# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-23-016758
**Filing Date:** 2023-1
**Character Count:** 237579
**Document Hash:** d2c1c1551e39d8c23a04d4562bbb17b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016758.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016758

**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:** 23563265

**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 Corporate Bond Research Enhanced ETF (Series ID: S000063667)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000206281 | JPMorgan Corporate Bond Research Enhanced ETF | JIGB            |

## Nport-Ex

**JPMorgan Corporate Bond Research Enhanced 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 Corporate Bond Research Enhanced ETF** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Corporate Bonds — 98.5%** | **Corporate Bonds — 98.5%** | **Corporate Bonds — 98.5%** |
| **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/1/2025 | 189000 | 187247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 5/1/2027 | 120000 | 118836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 5/1/2034 | 159000 | 128083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 5/1/2040 | 105000 | 100051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/1/2050 | 30000 | 21042 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. 4.40%, 6/15/2028 | 174000 | 168183 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/15/2028 | 90000 | 83485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/2047 | 41000 | 34771 |
| &nbsp;&nbsp;&nbsp; Precision Castparts Corp. 3.25%, 6/15/2025 | 24000 | 23327 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/2027 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 5/4/2027 | 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 136807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/16/2038 | 107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/1/2046 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69912 |
|  |  | &nbsp;&nbsp; 1229077 |
| **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 5/15/2031 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/15/2041 | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 2/15/2048 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 197675 |
| **Auto Components — 0.3%** | **Auto Components — 0.3%** | **Auto Components — 0.3%** |
| &nbsp;&nbsp;&nbsp; Lear Corp. 3.80%, 9/15/2027 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 130814 |
| **Automobiles — 0.6%** | **Automobiles — 0.6%** | **Automobiles — 0.6%** |
| &nbsp;&nbsp;&nbsp; General Motors Co. 6.13%, 10/1/2025 | 273000 | &nbsp;&nbsp;&nbsp;&nbsp; 276572 |
| **Banks — 16.4%** | **Banks — 16.4%** | **Banks — 16.4%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (a) | 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 467264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (a) | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 1.32%, 6/19/2026 (a) | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (a) | 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 145259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (a) | 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 137380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (a) | 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 191489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (a) | 237000 | &nbsp;&nbsp;&nbsp;&nbsp; 194980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.69%, 4/22/2032 (a) | 183000 | &nbsp;&nbsp;&nbsp;&nbsp; 148255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.20%), 2.48%, 9/21/2036 (a) | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038 (a) | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.68%, 6/19/2041 (a) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049 (a) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051 (a) | &nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.30%, 8/9/2026 <br> (a)<br>| 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 324522 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (a) | 428000 | &nbsp;&nbsp;&nbsp;&nbsp; 413887 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%), 4.14%, 5/24/2025 (a) | 100000 | 98144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.84%), 3.11%, 4/8/2026 (a) | 78000 | 73985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/2026 | 188000 | 175558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 2.67%, 1/29/2031 (a) | 107000 | 88819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.91%), 4.41%, 3/31/2031 (a) | 156000 | 145003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (a) | 87000 | 72752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 7/23/2048 | 78000 | 70247 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. 3.25%, 4/30/2030 | 67000 | 58944 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 4.18%, 12/9/2025 (a) | 253000 | 243699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (a) | 200000 | 174837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.87%), 5.40%, 8/11/2033 (a) | 271000 | &nbsp;&nbsp;&nbsp;&nbsp; 253731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 1/14/2042 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77292 |
| &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 + 1.70%), 4.79%, 7/18/2025 (a) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 2/22/2027 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 3/2/2028 | 233000 | &nbsp;&nbsp;&nbsp;&nbsp; 219658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 3/7/2029 | 289000 | &nbsp;&nbsp;&nbsp;&nbsp; 266873 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (a) | 228000 | &nbsp;&nbsp;&nbsp;&nbsp; 195198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (a) | 266000 | &nbsp;&nbsp;&nbsp;&nbsp; 239457 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) 2.60%, 7/23/2026 | 152000 | &nbsp;&nbsp;&nbsp;&nbsp; 141139 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) (SOFR + 1.22%), 2.47%, 1/11/2028 (a) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 170259 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) 2.93%, 9/17/2041 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 168884 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) 2.45%, 1/12/2032 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 162406 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. 1.13%, 8/3/2027 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75998 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.00%), 2.19%, 4/30/2026 (a) | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (a) | 349000 | &nbsp;&nbsp;&nbsp;&nbsp; 323836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.43%), 2.88%, 10/30/2030 (a) | 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 277771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/2/2043 | &nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 5/1/2045 | 117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/7/2046 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58424 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (a) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (a) | 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 146086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034 (a) | 107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.53%), 3.02%, 11/18/2036 (a) | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/2040 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46514 |
