | $353184.16    | 0.18%             | 2028-01-19      | Variable      | 2.34%                 | No            |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                         | Hashemite Kingdom of Jordan                                                     | CUSIP: 418097AK7<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    200000 | PA      | $192725.00    | 0.10%             | 2025-07-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Highmark, Inc.                                      | Highmark, Inc.                                                                  | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |    130000 | PA      | $114835.22    | 0.06%             | 2026-05-10      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust         | Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A          | CUSIP: 38149XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119674 | PA      | $110069.82    | 0.06%             | 2051-06-25      | Fixed         | 1.15%                 | Yes           |                  2 | On Loan: No      |
| Fells Point Funding Trust                           | Fells Point Funding Trust                                                       | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    535000 | PA      | $487046.06    | 0.25%             | 2027-01-31      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| Bank of Ireland Group plc                           | Bank of Ireland Group plc                                                       | CUSIP: 06279JAC3<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    335000 | PA      | $328240.15    | 0.17%             | 2026-09-16      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                          | Upstart Pass-Through Trust, Series 2021-ST8, Class A                            | CUSIP: 91683LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    182295 | PA      | $169023.85    | 0.09%             | 2029-10-20      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                             | BPCE SA                                                                         | CUSIP: 05578QAB9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    285000 | PA      | $279460.30    | 0.14%             | 2024-07-21      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XFCX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    995545 | PA      | $961975.35    | 0.49%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                 | American Axle & Manufacturing, Inc.                                             | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47000.00     | 0.02%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | CDI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   2150000 | PA      | $-158171.74   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CEH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    650000 | PA      | $626285.15    | 0.32%             | 2025-04-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                      | Rite Aid Corp.                                                                  | CUSIP: 767754CL6<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |     95000 | PA      | $59108.05     | 0.03%             | 2026-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GHL6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197932.64    | 0.10%             | 2024-07-23      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| Hughes Satellite Systems Corp.                      | Hughes Satellite Systems Corp.                                                  | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $69724.88     | 0.04%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VCAT LLC                                            | VCAT LLC, Series 2021-NPL3, Class A1                                            | CUSIP: 91824MAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155264 | PA      | $138670.30    | 0.07%             | 2051-05-25      | Variable      | 1.74%                 | Yes           |                  2 | On Loan: No      |
| Summit Materials LLC                                | Summit Materials LLC                                                            | CUSIP: 86614RAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $32310.25     | 0.02%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Group AG                              | Credit Suisse Group AG                                                          | CUSIP: 225401AM0<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $221472.19    | 0.11%             | 2025-09-11      | Variable      | 2.59%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class B                  | CUSIP: 17323CAK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $182104.34    | 0.09%             | 2048-02-10      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                      | Element Fleet Management Corp.                                                  | CUSIP: 286181AD4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $190609.59    | 0.10%             | 2025-06-15      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| US Auto Funding Trust                               | US Auto Funding Trust, Series 2022-1A, Class B                                  | CUSIP: 90355FAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    574000 | PA      | $542934.78    | 0.28%             | 2025-12-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                 | Hilton Domestic Operating Co., Inc.                                             | CUSIP: 432833AF8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     80000 | PA      | $74032.00     | 0.04%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132D6CV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1305290 | PA      | $1276877.12   | 0.65%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     30000 | PA      | $28350.00     | 0.01%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                    | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    410000 | PA      | $396578.21    | 0.20%             | 2027-08-05      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                             | FHLMC STACR REMIC Trust, Series 2020-DNA1, Class M2                             | CUSIP: 35565HAH8<br>LEI: 5493003FQV7GR462GO02 | Long             | ABS-MBS          | CORP              | US        |     72731 | PA      | $71913.04     | 0.04%             | 2050-01-25      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K110, Class X3 | CUSIP: 3137FTZT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    380000 | PA      | $71636.73     | 0.04%             | 2048-06-25      | Variable      | 3.52%                 | No            |                  2 | On Loan: No      |
| Aramark Services, Inc.                              | Aramark Services, Inc.                                                          | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |     65000 | PA      | $60786.05     | 0.03%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2019-3A, Class D                    | CUSIP: 30167EAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    142965 | PA      | $140161.22    | 0.07%             | 2025-08-15      | Fixed         | 3.11%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                         | CUSIP: 44891ABN6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    200000 | PA      | $178622.83    | 0.09%             | 2025-10-15      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                         | Federal Republic of Nigeria                                                     | CUSIP: 65412JAU7<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $165750.00    | 0.08%             | 2029-03-24      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                               | OneMain Finance Corp.                                                           | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22987.50     | 0.01%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                      | Element Fleet Management Corp.                                                  | CUSIP: 286181AF9<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    145000 | PA      | $137072.45    | 0.07%             | 2024-04-06      | Fixed         | 1.60%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust               | Westlake Automobile Receivables Trust, Series 2021-1A, Class C                  | CUSIP: 96043FAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $248473.52    | 0.13%             | 2026-03-16      | Fixed         | 0.95%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                      | DISH DBS Corp.                                                                  | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $94435.00     | 0.05%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280CU1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    270000 | PA      | $258474.41    | 0.13%             | 2024-08-17      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2022-C, Class D                              | CUSIP: 12664DAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $230440.78    | 0.12%             | 2030-04-15      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Boyne USA, Inc.                                     | Boyne USA, Inc.                                                                 | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $35596.80     | 0.02%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | PA      | $245021.04    | 0.12%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Vista Outdoor, Inc.                                 | Vista Outdoor, Inc.                                                             | CUSIP: 928377AC4<br>LEI: 549300QI2D33ESTJLN81 | Long             | DBT              | CORP              | US        |     65000 | PA      | $49400.00     | 0.03%             | 2029-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                         | CUSIP: 44891ABF3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $233445.97    | 0.12%             | 2025-02-10      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| Capital One Financial Corp.                         | Capital One Financial Corp.                                                     | CUSIP: 14040HCH6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    480000 | PA      | $416530.67    | 0.21%             | 2027-11-02      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| US Auto Funding                                     | US Auto Funding, Series 2021-1A, Class A                                        | CUSIP: 90355EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9559 | PA      | $9524.42      | 0.00%             | 2024-07-15      | Fixed         | 0.79%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                           | Ford Motor Credit Co. LLC                                                       | CUSIP: 345397ZR7<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186458.00    | 0.09%             | 2029-05-03      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CFP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3535000 | PA      | $3547980.10   | 1.81%             | 2025-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                        | Mizuho Financial Group, Inc.                                                    | CUSIP: 60687YBF5<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $194320.87    | 0.10%             | 2024-07-10      | Variable      | 1.24%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.          | Australia & New Zealand Banking Group Ltd.                                      | CUSIP: 052528AK2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    450000 | PA      | $429079.95    | 0.22%             | 2026-05-19      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                     | Sumitomo Mitsui Trust Bank Ltd.                                                 | CUSIP: 86563VAU3<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $188615.88    | 0.10%             | 2024-03-25      | Fixed         | 0.85%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                | Clear Channel Outdoor Holdings, Inc.                                            | CUSIP: 18453HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $56020.19     | 0.03%             | 2027-08-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Bills                                                             | CUSIP: 912796XS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    505000 | PA      | $502314.14    | 0.26%             | 2023-01-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dycom Industries, Inc.                              | Dycom Industries, Inc.                                                          | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42942.00     | 0.02%             | 2029-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| BX Mortgage Trust                                   | BX Mortgage Trust, Series 2022-MVRK, Class A                                    | CUSIP: 05610JAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $482676.70    | 0.25%             | 2039-03-15      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| LL ABS Trust                                        | LL ABS Trust, Series 2021-1A, Class A                                           | CUSIP: 53934QAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    111287 | PA      | $106608.93    | 0.05%             | 2029-05-15      | Fixed         | 1.07%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                     | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAM7<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    955000 | PA      | $838788.00    | 0.43%             | 2026-08-21      | Variable      | 1.53%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                     | Live Nation Entertainment, Inc.                                                 | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     95000 | PA      | $85736.55     | 0.04%             | 2027-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XVIII Ltd.                             | Symphony CLO Ltd., Series 2016-18A, Class A1RR                                  | CUSIP: 87154GAU9<br>LEI: 549300JQYSBIW1AM8R32 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $243141.50    | 0.12%             | 2033-07-23      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                    | Clarivate Science Holdings Corp.                                                | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $62914.60     | 0.03%             | 2028-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Sound Point CLO XXII Ltd.                           | Sound Point CLO Ltd., Series 2019-1A, Class AR                                  | CUSIP: 83611KAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $391574.40    | 0.20%             | 2032-01-20      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C                      | CUSIP: 22535GAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $222276.98    | 0.11%             | 2030-09-16      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Carpenter Technology Corp.                          | Carpenter Technology Corp.                                                      | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70771.59     | 0.04%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                              | Standard Chartered plc                                                          | CUSIP: 853254BY5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $233549.49    | 0.12%             | 2025-01-12      | Variable      | 0.99%                 | Yes           |                  2 | On Loan: No      |
| Westpac Banking Corp.                               | Westpac Banking Corp.                                                           | CUSIP: 961214EM1<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     75000 | PA      | $68221.13     | 0.03%             | 2030-02-04      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| US Auto Funding                                     | US Auto Funding, Series 2021-1A, Class B                                        | CUSIP: 90355EAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    142000 | PA      | $139291.90    | 0.07%             | 2025-03-17      | Fixed         | 1.49%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                        | GS Mortgage Securities Trust, Series 2016-GS3, Class C                          | CUSIP: 36251PAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165000 | PA      | $143553.45    | 0.07%             | 2049-10-10      | Variable      | 4.11%                 | No            |                  3 | On Loan: No      |
| N/A                                                 | U.S. Treasury 2 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -25 | NC      | $-17431.55    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works, Inc.                             | Bath & Body Works, Inc.                                                         | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21953.00     | 0.01%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                         | Capital One Financial Corp.                                                     | CUSIP: 14040HCK9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    270000 | PA      | $257610.70    | 0.13%             | 2024-12-06      | Variable      | 1.34%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                  | Nationstar Mortgage Holdings, Inc.                                              | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $72728.80     | 0.04%             | 2027-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2018-3A, Class E                                    | CUSIP: 23343CAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $999158.30    | 0.51%             | 2025-11-17      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                        | Ecopetrol SA                                                                    | CUSIP: 279158AL3<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    150000 | PA      | $139811.25    | 0.07%             | 2026-06-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2019-A, Class E                              | CUSIP: 12596HAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $497669.20    | 0.25%             | 2026-03-16      | Fixed         | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                  | Banco Santander SA                                                              | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $171344.57    | 0.09%             | 2027-09-14      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP                        | Antero Midstream Partners LP                                                    | CUSIP: 03690EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20404.43     | 0.01%             | 2026-05-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2021-SFR4, Class E1                                          | CUSIP: 66982FAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $336132.04    | 0.17%             | 2038-12-17      | Fixed         | 2.97%                 | Yes           |                  3 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class D    | CUSIP: 61765LAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220000 | PA      | $184073.14    | 0.09%             | 2048-05-15      | Fixed         | 3.26%                 | Yes           |                  3 | On Loan: No      |
| Citizens Bank NA                                    | Citizens Bank NA                                                                | CUSIP: 75524KNQ3<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |    560000 | PA      | $550999.48    | 0.28%             | 2025-05-23      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CEU1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13810000 | PA      | $13382753.13  | 6.81%             | 2025-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                             | FHLMC STACR REMIC Trust, Series 2020-HQA3, Class B1                             | CUSIP: 35565MBD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $204395.12    | 0.10%             | 2050-07-25      | Floating      | 9.77%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                        | Mizuho Financial Group, Inc.                                                    | CUSIP: 60687YCA5<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    470000 | PA      | $435474.15    | 0.22%             | 2026-05-22      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| NCR Corp.                                           | NCR Corp.                                                                       | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |      9000 | PA      | $7741.89      | 0.00%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CommScope, Inc.                                     | CommScope, Inc.                                                                 | CUSIP: 20338QAD5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     65000 | PA      | $62884.90     | 0.03%             | 2026-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Triumph Group, Inc.                                 | Triumph Group, Inc.                                                             | CUSIP: 896818AS0<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |     48000 | PA      | $49080.00     | 0.02%             | 2024-06-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                 | Buckeye Partners LP                                                             | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     90000 | PA      | $79564.05     | 0.04%             | 2027-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Stericycle, Inc.                                    | Stericycle, Inc.                                                                | CUSIP: 858912AG3<br>LEI: B8PTJH2P0AXSWSMP2136 | Long             | DBT              | CORP              | US        |     60000 | PA      | $52200.00     | 0.03%             | 2029-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                        | Veros Auto Receivables Trust, Series 2021-1, Class A                            | CUSIP: 92512BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     43875 | PA      | $43120.44     | 0.02%             | 2026-10-15      | Fixed         | 0.92%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                 | Rocket Mortgage LLC                                                             | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19000 | PA      | $16202.44     | 0.01%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Service Corp. International                         | Service Corp. International                                                     | CUSIP: 817565CE2<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42623.33     | 0.02%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AREIT Trust                                         | AREIT Trust, Series 2021-CRE5, Class C                                          | CUSIP: 04002PAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    336000 | PA      | $317457.13    | 0.16%             | 2038-11-17      | Floating      | 6.16%                 | Yes           |                  3 | On Loan: No      |
| Avolon Holdings Funding Ltd.                        | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAD3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    450000 | PA      | $438989.36    | 0.22%             | 2024-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| MVW LLC                                             | MVW LLC, Series 2021-1WA, Class B                                               | CUSIP: 55389TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58929 | PA      | $53416.41     | 0.03%             | 2041-01-22      | Fixed         | 1.44%                 | Yes           |                  3 | On Loan: No      |
| Community Health Systems, Inc.                      | Community Health Systems, Inc.                                                  | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21219.75     | 0.01%             | 2027-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Group AG                              | Credit Suisse Group AG                                                          | CUSIP: 225401AY4<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    405000 | PA      | $375583.83    | 0.19%             | 2026-07-15      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                | Macquarie Group Ltd.                                                            | CUSIP: 55608JBC1<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    380000 | PA      | $355259.14    | 0.18%             | 2028-06-21      | Variable      | 4.10%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings LLC                            | Celanese US Holdings LLC                                                        | CUSIP: 15089QAR5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    560000 | PA      | $556576.02    | 0.28%             | 2024-07-05      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                              | Encompass Health Corp.                                                          | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    135000 | PA      | $119812.50    | 0.06%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                          | Upstart Pass-Through Trust, Series 2021-ST9, Class A                            | CUSIP: 91683MAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    147640 | PA      | $138916.77    | 0.07%             | 2029-11-20      | Fixed         | 1.70%                 | Yes           |                  2 | On Loan: No      |
| Upstart Securitization Trust                        | Upstart Securitization Trust, Series 2021-3, Class A                            | CUSIP: 91679LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79588 | PA      | $77234.70     | 0.04%             | 2031-07-20      | Fixed         | 0.83%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                          | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    490000 | PA      | $430854.75    | 0.22%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2020-1, Class E            | CUSIP: 02529VAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $439633.76    | 0.22%             | 2026-03-13      | Fixed         | 3.32%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                 | Societe Generale SA                                                             | CUSIP: 83368RBM3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    285000 | PA      | $278008.38    | 0.14%             | 2027-06-15      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| Gulfport Energy Corp.                               | Gulfport Energy Corp.                                                           | CUSIP: 402635AR7<br>LEI: 254900DJRGZBUZ3F5038 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54822.35     | 0.03%             | 2026-05-17      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                           | Republic of Cote d'Ivoire                                                       | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |     62694 | PA      | $60629.50     | 0.03%             | 2032-12-31      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $131552.65    | 0.07%             | 2026-12-10      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| FHF Trust                                           | FHF Trust, Series 2021-2A, Class A                                              | CUSIP: 30322JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    239746 | PA      | $227052.01    | 0.12%             | 2026-12-15      | Fixed         | 0.83%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAD4<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    350000 | PA      | $335573.16    | 0.17%             | 2024-07-15      | Fixed         | 3.55%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                            | Lumen Technologies, Inc.                                                        | CUSIP: 156700BC9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    185000 | PA      | $157712.50    | 0.08%             | 2027-02-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CD&R Smokey Buyer, Inc.                             | CD&R Smokey Buyer, Inc.                                                         | CUSIP: 12510CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $53175.00     | 0.03%             | 2025-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2021-SFR3, Class E1                                          | CUSIP: 00180UAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $251661.54    | 0.13%             | 2038-10-17      | Fixed         | 2.33%                 | Yes           |                  3 | On Loan: No      |
| T-Mobile USA, Inc.                                  | T-Mobile USA, Inc.                                                              | CUSIP: 87264AAV7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31106.45     | 0.02%             | 2028-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Greenko Dutch BV                                    | Greenko Dutch BV                                                                | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |    191000 | PA      | $163066.25    | 0.08%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: —       |
| Scotts Miracle-Gro Co. (The)                        | Scotts Miracle-Gro Co. (The)                                                    | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     85000 | PA      | $69487.50     | 0.04%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LMREC LLC                                           | LMREC LLC, Series 2021-CRE4, Class A                                            | CUSIP: 50210LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     91451 | PA      | $89333.59     | 0.05%             | 2037-04-22      | Floating      | 5.09%                 | Yes           |                  2 | On Loan: No      |
| Entegris Escrow Corp.                               | Entegris Escrow Corp.                                                           | CUSIP: 29365BAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $32691.72     | 0.02%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                            | Spirit AeroSystems, Inc.                                                        | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18945.00     | 0.01%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                              | Tenet Healthcare Corp.                                                          | CUSIP: 88033GDL1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    175000 | PA      | $151844.00    | 0.08%             | 2029-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CarNow Auto Receivables Trust                       | CarNow Auto Receivables Trust, Series 2021-1A, Class C                          | CUSIP: 14369GAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    196000 | PA      | $189920.73    | 0.10%             | 2026-02-17      | Fixed         | 2.16%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280CJ6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $179715.86    | 0.09%             | 2026-04-18      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| Range Resources Corp.                               | Range Resources Corp.                                                           | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |     26000 | PA      | $23334.22     | 0.01%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2019-4, Class D            | CUSIP: 02529RAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    318340 | PA      | $315370.62    | 0.16%             | 2025-12-12      | Fixed         | 2.97%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2016-K58, Class C                                  | CUSIP: 35690AAU2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    110000 | PA      | $100273.60    | 0.05%             | 2049-09-25      | Variable      | 3.87%                 | Yes           |                  2 | On Loan: No      |
| Charles River Laboratories International, Inc.      | Charles River Laboratories International, Inc.                                  | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34804.84     | 0.02%             | 2029-03-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                 | Medline Borrower LP                                                             | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     65000 | PA      | $55884.40     | 0.03%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd.                             | Eskom Holdings SOC Ltd.                                                         | CUSIP: N/A<br>LEI: 3789001900ED06F65111       | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $195000.00    | 0.10%             | 2023-08-06      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                        | Barclays plc                                                                    | CUSIP: 06738EBH7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $578759.84    | 0.29%             | 2025-05-07      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822BY9<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    512000 | PA      | $445306.25    | 0.23%             | 2027-07-20      | Variable      | 1.54%                 | No            |                  2 | On Loan: No      |
| Crestwood Midstream Partners LP                     | Crestwood Midstream Partners LP                                                 | CUSIP: 226373AQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $51753.26     | 0.03%             | 2027-05-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| FRTKL                                               | FRTKL, Series 2021-SFR1, Class D                                                | CUSIP: 30322DAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    238000 | PA      | $198146.57    | 0.10%             | 2038-09-17      | Fixed         | 2.17%                 | Yes           |                  2 | On Loan: No      |
| VCAT LLC                                            | VCAT LLC, Series 2021-NPL4, Class A1                                            | CUSIP: 91823DAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    218248 | PA      | $196007.16    | 0.10%             | 2051-08-25      | Variable      | 1.87%                 | Yes           |                  3 | On Loan: No      |
| PRPM LLC                                            | PRPM LLC, Series 2021-11, Class A1                                              | CUSIP: 69362QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245364 | PA      | $221544.97    | 0.11%             | 2026-11-25      | Variable      | 2.49%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                            | PRPM LLC, Series 2020-4, Class A1                                               | CUSIP: 69359XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    695184 | PA      | $666089.06    | 0.34%             | 2025-10-25      | Variable      | 2.95%                 | Yes           |                  3 | On Loan: No      |
| Altice France Holding SA                            | Altice France Holding SA                                                        | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $134118.09    | 0.07%             | 2028-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                     | TransDigm, Inc.                                                                 | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59708.40     | 0.03%             | 2026-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YEK7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    400000 | PA      | $355387.26    | 0.18%             | 2028-01-21      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QDB5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    270000 | PA      | $244296.00    | 0.12%             | 2027-01-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                            | Lloyds Banking Group plc                                                        | CUSIP: 53944YAT0<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    415000 | PA      | $402638.38    | 0.20%             | 2026-08-11      | Variable      | 4.72%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GZT4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    475000 | PA      | $458377.05    | 0.23%             | 2027-06-15      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| Gartner, Inc.                                       | Gartner, Inc.                                                                   | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     85000 | PA      | $74450.33     | 0.04%             | 2029-06-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                          | Upstart Pass-Through Trust, Series 2021-ST4, Class A                            | CUSIP: 91534HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    109905 | PA      | $101364.40    | 0.05%             | 2027-07-20      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Park Aerospace Holdings Ltd.                        | Park Aerospace Holdings Ltd.                                                    | CUSIP: 70014LAC4<br>LEI: 635400CPI3EOIFF6OC33 | Long             | DBT              | CORP              | KY        |    350000 | PA      | $348258.92    | 0.18%             | 2023-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                              | Cleveland-Cliffs, Inc.                                                          | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17500.00     | 0.01%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: —       |
| AerCap Ireland Capital DAC                          | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    200000 | PA      | $189296.89    | 0.10%             | 2024-08-14      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Element Solutions, Inc.                             | Element Solutions, Inc.                                                         | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |     70000 | PA      | $59826.20     | 0.03%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust              | Velocity Commercial Capital Loan Trust, Series 2021-2, Class A                  | CUSIP: 92259MAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    147575 | PA      | $122295.69    | 0.06%             | 2051-08-25      | Variable      | 1.52%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CEY3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2847800 | PA      | $2765480.78   | 1.41%             | 2025-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSN Inova Ventures                                  | CSN Inova Ventures                                                              | CUSIP: N/A<br>LEI: 222100R8R68DM7VM3661       | Long             | DBT              | CORP              | KY        |    200000 | PA      | $189250.00    | 0.10%             | 2028-01-28      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Gray Oak Pipeline LLC                               | Gray Oak Pipeline LLC                                                           | CUSIP: 38937LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    475000 | PA      | $430942.83    | 0.22%             | 2025-10-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Viterra Finance BV                                  | Viterra Finance BV                                                              | CUSIP: 92852LAC3<br>LEI: 213800HBZGEIZLKJBI17 | Long             | DBT              | CORP              | NL        |    570000 | PA      | $533121.95    | 0.27%             | 2027-04-21      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Triton Container International Ltd.                 | Triton Container International Ltd.                                             | CUSIP: 89680YAA3<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |    859000 | PA      | $741231.10    | 0.38%             | 2026-04-15      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                          | Avis Budget Car Rental LLC                                                      | CUSIP: 053773BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $30747.50     | 0.02%             | 2028-04-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                | Prime Security Services Borrower LLC                                            | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     79000 | PA      | $78210.00     | 0.04%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CFG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    185000 | PA      | $181263.87    | 0.09%             | 2024-08-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                 | Societe Generale SA                                                             | CUSIP: 83368RBG6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    365000 | PA      | $334227.83    | 0.17%             | 2026-01-21      | Variable      | 2.23%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2021-3A, Class D                      | CUSIP: 36263LAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $178239.88    | 0.09%             | 2027-07-15      | Fixed         | 1.48%                 | 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        |    497131 | PA      | $489492.66    | 0.25%             | 2030-07-18      | Floating      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                      | Pagaya AI Debt Selection Trust, Series 2021-HG1, Class A                        | CUSIP: 69547PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    193021 | PA      | $181528.59    | 0.09%             | 2029-01-16      | Fixed         | 1.22%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                    | Altice France SA                                                                | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $157622.00    | 0.08%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                 | Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M2                 | CUSIP: 20754BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $208309.50    | 0.11%             | 2042-01-25      | Floating      | 6.52%                 | Yes           |                  3 | On Loan: No      |
| Standard Chartered plc                              | Standard Chartered plc                                                          | CUSIP: 853254CJ7<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    310000 | PA      | $293541.19    | 0.15%             | 2026-03-30      | Variable      | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                       | Novelis Corp.                                                                   | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     85000 | PA      | $75573.35     | 0.04%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding                | Jackson National Life Global Funding                                            | CUSIP: 46849LTC5<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144554.41    | 0.07%             | 2025-06-11      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Upstart Securitization Trust                        | Upstart Securitization Trust, Series 2021-2, Class B                            | CUSIP: 91680FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275000 | PA      | $259746.58    | 0.13%             | 2031-06-20      | Fixed         | 1.75%                 | Yes           |                  3 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 37 Ltd.          | Neuberger Berman Loan Advisers CLO Ltd., Series 2020-37A, Class AR              | CUSIP: 64133GAR1<br>LEI: 5493006JG853WBZS5J73 | Long             | ABS-CBDO         | CORP              | KY        |    354000 | PA      | $346748.31    | 0.18%             | 2031-07-20      | Floating      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                    | CUSIP: 902613AB4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    400000 | PA      | $387695.44    | 0.20%             | 2024-07-30      | Variable      | 1.01%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2021-4A, Class D                    | CUSIP: 30165JAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $434448.82    | 0.22%             | 2028-01-17      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| KKR Industrial Portfolio Trust                      | KKR Industrial Portfolio Trust, Series 2021-KDIP, Class D                       | CUSIP: 48254CAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    131250 | PA      | $122513.03    | 0.06%             | 2037-12-15      | Floating      | 5.13%                 | Yes           |                  3 | On Loan: No      |