|  |  | &nbsp;&nbsp; 6999450 |
| **Beverages — 2.8%** | **Beverages — 2.8%** | **Beverages — 2.8%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC (Belgium) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 2/1/2026 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 2/1/2036 | &nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 2/1/2046 | 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 149677 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/13/2028 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47431 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Beverages — continued** | **Beverages — continued** | **Beverages — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/23/2031 | 34000 | 34390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 4/15/2048 | 120000 | 109022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/6/2048 | 39000 | 34249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 1/23/2059 | 55000 | 58296 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 9/6/2024 | 217000 | 208135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 5/5/2041 | 78000 | 60764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 6/1/2050 | 55000 | 37800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/2060 | 59000 | 40082 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. 3.15%, 8/1/2029 | 66000 | 58504 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. 3.80%, 5/1/2050 | 20000 | 15278 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. 4.20%, 7/15/2046 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24119 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 3/19/2030 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/19/2040 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/21/2051 | 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 132758 |
|  |  | &nbsp;&nbsp; 1216421 |
| **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 5/14/2025 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/2026 | 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 114225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/14/2028 | 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 187197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 161000 | &nbsp;&nbsp;&nbsp;&nbsp; 140658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/14/2045 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62670 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 2/21/2027 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 2/21/2030 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 2/21/2040 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 5/1/2045 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/21/2050 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 2/22/2062 | 138000 | &nbsp;&nbsp;&nbsp;&nbsp; 113018 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. 3.15%, 5/1/2050 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54937 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. 4.15%, 3/1/2047 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39636 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 964532 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. 3.58%, 4/5/2050 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14671 |
| **Capital Markets — 6.9%** | **Capital Markets — 6.9%** | **Capital Markets — 6.9%** |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) 1.95%, 12/1/2031 | 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 115578 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. 3.00%, 3/15/2025 | 109000 | &nbsp;&nbsp;&nbsp;&nbsp; 105471 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024 (a) (b) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 242585 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/3/2024 | 242000 | &nbsp;&nbsp;&nbsp;&nbsp; 239212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/2025 | 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 125799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 1/26/2027 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (a) | 402000 | &nbsp;&nbsp;&nbsp;&nbsp; 377663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 3/15/2030 | 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 205413 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<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 + 1.25%), 2.38%, 7/21/2032 (a) | 53000 | 41864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (a) | 111000 | 93608 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. 5.20%, 6/15/2062 | 159000 | 155551 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 2.19%, 4/28/2026 (a) | 128000 | 119064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 1/20/2027 | 188000 | 178643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (a) | 305000 | 280857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 2.70%, 1/22/2031 (a) | 117000 | 98042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.12%), 3.62%, 4/1/2031 (a) | 190000 | 169320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 2.48%, 9/16/2036 (a) | 70000 | 52040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038 (a) | 96000 | 81733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 1/27/2045 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%), 2.80%, 1/25/2052 (a) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32264 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. 3.70%, 3/1/2052 (b) | 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 117402 |
|  |  | &nbsp;&nbsp; 2944526 |
| **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| &nbsp;&nbsp;&nbsp; Albemarle Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 6/1/2027 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 6/1/2032 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96105 |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 3/15/2025 | 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 135317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 7/15/2029 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/15/2032 | 119000 | &nbsp;&nbsp;&nbsp;&nbsp; 113282 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. 5.42%, 11/15/2048 | &nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90218 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/26/2028 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/26/2048 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25840 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/1/2040 | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 4/1/2051 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58715 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada) 5.88%, 12/1/2036 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204543 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 6/1/2027 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 8/15/2029 | 254000 | &nbsp;&nbsp;&nbsp;&nbsp; 223258 |