| PRPM LLC                                            | PRPM LLC, Series 2021-6, Class A1                                               | CUSIP: 69360FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    268289 | PA      | $240062.24    | 0.12%             | 2026-07-25      | Variable      | 1.79%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                            | Wynn Resorts Finance LLC                                                        | CUSIP: 983133AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $90190.80     | 0.05%             | 2025-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust             | Lendingpoint Asset Securitization Trust, Series 2022-A, Class C                 | CUSIP: 52605AAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $278537.49    | 0.14%             | 2029-06-15      | Fixed         | 2.82%                 | Yes           |                  3 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 30 Year                                                       | CUSIP: 3128MJ6Q8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    270642 | PA      | $268249.85    | 0.14%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners I LLC              | Pretium Mortgage Credit Partners I LLC, Series 2021-NPL1, Class A1              | CUSIP: 741389AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    152792 | PA      | $137969.98    | 0.07%             | 2060-09-27      | Variable      | 2.24%                 | Yes           |                  3 | On Loan: No      |
| Imola Merger Corp.                                  | Imola Merger Corp.                                                              | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     57000 | PA      | $50872.50     | 0.03%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Venture 32 CLO Ltd.                                 | Venture CLO Ltd., Series 2018-32A, Class A2A                                    | CUSIP: 92325QAC1<br>LEI: 549300UP09C89Q3HWD39 | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $147275.25    | 0.07%             | 2031-07-18      | Floating      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                       | MHC Commercial Mortgage Trust, Series 2021-MHC, Class D                         | CUSIP: 55316VAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $235595.98    | 0.12%             | 2038-04-15      | Floating      | 5.48%                 | Yes           |                  3 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust          | JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class D1            | CUSIP: 46645LAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $342522.92    | 0.17%             | 2049-03-17      | Variable      | 4.39%                 | Yes           |                  3 | On Loan: No      |
| LHOME Mortgage Trust                                | LHOME Mortgage Trust, Series 2021-RTL1, Class A1                                | CUSIP: 501894AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    188000 | PA      | $177169.09    | 0.09%             | 2026-09-25      | Variable      | 2.09%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                | Owens-Brockway Glass Container, Inc.                                            | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67341.93     | 0.03%             | 2027-05-13      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2018-K732, Class C                                 | CUSIP: 30307NAU0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $189258.64    | 0.10%             | 2025-05-25      | Variable      | 4.19%                 | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                       | Asbury Automotive Group, Inc.                                                   | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     65000 | PA      | $58806.15     | 0.03%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging International LLC                 | Graphic Packaging International LLC                                             | CUSIP: 38869PAP9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     70000 | PA      | $60868.69     | 0.03%             | 2026-04-15      | Fixed         | 1.51%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CFK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2057700 | PA      | $2024583.89   | 1.03%             | 2025-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                 | Iron Mountain, Inc.                                                             | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     58000 | PA      | $54536.82     | 0.03%             | 2027-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                 | Connecticut Avenue Securities Trust, Series 2022-R07, Class 1M1                 | CUSIP: 20754MBZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    413469 | PA      | $416279.47    | 0.21%             | 2042-06-25      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                                                | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69124.13     | 0.04%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Aviation Capital Group LLC                          | Aviation Capital Group LLC                                                      | CUSIP: 05369AAK7<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    250000 | PA      | $218080.34    | 0.11%             | 2026-01-30      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U2K8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139847.09    | 0.07%             | 2026-02-11      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| Dana, Inc.                                          | Dana, Inc.                                                                      | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45815.97     | 0.02%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                  | General Motors Financial Co., Inc.                                              | CUSIP: 37045XDW3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    380000 | PA      | $371492.54    | 0.19%             | 2027-04-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FCI Funding LLC                                     | FCI Funding LLC, Series 2021-1A, Class A                                        | CUSIP: 30260GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     63515 | PA      | $61942.46     | 0.03%             | 2033-04-15      | Fixed         | 1.13%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                        | Tallgrass Energy Partners LP                                                    | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $76924.15     | 0.04%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PGT Innovations, Inc.                               | PGT Innovations, Inc.                                                           | CUSIP: 69336VAB7<br>LEI: 549300LRW9WM59C1S579 | Long             | DBT              | CORP              | US        |     55000 | PA      | $46325.40     | 0.02%             | 2029-10-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                        | GS Mortgage Securities Trust, Series 2017-GS5, Class D                          | CUSIP: 36252HAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $183392.70    | 0.09%             | 2050-03-10      | Variable      | 3.51%                 | Yes           |                  3 | On Loan: No      |
| Termocandelaria Power Ltd.                          | Termocandelaria Power Ltd.                                                      | CUSIP: N/A<br>LEI: 549300YDORW43JL6G659       | Long             | DBT              | CORP              | KY        |    170000 | PA      | $153416.50    | 0.08%             | 2029-01-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $12543.75     | 0.01%             | 2032-02-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Independence Plaza Trust                            | Independence Plaza Trust, Series 2018-INDP, Class A                             | CUSIP: 45378YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $163719.85    | 0.08%             | 2035-07-10      | Fixed         | 3.76%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                  | T-Mobile USA, Inc.                                                              | CUSIP: 87264ABB0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145230.87    | 0.07%             | 2025-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                  | Vail Resorts, Inc.                                                              | CUSIP: 91879QAL3<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34963.59     | 0.02%             | 2025-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA II, 30 Year                                                                | CUSIP: 36179XDE3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    744553 | PA      | $729649.49    | 0.37%             | 2052-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Galaxy XIX CLO Ltd.                                 | Galaxy CLO Ltd., Series 2015-19A, Class A1RR                                    | CUSIP: 36319QBN1<br>LEI: 5493000B2531UL3WQV87 | Long             | ABS-CBDO         | CORP              | KY        |    249310 | PA      | $245382.77    | 0.12%             | 2030-07-24      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Yum! Brands, Inc.                                   | Yum! Brands, Inc.                                                               | CUSIP: 988498AP6<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7080.00      | 0.00%             | 2032-01-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                    | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    270000 | PA      | $232006.93    | 0.12%             | 2027-08-10      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| Broadcom Corp.                                      | Broadcom Corp.                                                                  | CUSIP: 11134LAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $142001.88    | 0.07%             | 2027-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                      | Braskem Netherlands Finance BV                                                  | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |    200000 | PA      | $169500.00    | 0.09%             | 2030-01-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2020-1A, Class D                                    | CUSIP: 23344EAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $184948.77    | 0.09%             | 2025-11-17      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| Coinbase Global, Inc.                               | Coinbase Global, Inc.                                                           | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      8000 | PA      | $4675.84      | 0.00%             | 2028-10-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Upstart Securitization Trust                        | Upstart Securitization Trust, Series 2022-4, Class A                            | CUSIP: 91678YAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    545667 | PA      | $534552.37    | 0.27%             | 2032-08-20      | Fixed         | 5.98%                 | Yes           |                  2 | On Loan: No      |
| Aviation Capital Group LLC                          | Aviation Capital Group LLC                                                      | CUSIP: 05369AAF8<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195295.97    | 0.10%             | 2024-01-30      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| LCM XIV LP                                          | LCM LP, Series 14A, Class AR                                                    | CUSIP: 50184VAR5<br>LEI: 549300NGJ6CPPJRPGL08 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $391826.80    | 0.20%             | 2031-07-20      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| VOLT XCVI LLC                                       | VOLT XCVI LLC, Series 2021-NPL5, Class A1                                       | CUSIP: 92873FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118737 | PA      | $105657.27    | 0.05%             | 2051-03-27      | Variable      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                       | Calpine Corp.                                                                   | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     95000 | PA      | $86901.55     | 0.04%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                        | Performance Food Group, Inc.                                                    | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23160.00     | 0.01%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                 | Societe Generale SA                                                             | CUSIP: 83368RAZ5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $172954.64    | 0.09%             | 2026-12-14      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YET8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    520000 | PA      | $514083.96    | 0.26%             | 2026-07-17      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class C                  | CUSIP: 17323VBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $366875.36    | 0.19%             | 2048-04-10      | Variable      | 4.28%                 | No            |                  3 | On Loan: No      |
| Hertz Corp. (The)                                   | Hertz Corp. (The)                                                               | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     75000 | PA      | $65060.36     | 0.03%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B    | CUSIP: 61765TAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $468901.00    | 0.24%             | 2048-10-15      | Variable      | 4.68%                 | No            |                  3 | On Loan: No      |
| Energy Transfer LP                                  | Energy Transfer LP                                                              | CUSIP: 29273RBD0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101957.48    | 0.05%             | 2025-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                            | PRPM LLC, Series 2021-5, Class A1                                               | CUSIP: 69358DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    816850 | PA      | $737478.79    | 0.38%             | 2026-06-25      | Variable      | 1.79%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    335000 | PA      | $291489.40    | 0.15%             | 2027-07-20      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                             | Bath & Body Works, Inc.                                                         | CUSIP: 501797AR5<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20066.70     | 0.01%             | 2029-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                        | Ardagh Packaging Finance plc                                                    | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $176000.00    | 0.09%             | 2026-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                            | Central Garden & Pet Co.                                                        | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     35000 | PA      | $28897.75     | 0.01%             | 2031-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                                                | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     50000 | PA      | $41542.71     | 0.02%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Continental Finance Credit Card ABS Master Trust    | Continental Finance Credit Card ABS Master Trust, Series 2021-A, Class A        | CUSIP: 66981PAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $368772.56    | 0.19%             | 2029-12-17      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                                 | Baytex Energy Corp.                                                             | CUSIP: 07317QAH8<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51548.50     | 0.03%             | 2027-04-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2020-1, Class C                              | CUSIP: 33843FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $489918.65    | 0.25%             | 2026-01-15      | Fixed         | 2.24%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                       | Enel Finance International NV                                                   | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    310000 | PA      | $321011.41    | 0.16%             | 2025-10-14      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Avantor Funding, Inc.                               | Avantor Funding, Inc.                                                           | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |     60000 | PA      | $55200.00     | 0.03%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Group AG                              | Credit Suisse Group AG                                                          | CUSIP: 225433AT8<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    380000 | PA      | $363834.39    | 0.19%             | 2023-06-09      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Leviathan Bond Ltd.                                 | Leviathan Bond Ltd.                                                             | CUSIP: N/A<br>LEI: 254900D9T8VKYVQNZ220       | Long             | DBT              | CORP              | IL        |     50000 | PA      | $48993.75     | 0.02%             | 2025-06-30      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 2673, Class PE                                             | CUSIP: 31394JKA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    104610 | PA      | $106356.31    | 0.05%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     85000 | PA      | $74144.46     | 0.04%             | 2027-01-28      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                     | CSAIL Commercial Mortgage Trust, Series 2015-C4, Class E                        | CUSIP: 12635RBF4<br>LEI: 54930025J96YEH8FQE77 | Long             | ABS-MBS          | CORP              | US        |    325000 | PA      | $267241.36    | 0.14%             | 2048-11-15      | Variable      | 3.71%                 | No            |                  3 | On Loan: No      |
| Global Payments, Inc.                               | Global Payments, Inc.                                                           | CUSIP: 37940XAP7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    335000 | PA      | $325751.13    | 0.17%             | 2027-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                             | BPCE SA                                                                         | CUSIP: 05583JAG7<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $463794.58    | 0.24%             | 2025-01-14      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2022-42, Class EA                                           | CUSIP: 3136BNRD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2578645 | PA      | $2481467.74   | 1.26%             | 2052-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2019-4A, Class C                      | CUSIP: 36258HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $172253.01    | 0.09%             | 2025-08-15      | Fixed         | 3.06%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2013-K31, Class C                                  | CUSIP: 30291MAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    275000 | PA      | $270925.19    | 0.14%             | 2046-07-25      | Variable      | 3.74%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QBW1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    100000 | PA      | $90000.00     | 0.05%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                             | BPCE SA                                                                         | CUSIP: 05578QAA1<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $395852.79    | 0.20%             | 2023-10-22      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                    | Marriott Ownership Resorts, Inc.                                                | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |     55000 | PA      | $46336.51     | 0.02%             | 2029-06-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Oil and Gas Holding Co. BSCC (The)                  | Oil and Gas Holding Co. BSCC (The)                                              | CUSIP: N/A<br>LEI: 549300OBH16L6TS6IW50       | Long             | DBT              | CORP              | BH        |    200000 | PA      | $201850.00    | 0.10%             | 2024-11-07      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                    | ABN AMRO Bank NV                                                                | CUSIP: 00080QAF2<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $383892.00    | 0.20%             | 2025-07-28      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                        | Energean Israel Finance Ltd.                                                    | CUSIP: N/A<br>LEI: 98450044QACBL3F8EB03       | Long             | DBT              | CORP              | IL        |     80000 | PA      | $74400.00     | 0.04%             | 2026-03-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                                 | Station Casinos LLC                                                             | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     55000 | PA      | $48511.65     | 0.02%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO Ltd.                        | Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R                         | CUSIP: 05682QAQ9<br>LEI: 549300GUKNMHLHIJO049 | Long             | ABS-CBDO         | CORP              | KY        |    331610 | PA      | $324839.17    | 0.17%             | 2030-07-20      | Floating      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                        | Barclays plc                                                                    | CUSIP: 06738EBU8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    320000 | PA      | $275236.74    | 0.14%             | 2027-11-24      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| Scripps Escrow II, Inc.                             | Scripps Escrow II, Inc.                                                         | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $33623.00     | 0.02%             | 2029-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                     | Danske Bank A/S                                                                 | CUSIP: 23636ABA8<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    305000 | PA      | $276350.55    | 0.14%             | 2025-09-10      | Variable      | 0.98%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2019-1, Class D                              | CUSIP: 33844RAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $541195.82    | 0.28%             | 2025-02-18      | Fixed         | 4.08%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                     | Palmer Square Loan Funding Ltd., Series 2021-2A, Class A1                       | CUSIP: 69702DAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    134831 | PA      | $133101.48    | 0.07%             | 2029-05-20      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC             | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668BS0<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    385000 | PA      | $372586.65    | 0.19%             | 2027-06-08      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280CS6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $321963.51    | 0.16%             | 2025-05-24      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    475000 | PA      | $465633.64    | 0.24%             | 2028-07-22      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                              | Standard Chartered plc                                                          | CUSIP: 853254BJ8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198542.75    | 0.10%             | 2024-03-15      | Variable      | 3.89%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                         | INEOS Quattro Finance 2 plc                                                     | CUSIP: 45674GAA2<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $177816.00    | 0.09%             | 2026-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CEQ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2370000 | PA      | $2289642.19   | 1.17%             | 2025-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class D   | CUSIP: 46641BAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $188483.06    | 0.10%             | 2046-12-15      | Variable      | 5.17%                 | Yes           |                  3 | On Loan: No      |
| Community Health Systems, Inc.                      | Community Health Systems, Inc.                                                  | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     75000 | PA      | $62575.50     | 0.03%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FMG Resources August 2006 Pty. Ltd.                 | FMG Resources August 2006 Pty. Ltd.                                             | CUSIP: 30251GBA4<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     70000 | PA      | $64050.00     | 0.03%             | 2027-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    230000 | PA      | $201531.75    | 0.10%             | 2027-07-22      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                           | Republic of Cote d'Ivoire                                                       | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $191750.00    | 0.10%             | 2028-03-03      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Grifols Escrow Issuer SA                            | Grifols Escrow Issuer SA                                                        | CUSIP: 39843UAA0<br>LEI: 959800HLB3PGTGSLVV62 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $168076.00    | 0.09%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2021-1A, Class D                                    | CUSIP: 23344GAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $229120.05    | 0.12%             | 2026-11-16      | Fixed         | 1.16%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                            | Lumen Technologies, Inc.                                                        | CUSIP: 156700BB1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     45000 | PA      | $38475.00     | 0.02%             | 2026-12-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Directv Financing LLC                               | Directv Financing LLC                                                           | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $50466.90     | 0.03%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                        | BX Commercial Mortgage Trust, Series 2021-VOLT, Class D                         | CUSIP: 05609VAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $256389.76    | 0.13%             | 2036-09-15      | Floating      | 5.53%                 | Yes           |                  3 | On Loan: No      |
| Tricon Residential Trust                            | Tricon Residential Trust, Series 2021-SFR1, Class E1                            | CUSIP: 89614YAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $201360.10    | 0.10%             | 2038-07-17      | Fixed         | 2.79%                 | Yes           |                  3 | On Loan: No      |
| Sensata Technologies, Inc.                          | Sensata Technologies, Inc.                                                      | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35424.20     | 0.02%             | 2030-02-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FHF Trust                                           | FHF Trust, Series 2021-1A, Class A                                              | CUSIP: 30260WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80338 | PA      | $76709.37     | 0.04%             | 2027-03-15      | Fixed         | 1.27%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CFW6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    530000 | PA      | $535962.50    | 0.27%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                           | MGM Resorts International                                                       | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103685.63    | 0.05%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                        | GS Mortgage Securities Trust, Series 2016-GS2, Class B                          | CUSIP: 36252TAW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $89316.37     | 0.05%             | 2049-05-10      | Variable      | 3.76%                 | No            |                  3 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2021-3, Class C                              | CUSIP: 33846QAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    143000 | PA      | $129134.95    | 0.07%             | 2027-09-15      | Fixed         | 1.46%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                          | Upstart Pass-Through Trust, Series 2022-ST1, Class A                            | CUSIP: 91683NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    419940 | PA      | $392824.36    | 0.20%             | 2030-03-20      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust               | Westlake Automobile Receivables Trust, Series 2021-3A, Class D                  | CUSIP: 96043JAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $405986.09    | 0.21%             | 2027-01-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                             | American Airlines, Inc.                                                         | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $11637.82     | 0.01%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Global Payments, Inc.                               | Global Payments, Inc.                                                           | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    415000 | PA      | $361950.57    | 0.18%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class C                  | CUSIP: 17322VAX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $187879.28    | 0.10%             | 2047-07-10      | Variable      | 4.58%                 | No            |                  3 | On Loan: No      |
| Dominican Republic                                  | Dominican Republic Government Bond                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $144375.00    | 0.07%             | 2028-07-19      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                        | Veros Auto Receivables Trust, Series 2022-1, Class A                            | CUSIP: 92512VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    305549 | PA      | $298281.93    | 0.15%             | 2025-12-15      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2016-K57, Class C                                  | CUSIP: 30295DAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    185000 | PA      | $169877.55    | 0.09%             | 2049-08-25      | Variable      | 4.05%                 | Yes           |                  2 | On Loan: No      |
| AIMCO CLO 10 Ltd.                                   | AIMCO CLO Ltd., Series 2019-10A, Class AR                                       | CUSIP: 00901AAJ6<br>LEI: 5493004I93856WYBB035 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $341270.30    | 0.17%             | 2032-07-22      | Floating      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    750000 | PA      | $752629.55    | 0.38%             | 2026-09-29      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132DWEE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    240467 | PA      | $239483.04    | 0.12%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140X6JS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    935968 | PA      | $914262.00    | 0.47%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gray Escrow II, Inc.                                | Gray Escrow II, Inc.                                                            | CUSIP: 389286AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $76297.00     | 0.04%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                              | Standard Chartered plc                                                          | CUSIP: 85325WAA6<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $184986.76    | 0.09%             | 2026-01-30      | Variable      | 2.82%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    420000 | PA      | $405291.11    | 0.21%             | 2028-08-11      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                             | GFL Environmental, Inc.                                                         | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $38605.73     | 0.02%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                 | Post Holdings, Inc.                                                             | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30707.25     | 0.02%             | 2030-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                      | BNP Paribas SA                                                                  | CUSIP: 09659W2L7<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1295000 | PA      | $1189287.84   | 0.61%             | 2026-06-09      | Variable      | 2.22%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                              | Standard Chartered plc                                                          | CUSIP: 853254CL2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    355000 | PA      | $366174.09    | 0.19%             | 2025-11-16      | Variable      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2022-SFR3, Class D                           | CUSIP: 74331UAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    562000 | PA      | $497692.87    | 0.25%             | 2039-04-17      | Fixed         | 4.45%                 | Yes           |                  3 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K111, Class X3 | CUSIP: 3137FUZF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    405000 | PA      | $72537.36     | 0.04%             | 2048-04-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Bills                                                             | CUSIP: 912796YB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    580000 | PA      | $573750.52    | 0.29%             | 2023-03-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STWD Mortgage Trust                                 | STWD Mortgage Trust, Series 2021-LIH, Class B                                   | CUSIP: 78486EAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    400000 | PA      | $379498.88    | 0.19%             | 2036-11-15      | Floating      | 5.53%                 | Yes           |                  3 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class C                  | CUSIP: 17323CAM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    440000 | PA      | $398393.73    | 0.20%             | 2048-02-10      | Variable      | 4.56%                 | No            |                  3 | On Loan: No      |
| Oportun Funding XIV LLC                             | Oportun Funding XIV LLC, Series 2021-A, Class A                                 | CUSIP: 68377BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    172000 | PA      | $157722.69    | 0.08%             | 2028-03-08      | Fixed         | 1.21%                 | Yes           |                  2 | On Loan: No      |
| Aviation Capital Group LLC                          | Aviation Capital Group LLC                                                      | CUSIP: 05369AAH4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146859.68    | 0.07%             | 2024-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust               | Mission Lane Credit Card Master Trust, Series 2021-A, Class A                   | CUSIP: 60510MAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    355000 | PA      | $341732.19    | 0.17%             | 2026-09-15      | Fixed         | 1.59%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                  | Banco Santander SA                                                              | CUSIP: 05971KAE9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $563857.12    | 0.29%             | 2025-05-28      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Bausch Health Americas, Inc.                        | Bausch Health Americas, Inc.                                                    | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |    120000 | PA      | $57613.87     | 0.03%             | 2027-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| News Corp.                                          | News Corp.                                                                      | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |     52000 | PA      | $46215.00     | 0.02%             | 2029-05-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| AdaptHealth LLC                                     | AdaptHealth LLC                                                                 | CUSIP: 00653VAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $50084.05     | 0.03%             | 2029-08-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Pactiv Evergreen Group Issuer, Inc.                 | Pactiv Evergreen Group Issuer, Inc.                                             | CUSIP: 76174LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $48338.13     | 0.02%             | 2027-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Aligned Data Centers Issuer LLC                     | Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2                       | CUSIP: 01627AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263000 | PA      | $222531.14    | 0.11%             | 2046-08-15      | Fixed         | 1.94%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                 | Herc Holdings, Inc.                                                             | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56713.80     | 0.03%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2022-1A, Class C                      | CUSIP: 22534LAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    467000 | PA      | $449141.36    | 0.23%             | 2032-10-15      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                        | BX Commercial Mortgage Trust, Series 2021-VOLT, Class A                         | CUSIP: 05609VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    410000 | PA      | $392399.97    | 0.20%             | 2036-09-15      | Floating      | 4.58%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2021-1, Class D                              | CUSIP: 33843WAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $202772.09    | 0.10%             | 2027-03-15      | Fixed         | 1.27%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                               | Athene Global Funding                                                           | CUSIP: 04685A2S9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    259000 | PA      | $245552.72    | 0.12%             | 2024-01-08      | Fixed         | 0.95%                 | Yes           |                  2 | On Loan: No      |
| Gap, Inc. (The)                                     | Gap, Inc. (The)                                                                 | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     95000 | PA      | $72983.28     | 0.04%             | 2029-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Par Pharmaceutical, Inc.                            | Par Pharmaceutical, Inc.                                                        | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $37625.00     | 0.02%             | 2027-04-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                       | Staples, Inc.                                                                   | CUSIP: 855030AN2<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53528.10     | 0.03%             | 2026-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Dext ABS LLC                                        | Dext ABS LLC, Series 2021-1, Class A                                            | CUSIP: 23345CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    196831 | PA      | $187650.80    | 0.10%             | 2028-02-15      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                 | Rocket Mortgage LLC                                                             | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $40250.00     | 0.02%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class D                | CUSIP: 94989TBH6<br>LEI: 549300XO83D3BDYP0P62 | Long             | ABS-MBS          | CORP              | US        |    205000 | PA      | $176164.99    | 0.09%             | 2058-09-15      | Variable      | 4.71%                 | No            |                  3 | On Loan: No      |
| Scripps Escrow, Inc.                                | Scripps Escrow, Inc.                                                            | CUSIP: 81104PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $17800.00     | 0.01%             | 2027-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2021-2A, Class D                    | CUSIP: 30165XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $188902.64    | 0.10%             | 2027-04-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.              | Mauser Packaging Solutions Holding Co.                                          | CUSIP: 12429TAD6<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     63000 | PA      | $62138.25     | 0.03%             | 2024-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Life Mortgage Trust                                 | Life Mortgage Trust, Series 2021-BMR, Class C                                   | CUSIP: 53218CAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    191679 | PA      | $180621.71    | 0.09%             | 2038-03-15      | Floating      | 4.97%                 | Yes           |                  3 | On Loan: No      |
| Energizer Holdings, Inc.                            | Energizer Holdings, Inc.                                                        | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39237.30     | 0.02%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    423000 | PA      | $370312.60    | 0.19%             | 2027-10-21      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Triton Container International Ltd.                 | Triton Container International Ltd.                                             | CUSIP: 89680YAB1<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $184287.50    | 0.09%             | 2024-06-07      | Fixed         | 1.15%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                             | Bath & Body Works, Inc.                                                         | CUSIP: 501797AN4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     45000 | PA      | $41413.57     | 0.02%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 31418ELY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1750000 | PA      | $1773322.15   | 0.90%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SMRT                                                | SMRT, Series 2022-MINI, Class E                                                 | CUSIP: 78457JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $320171.25    | 0.16%             | 2039-01-15      | Floating      | 6.50%                 | Yes           |                  3 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280DQ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    580000 | PA      | $605712.82    | 0.31%             | 2026-11-03      | Variable      | 7.34%                 | No            |                  2 | On Loan: No      |
| PRET LLC                                            | PRET LLC, Series 2021-NPL3, Class A1                                            | CUSIP: 74143EAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    207618 | PA      | $185369.10    | 0.09%             | 2051-07-25      | Variable      | 1.87%                 | Yes           |                  2 | On Loan: No      |
| Nationwide Building Society                         | Nationwide Building Society                                                     | CUSIP: 63861VAC1<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $197085.75    | 0.10%             | 2024-08-01      | Variable      | 4.36%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                         | Federal Republic of Nigeria                                                     | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $158750.00    | 0.08%             | 2027-11-28      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust               | Westlake Automobile Receivables Trust, Series 2019-3A, Class E                  | CUSIP: 96042HAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98446.57     | 0.05%             | 2025-03-17      | Fixed         | 3.59%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                            | PRPM LLC, Series 2021-7, Class A1                                               | CUSIP: 69360LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    233681 | PA      | $210049.36    | 0.11%             | 2026-08-25      | Variable      | 1.87%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140XJHG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1358949 | PA      | $1330453.60   | 0.68%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QBV3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    100000 | PA      | $93812.50     | 0.05%             | 2025-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 3140X6MZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1084917 | PA      | $1044876.87   | 0.53%             | 2039-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                                | CUSIP: 251526CC1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $143910.28    | 0.07%             | 2024-09-18      | Variable      | 2.22%                 | No            |                  2 | On Loan: No      |