|  |  | &nbsp;&nbsp; 1357437 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; RELX Capital, Inc. (United Kingdom) 4.00%, 3/18/2029 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62013 |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/1/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 1/15/2032 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 133946 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. 3.20%, 7/15/2051 | 168000 | &nbsp;&nbsp;&nbsp;&nbsp; 116218 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2025 | 300000 | 303078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/2041 | 165000 | 121038 |
| &nbsp;&nbsp;&nbsp; American Express Co. (SOFR + 2.26%), 4.99%, 5/26/2033 (a) | 155000 | 149413 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. 3.30%, 10/30/2024 | 282000 | 273036 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 846565 |
| **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. 3.13%, 3/15/2026 | 362000 | 349369 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. 4.40%, 4/5/2052 (b) | 210000 | 168792 |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. 4.35%, 4/20/2028 | 70000 | 66575 |
| &nbsp;&nbsp;&nbsp; Shell International Finance BV (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/11/2035 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/11/2045 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/10/2046 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 728629 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/2053 | 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 109448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | 193000 | &nbsp;&nbsp;&nbsp;&nbsp; 135372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 9/15/2059 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20838 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. 3.40%, 3/22/2041 | 298000 | &nbsp;&nbsp;&nbsp;&nbsp; 228738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 494396 |
| **Electric Utilities — 4.3%** | **Electric Utilities — 4.3%** | **Electric Utilities — 4.3%** |
| &nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 9/15/2049 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 6/15/2050 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51128 |
| &nbsp;&nbsp;&nbsp; Commonwealth Edison Co. 3.00%, 3/1/2050 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52809 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/2024 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 9/1/2026 | 118000 | &nbsp;&nbsp;&nbsp;&nbsp; 109728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/1/2046 | 106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79100 |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series YYY, 3.25%, 10/1/2049 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 4/1/2050 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12822 |
| &nbsp;&nbsp;&nbsp; Emera US Finance LP (Canada) 4.75%, 6/15/2046 | 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 106916 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC 4.00%, 3/15/2033 | 327000 | &nbsp;&nbsp;&nbsp;&nbsp; 297384 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 9/15/2024 | 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 120455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 9/15/2029 | 102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88051 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. 4.45%, 4/15/2046 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17085 |
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/1/2048 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/1/2049 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64564 |
| &nbsp;&nbsp;&nbsp; Fortis, Inc. (Canada) 3.06%, 10/4/2026 | 148000 | &nbsp;&nbsp;&nbsp;&nbsp; 137821 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/2040 | 116000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92522 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 8/1/2040 | 64000 | 44642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/1/2050 | 30000 | 24017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/2050 | 102000 | 66138 |
| &nbsp;&nbsp;&nbsp; PPL Electric Utilities Corp. 3.00%, 10/1/2049 | 20000 | 13664 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 6/1/2030 | 10000 | 8318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13-A, 3.90%, 3/15/2043 | 6000 | 4594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.60%, 2/1/2045 | 111000 | 80817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/2047 | 98000 | 76947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 2/1/2050 | 14000 | 10446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) Series 21-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.75%, <br> 9/15/2051 (a)<br>| 50000 | 40108 |
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.15%, 1/15/2026 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.50%, 3/15/2027 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/1/2048 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26332 |
|  |  | &nbsp;&nbsp; 1848543 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. 2.75%, 4/1/2031 | 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 107114 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. 1.85%, 2/15/2031 | 241000 | &nbsp;&nbsp;&nbsp;&nbsp; 193299 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. 3.30%, 3/28/2024 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48670 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 1/13/2031 | 254000 | &nbsp;&nbsp;&nbsp;&nbsp; 218549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/13/2040 | 274000 | &nbsp;&nbsp;&nbsp;&nbsp; 225351 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. 5.39%, 3/15/2062 (b) | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 746998 |
| **Equity Real Estate Investment Trusts (REITs) — 2.9%** | **Equity Real Estate Investment Trusts (REITs) — 2.9%** | **Equity Real Estate Investment Trusts (REITs) — 2.9%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/15/2029 | 102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 5/18/2032 | 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 103698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/18/2051 | 102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65640 |
| &nbsp;&nbsp;&nbsp; Boston Properties LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/2028 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/30/2031 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 100306 |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP 4.05%, 7/1/2030 | 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 235962 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust 2.80%, 5/15/2030 | 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 223421 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. 3.20%, 11/18/2029 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 122752 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. 2.88%, 1/15/2031 | 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 115099 |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP 2.45%, 9/13/2029 | &nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65575 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. 3.00%, 8/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16537 |
| &nbsp;&nbsp;&nbsp; Ventas Realty LP 2.50%, 9/1/2031 | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46461 |