| APA Infrastructure Ltd.                             | APA Infrastructure Ltd.                                                         | CUSIP: 00205GAB3<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |    350000 | PA      | $337976.12    | 0.17%             | 2025-03-23      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2021-9, Class MI                                                   | CUSIP: 38382MF61<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    247111 | PA      | $32163.70     | 0.02%             | 2051-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                            | BX Trust, Series 2021-LBA, Class AJV                                            | CUSIP: 05609BCD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    377000 | PA      | $354734.57    | 0.18%             | 2036-02-15      | Floating      | 4.68%                 | Yes           |                  2 | On Loan: No      |
| Presidio Holdings, Inc.                             | Presidio Holdings, Inc.                                                         | CUSIP: 74101XAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $46661.50     | 0.02%             | 2027-02-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                          | Upstart Pass-Through Trust, Series 2021-ST5, Class A                            | CUSIP: 91679XAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    127773 | PA      | $121305.16    | 0.06%             | 2027-07-20      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Kaiser Aluminum Corp.                               | Kaiser Aluminum Corp.                                                           | CUSIP: 483007AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $26382.30     | 0.01%             | 2028-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                                 | CNX Resources Corp.                                                             | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56713.80     | 0.03%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Banco Continental SAECA                             | Banco Continental SAECA                                                         | CUSIP: 059490AB8<br>LEI: 8945005Q0D60A6FCEM55 | Long             | DBT              | CORP              | PY        |    150000 | PA      | $130715.63    | 0.07%             | 2025-12-10      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                   | NatWest Group plc                                                               | CUSIP: 639057AC2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    210000 | PA      | $179788.02    | 0.09%             | 2027-06-14      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2022-2A, Class D                    | CUSIP: 30166QAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $749293.60    | 0.38%             | 2028-07-17      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                          | Avis Budget Car Rental LLC                                                      | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $41620.91     | 0.02%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140J5NB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    149016 | PA      | $149105.45    | 0.08%             | 2047-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                  | Seagate HDD Cayman                                                              | CUSIP: 81180WAR2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $46803.71     | 0.02%             | 2027-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ATI, Inc.                                           | ATI, Inc.                                                                       | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69902.25     | 0.04%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                 | Societe Generale SA                                                             | CUSIP: 83367TBJ7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    370000 | PA      | $353494.04    | 0.18%             | 2025-04-14      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132DWEC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    872634 | PA      | $849993.86    | 0.43%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                             | RHP Hotel Properties LP                                                         | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $68508.56     | 0.03%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132AD3L0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    905389 | PA      | $875970.64    | 0.45%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tempur Sealy International, Inc.                    | Tempur Sealy International, Inc.                                                | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     60000 | PA      | $49744.39     | 0.03%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Griffon Corp.                                       | Griffon Corp.                                                                   | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69761.25     | 0.04%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corp.                            | SBA Communications Corp.                                                        | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |     47000 | PA      | $39238.27     | 0.02%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                   | California Housing Finance Agency, Class X                                      | CUSIP: 13033DAF2<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |      2740 | PA      | $154.51       | 0.00%             | 2035-11-20      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    285000 | PA      | $264735.37    | 0.13%             | 2028-03-24      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                   | Clarios Global LP                                                               | CUSIP: 69867DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     36000 | PA      | $35662.68     | 0.02%             | 2026-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    400000 | PA      | $413726.00    | 0.21%             | 2028-11-10      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $198063.60    | 0.10%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer Ltd.                                   | BSPRT Issuer Ltd., Series 2021-FL7, Class B                                     | CUSIP: 05602CAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    475000 | PA      | $440220.50    | 0.22%             | 2038-12-15      | Floating      | 5.93%                 | Yes           |                  3 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 3140QGGU5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    266594 | PA      | $236879.57    | 0.12%             | 2040-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61772BAA1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    160000 | PA      | $156824.51    | 0.08%             | 2024-04-05      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                          | iHeartCommunications, Inc.                                                      | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22250.00     | 0.01%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| DT Midstream, Inc.                                  | DT Midstream, Inc.                                                              | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $83704.50     | 0.04%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K125, Class X3 | CUSIP: 3137F9ZB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    460000 | PA      | $70952.61     | 0.04%             | 2049-02-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Antero Resources Corp.                              | Antero Resources Corp.                                                          | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29589.90     | 0.02%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                        | Mizuho Financial Group, Inc.                                                    | CUSIP: 60687YAW9<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $190371.49    | 0.10%             | 2025-07-16      | Variable      | 2.84%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2014-CR20, Class C                            | CUSIP: 12592LBP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $92200.92     | 0.05%             | 2047-11-10      | Variable      | 4.61%                 | No            |                  3 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5021, Class MI                                             | CUSIP: 3137FWMC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    476336 | PA      | $76885.17     | 0.04%             | 2050-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corp.                                | Sprint Capital Corp.                                                            | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     75000 | PA      | $89673.75     | 0.05%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                | NOVA Chemicals Corp.                                                            | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $62531.25     | 0.03%             | 2029-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2021-3A, Class D                                    | CUSIP: 23344QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $218043.45    | 0.11%             | 2027-05-17      | Fixed         | 1.31%                 | Yes           |                  2 | On Loan: No      |
| Accelerated LLC                                     | Accelerated LLC, Series 2021-1H, Class B                                        | CUSIP: 00439KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    212053 | PA      | $186262.20    | 0.09%             | 2040-10-20      | Fixed         | 1.90%                 | Yes           |                  3 | On Loan: No      |
| Bausch Health Cos., Inc.                            | Bausch Health Cos., Inc.                                                        | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    285000 | PA      | $174591.00    | 0.09%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                         | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32130.00     | 0.02%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Weekley Homes LLC                                   | Weekley Homes LLC                                                               | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $52681.26     | 0.03%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| VICI Properties LP                                  | VICI Properties LP                                                              | CUSIP: 92564RAF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49516.94     | 0.03%             | 2024-05-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Kenbourne Invest SA                                 | Kenbourne Invest SA                                                             | CUSIP: N/A<br>LEI: 222100QGH6Y9KFYZ4B27       | Long             | DBT              | CORP              | LU        |    200000 | PA      | $144850.00    | 0.07%             | 2028-01-22      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| EnLink Midstream Partners LP                        | EnLink Midstream Partners LP                                                    | CUSIP: 29336UAE7<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |     38000 | PA      | $36257.70     | 0.02%             | 2025-06-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2015-PC1, Class B                             | CUSIP: 12593GAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $184622.92    | 0.09%             | 2050-07-10      | Variable      | 4.43%                 | No            |                  3 | On Loan: No      |
| Antero Midstream Partners LP                        | Antero Midstream Partners LP                                                    | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $27675.00     | 0.01%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 17327CAN3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    455000 | PA      | $422443.30    | 0.21%             | 2026-01-25      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                         | Nationwide Building Society                                                     | CUSIP: 63861VAA5<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198400.70    | 0.10%             | 2024-03-08      | Variable      | 3.77%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                          | Upstart Pass-Through Trust, Series 2021-ST10, Class A                           | CUSIP: 91681WAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    286737 | PA      | $271186.57    | 0.14%             | 2030-01-20      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                        | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    125000 | PA      | $118400.56    | 0.06%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EQM Midstream Partners LP                           | EQM Midstream Partners LP                                                       | CUSIP: 26885BAA8<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |     12000 | PA      | $11460.00     | 0.01%             | 2024-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2012-136, Class DL                                          | CUSIP: 3136A97D4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    256212 | PA      | $241924.58    | 0.12%             | 2042-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2014-C22, Class C                       | CUSIP: 92890KBG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $668567.67    | 0.34%             | 2057-09-15      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| PRET LLC                                            | PRET LLC, Series 2021-RN4, Class A1                                             | CUSIP: 69359QAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    428255 | PA      | $375827.93    | 0.19%             | 2051-10-25      | Variable      | 2.49%                 | Yes           |                  2 | On Loan: No      |
| PG&E Corp.                                          | PG&E Corp.                                                                      | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     66000 | PA      | $60892.26     | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                  | Cinemark USA, Inc.                                                              | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     30000 | PA      | $23962.50     | 0.01%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                  | Chemours Co. (The)                                                              | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27150.00     | 0.01%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United Airlines, Inc.                               | United Airlines, Inc.                                                           | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     53000 | PA      | $49344.34     | 0.03%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC                            | NGL Energy Operating LLC                                                        | CUSIP: 62922LAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $27096.50     | 0.01%             | 2026-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61744YAQ1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198618.91    | 0.10%             | 2024-04-24      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| Park Aerospace Holdings Ltd.                        | Park Aerospace Holdings Ltd.                                                    | CUSIP: 70014LAB6<br>LEI: 635400CPI3EOIFF6OC33 | Long             | DBT              | CORP              | KY        |    150000 | PA      | $147793.66    | 0.08%             | 2024-02-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| VOLT CV LLC                                         | VOLT CV LLC, Series 2021-CF2, Class A1                                          | CUSIP: 91835GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    408744 | PA      | $368076.54    | 0.19%             | 2051-11-27      | Variable      | 2.49%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                            | PRPM LLC, Series 2021-2, Class A1                                               | CUSIP: 69359UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    117544 | PA      | $107368.05    | 0.05%             | 2026-03-25      | Variable      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners I LLC              | Pretium Mortgage Credit Partners I LLC, Series 2021-NPL2, Class A1              | CUSIP: 741386AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195744 | PA      | $180302.51    | 0.09%             | 2060-06-27      | Variable      | 1.99%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings LLC                            | Celanese US Holdings LLC                                                        | CUSIP: 15089QAL8<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74623.31     | 0.04%             | 2025-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                         | Capital One Financial Corp.                                                     | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $383723.79    | 0.20%             | 2028-05-10      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2019-B, Class E                              | CUSIP: 22412AAE3<br>LEI: 549300RMJRP95RN5CL91 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $497798.60    | 0.25%             | 2025-03-17      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CBQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     15000 | PA      | $13392.77     | 0.01%             | 2026-02-28      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Yum! Brands, Inc.                                   | Yum! Brands, Inc.                                                               | CUSIP: 988498AL5<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27450.00     | 0.01%             | 2030-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BAT International Finance plc                       | BAT International Finance plc                                                   | CUSIP: 05530QAP5<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    475000 | PA      | $442373.91    | 0.23%             | 2028-03-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Skopos Auto Receivables Trust                       | Skopos Auto Receivables Trust, Series 2019-1A, Class D                          | CUSIP: 83085DAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320000 | PA      | $316041.70    | 0.16%             | 2025-04-15      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                     | Sinclair Television Group, Inc.                                                 | CUSIP: 829259BA7<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     65000 | PA      | $49842.27     | 0.03%             | 2030-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                 | Rocket Mortgage LLC                                                             | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $3675.00      | 0.00%             | 2033-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2021-SFR3, Class E1                                | CUSIP: 33768JAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $427007.90    | 0.22%             | 2038-12-17      | Fixed         | 2.98%                 | Yes           |                  3 | On Loan: No      |
| Stellantis Finance US, Inc.                         | Stellantis Finance US, Inc.                                                     | CUSIP: 85855CAA8<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    210000 | PA      | $181368.87    | 0.09%             | 2027-01-29      | Fixed         | 1.71%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2021-1, Class D                  | CUSIP: 80286NAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $178754.13    | 0.09%             | 2026-11-16      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| NYMT Loan Trust                                     | NYMT Loan Trust, Series 2021-SP1, Class A1                                      | CUSIP: 62955RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    278510 | PA      | $247612.37    | 0.13%             | 2061-08-25      | Variable      | 1.67%                 | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                          | LABL, Inc.                                                                      | CUSIP: 50168AAB6<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105050.00    | 0.05%             | 2026-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Albemarle Corp.                                     | Albemarle Corp.                                                                 | CUSIP: 012653AD3<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |    450000 | PA      | $441103.32    | 0.22%             | 2027-06-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Microchip Technology, Inc.                          | Microchip Technology, Inc.                                                      | CUSIP: 595017BA1<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    380000 | PA      | $369649.44    | 0.19%             | 2025-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust               | Westlake Automobile Receivables Trust, Series 2021-1A, Class D                  | CUSIP: 96043FAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $232455.83    | 0.12%             | 2026-04-15      | Fixed         | 1.23%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                 | Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2                 | CUSIP: 20754LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    521000 | PA      | $484858.23    | 0.25%             | 2041-12-25      | Floating      | 5.42%                 | Yes           |                  3 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132CWYW8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1027505 | PA      | $1007154.06   | 0.51%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.                            | Marvell Technology, Inc.                                                        | CUSIP: 573874AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $110373.04    | 0.06%             | 2026-04-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| FREED ABS Trust                                     | FREED ABS Trust, Series 2021-1CP, Class B                                       | CUSIP: 35635BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68388 | PA      | $67687.31     | 0.03%             | 2028-03-20      | Fixed         | 1.41%                 | Yes           |                  3 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132CWWW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    509382 | PA      | $471968.36    | 0.24%             | 2037-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2019-WCM, Class G                             | CUSIP: 12655HAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    385000 | PA      | $361104.86    | 0.18%             | 2034-10-15      | Floating      | 6.57%                 | Yes           |                  3 | On Loan: No      |
| Societe Generale SA                                 | Societe Generale SA                                                             | CUSIP: 83368RAT9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $195342.72    | 0.10%             | 2024-03-28      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                  | Cinemark USA, Inc.                                                              | CUSIP: 172441BD8<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30647.75     | 0.02%             | 2026-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Longfellow Place CLO Ltd.                           | Longfellow Place CLO Ltd., Series 2013-1A, Class AR3                            | CUSIP: 54303PAY1<br>LEI: 549300FY38ZCUKZQU403 | Long             | ABS-CBDO         | CORP              | KY        |     67346 | PA      | $66792.30     | 0.03%             | 2029-04-15      | Floating      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2021-SFR8, Class E1                          | CUSIP: 74333TAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $288540.95    | 0.15%             | 2038-10-17      | Fixed         | 2.38%                 | Yes           |                  3 | On Loan: No      |
| Energean Israel Finance Ltd.                        | Energean Israel Finance Ltd.                                                    | CUSIP: N/A<br>LEI: 98450044QACBL3F8EB03       | Long             | DBT              | CORP              | IL        |     12000 | PA      | $11595.00     | 0.01%             | 2024-03-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                  | Chemours Co. (The)                                                              | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35130.60     | 0.02%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2022-1, Class D                              | CUSIP: 33845VAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    536000 | PA      | $482784.20    | 0.25%             | 2028-03-15      | Fixed         | 3.64%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Financial Group Cayman 3 Ltd.                | Mizuho Financial Group Cayman 3 Ltd.                                            | CUSIP: 60688UAB2<br>LEI: 549300AM6U7J7ZZI1G88 | Long             | DBT              | CORP              | KY        |    690000 | PA      | $677938.80    | 0.34%             | 2024-03-27      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| DNB Bank ASA                                        | DNB Bank ASA                                                                    | CUSIP: 23341CAC7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |    500000 | PA      | $499881.84    | 0.25%             | 2026-10-09      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                 | Republic of Ecuador                                                             | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |     25000 | PA      | $15137.50     | 0.01%             | 2030-07-31      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2014-K41, Class C                                  | CUSIP: 30287EAG5<br>LEI: 549300J7N4IBRYXP6K82 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $95149.33     | 0.05%             | 2047-11-25      | Variable      | 3.96%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC             | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668BE1<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191498.50    | 0.10%             | 2025-05-13      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822CF9<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    258000 | PA      | $248195.99    | 0.13%             | 2026-04-17      | Variable      | 3.84%                 | No            |                  2 | On Loan: No      |
| Puget Energy, Inc.                                  | Puget Energy, Inc.                                                              | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42789.71     | 0.02%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Warnermedia Holdings, Inc.                          | Warnermedia Holdings, Inc.                                                      | CUSIP: 55903VAG8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    475000 | PA      | $432859.34    | 0.22%             | 2027-03-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2022-3, Class D            | CUSIP: 02528GAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    284000 | PA      | $272714.46    | 0.14%             | 2028-10-13      | Fixed         | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                    | Boeing Co. (The)                                                                | CUSIP: 097023CT0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    570000 | PA      | $564712.93    | 0.29%             | 2025-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                          | Lamb Weston Holdings, Inc.                                                      | CUSIP: 513272AC8<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     32000 | PA      | $30163.52     | 0.02%             | 2028-05-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                  | Dominican Republic Government Bond                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    150000 | PA      | $144375.00    | 0.07%             | 2028-07-19      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio, Inc.                               | Sirius XM Radio, Inc.                                                           | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     55000 | PA      | $51328.20     | 0.03%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CarNow Auto Receivables Trust                       | CarNow Auto Receivables Trust, Series 2020-1A, Class C                          | CUSIP: 14368RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    222042 | PA      | $221156.22    | 0.11%             | 2024-09-16      | Fixed         | 3.84%                 | Yes           |                  2 | On Loan: No      |
| Sabine Pass Liquefaction LLC                        | Sabine Pass Liquefaction LLC                                                    | CUSIP: 785592AV8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81149.15     | 0.04%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Comstock Resources, Inc.                            | Comstock Resources, Inc.                                                        | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73248.75     | 0.04%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Stratus CLO Ltd.                                    | Stratus CLO Ltd., Series 2021-1A, Class A                                       | CUSIP: 863162AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    447983 | PA      | $439550.46    | 0.22%             | 2029-12-29      | Floating      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                     | Palmer Square Loan Funding Ltd., Series 2020-1A, Class A1                       | CUSIP: 69701EAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     68444 | PA      | $67719.82     | 0.03%             | 2028-02-20      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Emergent BioSolutions, Inc.                         | Emergent BioSolutions, Inc.                                                     | CUSIP: 29089QAC9<br>LEI: 549300YW6TUOX8BE5103 | Long             | DBT              | CORP              | US        |     80000 | PA      | $36000.00     | 0.02%             | 2028-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CFN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    165000 | PA      | $164503.71    | 0.08%             | 2024-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2021-D, Class D                              | CUSIP: 12658VAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $180554.56    | 0.09%             | 2027-12-15      | Fixed         | 2.31%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U3C5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    535000 | PA      | $524158.05    | 0.27%             | 2026-08-15      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                       | Enel Finance International NV                                                   | CUSIP: 29278GAM0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $173230.24    | 0.09%             | 2026-07-12      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities LLC                         | Business Jet Securities LLC, Series 2020-1A, Class A                            | CUSIP: 12327FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    456930 | PA      | $414134.04    | 0.21%             | 2035-11-15      | Fixed         | 2.98%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                    | Boeing Co. (The)                                                                | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    125000 | PA      | $113626.93    | 0.06%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| PulteGroup, Inc.                                    | PulteGroup, Inc.                                                                | CUSIP: 745867AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $150769.96    | 0.08%             | 2026-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arches Buyer, Inc.                                  | Arches Buyer, Inc.                                                              | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     55000 | PA      | $45245.75     | 0.02%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Coinbase Global, Inc.                               | Coinbase Global, Inc.                                                           | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      8000 | PA      | $4320.00      | 0.00%             | 2031-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                      | Univision Communications, Inc.                                                  | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     59000 | PA      | $50223.75     | 0.03%             | 2029-05-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust             | Lendingpoint Asset Securitization Trust, Series 2021-A, Class B                 | CUSIP: 52607FAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    203000 | PA      | $199247.55    | 0.10%             | 2028-12-15      | Fixed         | 1.46%                 | Yes           |                  3 | On Loan: No      |
| Bausch Health Americas, Inc.                        | Bausch Health Americas, Inc.                                                    | CUSIP: 91911XAV6<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |    310000 | PA      | $201017.48    | 0.10%             | 2026-04-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Fidelity National Information Services, Inc.        | Fidelity National Information Services, Inc.                                    | CUSIP: 31620MBW5<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |    530000 | PA      | $520271.69    | 0.26%             | 2027-07-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280BZ1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $242122.36    | 0.12%             | 2025-03-11      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                | Frontier Communications Holdings LLC                                            | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $80879.20     | 0.04%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Realogy Group LLC                                   | Realogy Group LLC                                                               | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $42070.60     | 0.02%             | 2029-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    400000 | PA      | $414326.10    | 0.21%             | 2028-10-18      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                   | NatWest Group plc                                                               | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $364701.32    | 0.19%             | 2026-11-10      | Variable      | 7.47%                 | No            |                  2 | On Loan: No      |
| Bank of Ireland Group plc                           | Bank of Ireland Group plc                                                       | CUSIP: 06279JAB5<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    245000 | PA      | $203171.15    | 0.10%             | 2027-09-30      | Variable      | 2.03%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, Connecticut Avenue Securities, Series 2017-C07, Class 2M2                 | CUSIP: 30711XWX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |     97215 | PA      | $98079.71     | 0.05%             | 2030-05-25      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                                 | Post Holdings, Inc.                                                             | CUSIP: 737446AN4<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    115000 | PA      | $109713.45    | 0.06%             | 2028-01-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Crestwood Midstream Partners LP                     | Crestwood Midstream Partners LP                                                 | CUSIP: 67421QAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $40300.00     | 0.02%             | 2029-04-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Iraq                                    | Republic of Iraq                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | IQ        |    200000 | PA      | $196975.00    | 0.10%             | 2023-03-09      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GZH0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $476606.60    | 0.24%             | 2025-01-24      | Variable      | 1.76%                 | No            |                  2 | On Loan: No      |
| Navient Corp.                                       | Navient Corp.                                                                   | CUSIP: 63938CAE8<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21001.81     | 0.01%             | 2023-09-25      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                    | NMEF Funding LLC, Series 2021-A, Class B                                        | CUSIP: 62919TAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    178000 | PA      | $169930.92    | 0.09%             | 2027-12-15      | Fixed         | 1.85%                 | Yes           |                  3 | On Loan: No      |
| Videotron Ltd.                                      | Videotron Ltd.                                                                  | CUSIP: 92660FAK0<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $43020.00     | 0.02%             | 2027-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                         | Allied Universal Holdco LLC                                                     | CUSIP: 019576AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $33250.00     | 0.02%             | 2026-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| B2W Digital Lux SARL                                | B2W Digital Lux SARL                                                            | CUSIP: N/A<br>LEI: 222100KMO43GQ28M6N31       | Long             | DBT              | CORP              | LU        |    200000 | PA      | $123450.00    | 0.06%             | 2030-12-20      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| NBN Co. Ltd.                                        | NBN Co. Ltd.                                                                    | CUSIP: 62878U2A9<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | NUSS              | AU        |    200000 | PA      | $177146.00    | 0.09%             | 2026-05-05      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    220000 | PA      | $204607.24    | 0.10%             | 2028-03-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                              | Cleveland-Cliffs, Inc.                                                          | CUSIP: 185899AG6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70175.00     | 0.04%             | 2026-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 3878, Class PL                                             | CUSIP: 3137ACM89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    438219 | PA      | $437678.19    | 0.22%             | 2040-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                        | ING Groep NV                                                                    | CUSIP: 456837AV5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $176536.69    | 0.09%             | 2027-04-01      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                  | Credit Agricole SA                                                              | CUSIP: 225313AF2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    700000 | PA      | $671412.00    | 0.34%             | 2025-03-17      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K028, Class X3 | CUSIP: 3137B2HQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4629000 | PA      | $26086.27     | 0.01%             | 2041-06-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 10 Year Ultra Note                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -32 | NC      | $-39067.20    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CCW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $71050.00     | 0.04%             | 2026-08-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| VOLT CIII LLC                                       | VOLT CIII LLC, Series 2021-CF1, Class A1                                        | CUSIP: 92873JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275051 | PA      | $256634.23    | 0.13%             | 2051-08-25      | Variable      | 1.99%                 | Yes           |                  3 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust          | JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class C            | CUSIP: 46644YBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $136506.03    | 0.07%             | 2048-08-15      | Variable      | 4.78%                 | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd.                                   | CIFC Funding Ltd., Series 2012-2RA, Class A1                                    | CUSIP: 12551PAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    142394 | PA      | $140534.99    | 0.07%             | 2028-01-20      | Floating      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust          | Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A             | CUSIP: 58940BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    284000 | PA      | $269364.00    | 0.14%             | 2026-03-20      | Fixed         | 1.54%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Theme Parks, Inc.                         | Six Flags Theme Parks, Inc.                                                     | CUSIP: 83001WAC8<br>LEI: 5493003MX0ZXTM8EVY68 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24059.42     | 0.01%             | 2025-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418EJW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1397040 | PA      | $1366652.98   | 0.70%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises LP                                | Icahn Enterprises LP                                                            | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $82889.10     | 0.04%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                     | Madison IAQ LLC                                                                 | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    140000 | PA      | $121070.60    | 0.06%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| PFP Ltd.                                            | PFP Ltd., Series 2021-7, Class C                                                | CUSIP: 69290LAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    166492 | PA      | $154155.49    | 0.08%             | 2038-04-14      | Floating      | 5.55%                 | Yes           |                  3 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967MX6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     85000 | PA      | $79296.17     | 0.04%             | 2025-05-01      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                   | NatWest Group plc                                                               | CUSIP: 780097BJ9<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $197909.77    | 0.10%             | 2024-06-25      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2021-3, Class D                  | CUSIP: 80287EAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $277812.15    | 0.14%             | 2027-09-15      | Fixed         | 1.33%                 | No            |                  2 | On Loan: No      |