|  |  | &nbsp;&nbsp; 1218015 |
| **Food & Staples Retailing — 1.4%** | **Food & Staples Retailing — 1.4%** | **Food & Staples Retailing — 1.4%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. 1.38%, 6/20/2027 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 123982 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. 3.30%, 7/15/2026 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37940 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Food & Staples Retailing — continued** | **Food & Staples Retailing — continued** | **Food & Staples Retailing — continued** |
| &nbsp;&nbsp;&nbsp; Walmart, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 7/8/2024 | 50000 | 48748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 9/22/2031 | 422000 | 348471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 6/29/2048 | 47000 | 42529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 601670 |
| **Food Products — 1.3%** | **Food Products — 1.3%** | **Food Products — 1.3%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. 2.75%, 5/14/2031 | 60000 | 49815 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/1/2026 | 421000 | 396301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/2050 | 99000 | 97657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 543773 |
| **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories 4.90%, 11/30/2046 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200709 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 12/15/2044 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 6/6/2047 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44081 |
| &nbsp;&nbsp;&nbsp; DH Europe Finance II Sarl  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/15/2029 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/2049 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47294 |
| &nbsp;&nbsp;&nbsp; Medtronic, Inc. 4.38%, 3/15/2035 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 451000 |
| **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** |
| &nbsp;&nbsp;&nbsp; Aetna, Inc. 3.88%, 8/15/2047 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54328 |
| &nbsp;&nbsp;&nbsp; Cigna Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 8/15/2038 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 3/15/2051 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43729 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 8/21/2040 | 112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/25/2048 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61291 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/2024 | 401000 | &nbsp;&nbsp;&nbsp;&nbsp; 399387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2029 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/2051 | 119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2052 (b) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40314 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 7/15/2025 | 237000 | &nbsp;&nbsp;&nbsp;&nbsp; 232700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/15/2039 | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 144874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 5/15/2040 | 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 156629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2041 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/15/2051 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44029 |
|  |  | &nbsp;&nbsp; 1551020 |
| **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. 3.25%, 2/15/2030 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59855 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. 2.13%, 3/1/2030 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60254 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp; Starbucks Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2048 | 75000 | 66147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/2050 | 102000 | 76433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 262689 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp; Lennar Corp. 4.75%, 11/29/2027 | 75000 | 71793 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| &nbsp;&nbsp;&nbsp; GE Capital Funding LLC 4.55%, 5/15/2032 | 50000 | 48603 |
| &nbsp;&nbsp;&nbsp; General Electric Co. 6.75%, 3/15/2032 | 122000 | 138438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 187041 |
| **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. 3.60%, 4/1/2030 | 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 101496 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/30/2025 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 4/1/2026 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13603 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. 3.64%, 6/30/2050 | 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 118650 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 3/15/2027 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 8/15/2048 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/2049 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17905 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. 3.88%, 3/15/2024 | 469000 | &nbsp;&nbsp;&nbsp;&nbsp; 462636 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) 4.13%, 4/15/2047 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 100572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 989204 |
| **Internet & Direct Marketing Retail — 0.6%** | **Internet & Direct Marketing Retail — 0.6%** | **Internet & Direct Marketing Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 5/12/2026 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/22/2037 | 252000 | &nbsp;&nbsp;&nbsp;&nbsp; 227009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 274252 |
| **IT Services — 1.4%** | **IT Services — 1.4%** | **IT Services — 1.4%** |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 2/15/2025 | 274000 | &nbsp;&nbsp;&nbsp;&nbsp; 257228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 8/15/2029 | 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 124754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 8/15/2049 | 112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80381 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. 2.70%, 6/15/2031 | 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 134419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 596782 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. 3.90%, 11/19/2029 | 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 110028 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. 2.60%, 10/1/2050 | 101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66589 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 10/18/2024 | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/15/2041 | 189000 | &nbsp;&nbsp;&nbsp;&nbsp; 142240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 8/15/2047 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 284325 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 4/5/2025 | 40000 | 37473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 2/15/2030 | 40000 | 34085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 2/15/2050 | 167000 | 119556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 191114 |
| **