| Stellantis Finance US, Inc.                         | Stellantis Finance US, Inc.                                                     | CUSIP: 85855CAD2<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    320000 | PA      | $318746.76    | 0.16%             | 2028-01-12      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                 | NuStar Logistics LP                                                             | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56421.71     | 0.03%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA II, 30 Year                                                                | CUSIP: 36179XLJ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $1012673.35   | 0.52%             | 2052-11-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arconic Corp.                                       | Arconic Corp.                                                                   | CUSIP: 03966VAA5<br>LEI: 549300B4YFWH3U74B152 | Long             | DBT              | CORP              | US        |     85000 | PA      | $79810.75     | 0.04%             | 2028-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                    | JPMorgan Prime Money Market Fund, Class IM                                      | CUSIP: 46637K844<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  11347820 | NS      | $11351223.86  | 5.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Spectrum Brands, Inc.                               | Spectrum Brands, Inc.                                                           | CUSIP: 84762LAV7<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85389.00     | 0.04%             | 2029-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                           | Sunoco LP                                                                       | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $42860.05     | 0.02%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                 | American Axle & Manufacturing, Inc.                                             | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26104.70     | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140XGPP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    999668 | PA      | $902207.54    | 0.46%             | 2037-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 5 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       206 | NC      | $179845.82    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    220000 | PA      | $209572.10    | 0.11%             | 2028-04-20      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K115, Class X3 | CUSIP: 3137FWGA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    430000 | PA      | $70829.82     | 0.04%             | 2048-09-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65707.19     | 0.03%             | 2027-07-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential                                | Progress Residential, Series 2021-SFR3, Class E1                                | CUSIP: 74333VAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $169455.16    | 0.09%             | 2026-05-17      | Fixed         | 2.54%                 | Yes           |                  3 | On Loan: No      |
| Mariner Finance Issuance Trust                      | Mariner Finance Issuance Trust, Series 2021-AA, Class A                         | CUSIP: 56848DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192000 | PA      | $163920.29    | 0.08%             | 2036-03-20      | Fixed         | 1.86%                 | Yes           |                  2 | On Loan: No      |
| VOLT XCVII LLC                                      | VOLT XCVII LLC, Series 2021-NPL6, Class A1                                      | CUSIP: 91835EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148833 | PA      | $132746.15    | 0.07%             | 2051-04-25      | Variable      | 2.24%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                                 | Stagwell Global LLC                                                             | CUSIP: 59565JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $64312.50     | 0.03%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                  | Banco Santander SA                                                              | CUSIP: 05964HAR6<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $397465.06    | 0.20%             | 2025-08-18      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Gohl Capital Ltd.                                   | Gohl Capital Ltd.                                                               | CUSIP: N/A<br>LEI: 254900TF7OK6KSDZA888       | Long             | DBT              | CORP              | IM        |    200000 | PA      | $177000.00    | 0.09%             | 2027-01-24      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                  | Republic of Angola                                                              | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    200000 | PA      | $185750.00    | 0.09%             | 2028-05-09      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| SoFi Consumer Loan Program Trust                    | SoFi Consumer Loan Program Trust, Series 2018-4, Class D                        | CUSIP: 83406HAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102242 | PA      | $100999.17    | 0.05%             | 2027-11-26      | Fixed         | 4.76%                 | Yes           |                  3 | On Loan: No      |
| Caesars Entertainment, Inc.                         | Caesars Entertainment, Inc.                                                     | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103771.76    | 0.05%             | 2025-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA               | Banque Federative du Credit Mutuel SA                                           | CUSIP: 06675DCE0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    530000 | PA      | $515483.69    | 0.26%             | 2027-07-13      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SRS Distribution, Inc.                              | SRS Distribution, Inc.                                                          | CUSIP: 78471RAB2<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |     55000 | PA      | $49153.50     | 0.03%             | 2028-07-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2022-1, Class C            | CUSIP: 02530WAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $937148.10    | 0.48%             | 2028-03-13      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                          | Dana, Inc.                                                                      | CUSIP: 235825AJ5<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     25000 | PA      | $19578.15     | 0.01%             | 2032-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                       | Lendbuzz Securitization Trust, Series 2021-1A, Class A                          | CUSIP: 52607BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130459 | PA      | $123921.80    | 0.06%             | 2026-06-15      | Fixed         | 1.46%                 | Yes           |                  2 | On Loan: No      |
| SG Commercial Mortgage Securities Trust             | SG Commercial Mortgage Securities Trust, Series 2016-C5, Class B                | CUSIP: 78419CAK0<br>LEI: 549300SZQW4U3UN4A157 | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $195941.25    | 0.10%             | 2048-10-10      | Fixed         | 3.93%                 | No            |                  3 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K068, Class X1 | CUSIP: 3137FBBZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3593891 | PA      | $61150.06     | 0.03%             | 2027-08-25      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| LCM 26 Ltd.                                         | LCM Ltd., Series 26A, Class A1                                                  | CUSIP: 50200FAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $244592.00    | 0.12%             | 2031-01-20      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CCF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $71512.50     | 0.04%             | 2026-05-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132A7NE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    193821 | PA      | $184800.85    | 0.09%             | 2028-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                          | Builders FirstSource, Inc.                                                      | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     35000 | PA      | $28373.11     | 0.01%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ACM Auto Trust                                      | ACM Auto Trust, Series 2022-1A, Class B                                         | CUSIP: 00091QAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    438000 | PA      | $434191.72    | 0.22%             | 2029-04-20      | Fixed         | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2015-CR26, Class B                            | CUSIP: 12593QBH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $186923.44    | 0.10%             | 2048-10-10      | Variable      | 4.62%                 | No            |                  3 | On Loan: No      |
| Group 1 Automotive, Inc.                            | Group 1 Automotive, Inc.                                                        | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     55000 | PA      | $46653.72     | 0.02%             | 2028-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Nationwide Building Society                         | Nationwide Building Society                                                     | CUSIP: 63859WAE9<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $319693.07    | 0.16%             | 2026-09-14      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| LendingPoint Asset Securitization Trust             | LendingPoint Asset Securitization Trust, Series 2020-REV1, Class B              | CUSIP: 52606YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $291026.28    | 0.15%             | 2028-10-15      | Fixed         | 4.49%                 | Yes           |                  3 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CFE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    195000 | PA      | $189949.80    | 0.10%             | 2025-08-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                     | Air Lease Corp.                                                                 | CUSIP: 00914AAF9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    480000 | PA      | $446814.22    | 0.23%             | 2025-02-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                              | Crossroads Asset Trust, Series 2021-A, Class C                                  | CUSIP: 22767CAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $118889.21    | 0.06%             | 2026-01-20      | Fixed         | 1.44%                 | Yes           |                  3 | On Loan: No      |
| Southwestern Energy Co.                             | Southwestern Energy Co.                                                         | CUSIP: 845467AS8<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |    105000 | PA      | $98721.00     | 0.05%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| EQM Midstream Partners LP                           | EQM Midstream Partners LP                                                       | CUSIP: 26885BAH3<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48500.00     | 0.02%             | 2027-07-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                          | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    450000 | PA      | $443636.85    | 0.23%             | 2024-01-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                        | Upstart Securitization Trust, Series 2021-5, Class B                            | CUSIP: 91679JAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $199864.31    | 0.10%             | 2031-11-20      | Fixed         | 2.49%                 | Yes           |                  3 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class D    | CUSIP: 61690GAT8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    175023 | PA      | $165773.37    | 0.08%             | 2047-02-15      | Variable      | 5.23%                 | Yes           |                  3 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XHBR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    274051 | PA      | $265405.17    | 0.14%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                        | DaVita, Inc.                                                                    | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    115000 | PA      | $93090.20     | 0.05%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                      | Pagaya AI Debt Selection Trust, Series 2021-3, Class A                          | CUSIP: 69546RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     94017 | PA      | $91354.50     | 0.05%             | 2029-05-15      | Fixed         | 1.15%                 | Yes           |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                     | LendingPoint Pass-Through Trust, Series 2022-ST1, Class A                       | CUSIP: 52607NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145992 | PA      | $137370.29    | 0.07%             | 2028-03-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Equitable Financial Life Global Funding             | Equitable Financial Life Global Funding                                         | CUSIP: 29449WAJ6<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |    230000 | PA      | $213146.93    | 0.11%             | 2024-08-12      | Fixed         | 0.80%                 | Yes           |                  2 | On Loan: No      |
| Upstart Securitization Trust                        | Upstart Securitization Trust, Series 2020-1, Class B                            | CUSIP: 91679UAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9632 | PA      | $9612.82      | 0.00%             | 2030-04-22      | Fixed         | 3.09%                 | Yes           |                  3 | On Loan: No      |
| ACCO Brands Corp.                                   | ACCO Brands Corp.                                                               | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |     75000 | PA      | $62655.75     | 0.03%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                          | Edgewell Personal Care Co.                                                      | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    120000 | PA      | $113073.49    | 0.06%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                         | Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1                          | CUSIP: 52474XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120507 | PA      | $106603.90    | 0.05%             | 2061-07-25      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| CommScope, Inc.                                     | CommScope, Inc.                                                                 | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    105000 | PA      | $88426.80     | 0.04%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280CX5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    385000 | PA      | $331850.76    | 0.17%             | 2027-11-22      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| BWX Technologies, Inc.                              | BWX Technologies, Inc.                                                          | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     60000 | PA      | $52800.00     | 0.03%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                      | DISH DBS Corp.                                                                  | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $259656.00    | 0.13%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Beast Mortgage Trust                                | Beast Mortgage Trust, Series 2021-1818, Class B                                 | CUSIP: 07403PAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    179000 | PA      | $167582.16    | 0.09%             | 2036-03-15      | Floating      | 5.33%                 | Yes           |                  3 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                | Clear Channel Outdoor Holdings, Inc.                                            | CUSIP: 18453HAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $22351.64     | 0.01%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                      | Community Health Systems, Inc.                                                  | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     85000 | PA      | $62278.65     | 0.03%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XHC54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    918327 | PA      | $880834.46    | 0.45%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                       | Enel Finance International NV                                                   | CUSIP: 29278GAW8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    445000 | PA      | $423550.27    | 0.22%             | 2027-06-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Antero Resources Corp.                              | Antero Resources Corp.                                                          | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     65000 | PA      | $60901.43     | 0.03%             | 2030-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                               | Nomura Holdings, Inc.                                                           | CUSIP: 65535HAR0<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $182656.97    | 0.09%             | 2025-07-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Air Lease Corp.                                     | Air Lease Corp.                                                                 | CUSIP: 00914AAT9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    360000 | PA      | $357558.91    | 0.18%             | 2027-12-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                 | New Residential Mortgage Loan Trust, Series 2022-SFR1, Class E1                 | CUSIP: 64831KAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520000 | PA      | $449172.41    | 0.23%             | 2039-02-17      | Fixed         | 3.55%                 | Yes           |                  3 | On Loan: No      |
| VOLT XCIX LLC                                       | VOLT XCIX LLC, Series 2021-NPL8, Class A1                                       | CUSIP: 92872VAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145976 | PA      | $128846.79    | 0.07%             | 2051-04-25      | Variable      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                  | Credit Agricole SA                                                              | CUSIP: 22535WAG2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    565000 | PA      | $511986.61    | 0.26%             | 2026-06-16      | Variable      | 1.91%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                | Macquarie Group Ltd.                                                            | CUSIP: 55607PAF2<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    140000 | PA      | $119054.41    | 0.06%             | 2027-09-23      | Variable      | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                  | Banco Santander SA                                                              | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $185362.15    | 0.09%             | 2028-03-24      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                  | United Rentals North America, Inc.                                              | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    155000 | PA      | $148654.30    | 0.08%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Penske Automotive Group, Inc.                       | Penske Automotive Group, Inc.                                                   | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21036.75     | 0.01%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                               | OneMain Finance Corp.                                                           | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20880.00     | 0.01%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  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        |    250000 | PA      | $243851.00    | 0.12%             | 2032-07-15      | Floating      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group plc                            | Lloyds Banking Group plc                                                        | CUSIP: 539439AV1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $184976.32    | 0.09%             | 2026-02-05      | Variable      | 2.44%                 | No            |                  2 | On Loan: No      |
| Alcoa Nederland Holding BV                          | Alcoa Nederland Holding BV                                                      | CUSIP: 013822AC5<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $194153.82    | 0.10%             | 2028-05-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| California Housing Finance Agency                   | California Housing Finance Agency, Class X                                      | CUSIP: 13033DAF2<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | MUN               | US        |   2151966 | PA      | $121350.86    | 0.06%             | 2035-11-20      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140XGWZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    547347 | PA      | $507325.41    | 0.26%             | 2036-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes      | FHLMC Structured Agency Credit Risk Debt Notes, Series 2021-DNA2, Class M2      | CUSIP: 35564KDB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $96629.97     | 0.05%             | 2033-08-25      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2014-UBS5, Class C                            | CUSIP: 12592KBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $449109.60    | 0.23%             | 2047-09-10      | Variable      | 4.77%                 | No            |                  3 | On Loan: No      |
| Upstart Securitization Trust                        | Upstart Securitization Trust, Series 2021-4, Class B                            | CUSIP: 91682NAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    231000 | PA      | $207183.97    | 0.11%             | 2031-09-20      | Fixed         | 1.84%                 | Yes           |                  3 | On Loan: No      |
| Air Lease Corp.                                     | Air Lease Corp.                                                                 | CUSIP: 00914AAA0<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147342.24    | 0.07%             | 2024-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                               | Athene Global Funding                                                           | CUSIP: 04685A2L4<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    308000 | PA      | $288959.91    | 0.15%             | 2025-01-14      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                     | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAN5<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    645000 | PA      | $598463.46    | 0.30%             | 2025-03-15      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                            | WESCO Distribution, Inc.                                                        | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37482.85     | 0.02%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Citizens Bank NA                                    | Citizens Bank NA                                                                | CUSIP: 75524KNH3<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232696.41    | 0.12%             | 2025-04-28      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     29000 | PA      | $25945.39     | 0.01%             | 2029-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio, Inc.                               | Sirius XM Radio, Inc.                                                           | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    210000 | PA      | $195531.00    | 0.10%             | 2029-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Lennar Corp.                                        | Lennar Corp.                                                                    | CUSIP: 526057BV5<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147025.39    | 0.07%             | 2025-05-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                         | Block, Inc.                                                                     | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     42000 | PA      | $34083.42     | 0.02%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                         | Capital One Financial Corp.                                                     | CUSIP: 14040HCM5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    360000 | PA      | $335716.30    | 0.17%             | 2026-03-03      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XHPX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2169890 | PA      | $2114915.59   | 1.08%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fondo MIVIVIENDA SA                                 | Fondo MIVIVIENDA SA                                                             | CUSIP: 344593AF5<br>LEI: 549300X41PNOK11PZ670 | Long             | DBT              | NUSS              | PE        |    200000 | PA      | $185250.00    | 0.09%             | 2027-04-12      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Rain CII Carbon LLC                                 | Rain CII Carbon LLC                                                             | CUSIP: 75079RAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $22751.00     | 0.01%             | 2025-04-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ITC Holdings Corp.                                  | ITC Holdings Corp.                                                              | CUSIP: 465685AJ4<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |    745000 | PA      | $724886.91    | 0.37%             | 2024-06-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                               | Nomura Holdings, Inc.                                                           | CUSIP: 65535HAW9<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $174441.14    | 0.09%             | 2026-07-14      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                         | Block, Inc.                                                                     | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     17000 | PA      | $15192.90     | 0.01%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                                | AmeriGas Partners LP                                                            | CUSIP: 030981AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $52387.50     | 0.03%             | 2026-08-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Guara Norte SARL                                    | Guara Norte SARL                                                                | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |    187230 | PA      | $153914.76    | 0.08%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Federation des Caisses Desjardins du Quebec         | Federation des Caisses Desjardins du Quebec                                     | CUSIP: 31429KAD5<br>LEI: 549300B2Q47IR0CR5B54 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $186277.31    | 0.09%             | 2025-02-10      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    390000 | PA      | $347933.45    | 0.18%             | 2028-02-24      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                | Macquarie Group Ltd.                                                            | CUSIP: 55608JBL1<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    490000 | PA      | $492837.81    | 0.25%             | 2024-11-22      | Fixed         | 6.21%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                           | Standard Industries, Inc.                                                       | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63442.05     | 0.03%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4718, Class DA                                             | CUSIP: 3137FAST6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    275854 | PA      | $254641.46    | 0.13%             | 2047-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    945000 | PA      | $922954.89    | 0.47%             | 2028-07-25      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2013-C11, Class C                       | CUSIP: 92937EAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    117000 | PA      | $112809.69    | 0.06%             | 2045-03-15      | Variable      | 4.35%                 | No            |                  3 | On Loan: No      |
| OneMain Finance Corp.                               | OneMain Finance Corp.                                                           | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72659.63     | 0.04%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4, Class B                | CUSIP: 94989XBH7<br>LEI: 549300RD723OFH36TP29 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $458490.55    | 0.23%             | 2048-12-15      | Variable      | 4.22%                 | No            |                  3 | On Loan: No      |
| Aker BP ASA                                         | Aker BP ASA                                                                     | CUSIP: 55037AAA6<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    200000 | PA      | $176081.19    | 0.09%             | 2026-07-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Uber Technologies, Inc.                             | Uber Technologies, Inc.                                                         | CUSIP: 90353TAF7<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60363.54     | 0.03%             | 2025-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                     | Danske Bank A/S                                                                 | CUSIP: 23636AAY7<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    200000 | PA      | $199864.43    | 0.10%             | 2023-12-08      | Variable      | 1.17%                 | Yes           |                  2 | On Loan: No      |
| CarNow Auto Receivables Trust                       | CarNow Auto Receivables Trust, Series 2022-1A, Class D                          | CUSIP: 14367LAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    397000 | PA      | $378822.96    | 0.19%             | 2027-09-15      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                        | Royal Caribbean Cruises Ltd.                                                    | CUSIP: 780153BS0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     28000 | PA      | $28422.80     | 0.01%             | 2029-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                         | Adient Global Holdings Ltd.                                                     | CUSIP: 00687YAA3<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    200000 | PA      | $186682.00    | 0.09%             | 2026-08-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CarNow Auto Receivables Trust                       | CarNow Auto Receivables Trust, Series 2021-2A, Class C                          | CUSIP: 14369HAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $472170.55    | 0.24%             | 2027-03-15      | Fixed         | 1.69%                 | Yes           |                  2 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes              | NRZ Excess Spread-Collateralized Notes, Series 2021-FNT1, Class A               | CUSIP: 64830YAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    116924 | PA      | $103620.20    | 0.05%             | 2026-03-25      | Fixed         | 2.98%                 | Yes           |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2021-C, Class C                              | CUSIP: 12598CAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    244000 | PA      | $233720.35    | 0.12%             | 2027-06-15      | Fixed         | 1.21%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                            | BX Trust, Series 2021-RISE, Class D                                             | CUSIP: 12434EAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    360000 | PA      | $336036.17    | 0.17%             | 2036-11-15      | Floating      | 5.62%                 | Yes           |                  3 | On Loan: No      |
| Athene Global Funding                               | Athene Global Funding                                                           | CUSIP: 04685A3A7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    295000 | PA      | $270283.94    | 0.14%             | 2024-08-19      | Fixed         | 0.91%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GXZ2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197041.58    | 0.10%             | 2024-03-08      | Variable      | 0.67%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                          | iHeartCommunications, Inc.                                                      | CUSIP: 45174HBE6<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    110000 | PA      | $97962.70     | 0.05%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                             | Level 3 Financing, Inc.                                                         | CUSIP: 527298BN2<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     70000 | PA      | $58975.00     | 0.03%             | 2027-09-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Nordstrom, Inc.                                     | Nordstrom, Inc.                                                                 | CUSIP: 655664AX8<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18812.00     | 0.01%             | 2024-04-08      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                  | Aqua Finance Trust, Series 2021-A, Class B                                      | CUSIP: 03842VAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    313000 | PA      | $263118.41    | 0.13%             | 2046-07-17      | Fixed         | 2.40%                 | Yes           |                  3 | On Loan: No      |
| Medline Borrower LP                                 | Medline Borrower LP                                                             | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24450.00     | 0.01%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| William Carter Co. (The)                            | William Carter Co. (The)                                                        | CUSIP: 96926JAC1<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33564.76     | 0.02%             | 2027-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                       | Six Flags Entertainment Corp.                                                   | CUSIP: 83001AAC6<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27088.20     | 0.01%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BAT Capital Corp.                                   | BAT Capital Corp.                                                               | CUSIP: 05526DBJ3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139232.24    | 0.07%             | 2026-09-06      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA                                                                            | CUSIP: 3140J9B83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1623464 | PA      | $1636009.36   | 0.83%             | 2047-05-01      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                             | BPCE SA                                                                         | CUSIP: 05578AE46<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    535000 | PA      | $520932.71    | 0.27%             | 2027-07-19      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: —       |
| MasTec, Inc.                                        | MasTec, Inc.                                                                    | CUSIP: 576323AP4<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |     85000 | PA      | $76741.51     | 0.04%             | 2028-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities LLC                         | Business Jet Securities LLC, Series 2021-1A, Class A                            | CUSIP: 12327BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    277033 | PA      | $241135.08    | 0.12%             | 2036-04-15      | Fixed         | 2.16%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                             | American Airlines, Inc.                                                         | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     54750 | PA      | $50969.48     | 0.03%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                      | Carnival Corp.                                                                  | CUSIP: 143658BJ0<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    100000 | PA      | $97607.50     | 0.05%             | 2027-08-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                               | Prestige Brands, Inc.                                                           | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56550.00     | 0.03%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.               | Global Infrastructure Solutions, Inc.                                           | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |     60000 | PA      | $46500.00     | 0.02%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund          | JPMorgan U.S. Government Money Market Fund, Share Class IM                      | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |    789486 | NS      | $789485.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co.                                       | Organon & Co.                                                                   | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $177482.00    | 0.09%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967NS6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    870000 | PA      | $846819.92    | 0.43%             | 2028-05-24      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                                      | 1011778 BC ULC                                                                  | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     52000 | PA      | $46409.35     | 0.02%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                                                | CUSIP: 629377CK6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193286.96    | 0.10%             | 2024-06-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class AS                 | CUSIP: 17320DAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $495711.05    | 0.25%             | 2046-04-10      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                 | Lithia Motors, Inc.                                                             | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29602.48     | 0.02%             | 2031-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| NCR Corp.                                           | NCR Corp.                                                                       | CUSIP: 62886EAV0<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    115000 | PA      | $111550.00    | 0.06%             | 2029-09-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 10 Year                                                             | CUSIP: 3133LPSX6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    494614 | PA      | $461888.72    | 0.24%             | 2030-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GHY8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    585000 | PA      | $542113.04    | 0.28%             | 2026-02-13      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                       | Centene Corp.                                                                   | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     84000 | PA      | $78106.14     | 0.04%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                 | Hilcorp Energy I LP                                                             | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $68704.28     | 0.03%             | 2029-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Brink's Co. (The)                                   | Brink's Co. (The)                                                               | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32181.97     | 0.02%             | 2027-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2022-SFR2, Class D                                 | CUSIP: 33767PAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    615000 | PA      | $542234.86    | 0.28%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  3 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                    | Goodyear Tire & Rubber Co. (The)                                                | CUSIP: 382550BJ9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    124000 | PA      | $106020.00    | 0.05%             | 2031-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| UniCredit SpA                                       | UniCredit SpA                                                                   | CUSIP: 904678AW9<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $169464.51    | 0.09%             | 2027-06-03      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| ING Groep NV                                        | ING Groep NV                                                                    | CUSIP: 456837BB8<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    235000 | PA      | $219279.00    | 0.11%             | 2028-03-28      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2014-C25, Class B                       | CUSIP: 92939LAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160000 | PA      | $150275.79    | 0.08%             | 2047-11-15      | Variable      | 4.24%                 | No            |                  3 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2013-CR10, Class AM                           | CUSIP: 12626BAN4<br>LEI: 549300YJIXJB9DCDOI21 | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $196736.18    | 0.10%             | 2046-08-10      | Variable      | 4.52%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2021-PRM2, Class F                  | CUSIP: 17291HAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $253962.01    | 0.13%             | 2036-10-15      | Floating      | 7.63%                 | Yes           |                  3 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1140000 | PA      | $1049111.72   | 0.53%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967MQ1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189705.69    | 0.10%             | 2026-04-08      | Variable      | 3.11%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                           | Ford Motor Credit Co. LLC                                                       | CUSIP: 345397A45<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    425000 | PA      | $393248.25    | 0.20%             | 2027-01-09      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.               | Sumitomo Mitsui Financial Group, Inc.                                           | CUSIP: 86562MCA6<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $182333.16    | 0.09%             | 2025-07-08      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust                      | Home Partners of America Trust, Series 2021-3, Class E1                         | CUSIP: 43730XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    467650 | PA      | $386427.08    | 0.20%             | 2041-01-17      | Fixed         | 3.20%                 | Yes           |                  3 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust          | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class D            | CUSIP: 46647TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $213290.74    | 0.11%             | 2050-03-15      | Variable      | 4.68%                 | Yes           |                  3 | On Loan: No      |
| Foundation Finance Trust                            | Foundation Finance Trust, Series 2021-1A, Class A                               | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |    103486 | PA      | $92568.07     | 0.05%             | 2041-05-15      | Fixed         | 1.27%                 | Yes           |                  2 | On Loan: No      |
| Skopos Auto Receivables Trust                       | Skopos Auto Receivables Trust, Series 2019-1A, Class C                          | CUSIP: 83085DAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15346 | PA      | $15318.11     | 0.01%             | 2024-09-16      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                    | Bombardier, Inc.                                                                | CUSIP: 097751BX8<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     55000 | PA      | $51572.95     | 0.03%             | 2028-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| MVW LLC                                             | MVW LLC, Series 2021-1WA, Class A                                               | CUSIP: 55389TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137304 | PA      | $125512.42    | 0.06%             | 2041-01-22      | Fixed         | 1.14%                 | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                            | Spirit AeroSystems, Inc.                                                        | CUSIP: 85205TAL4<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41548.50     | 0.02%             | 2025-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer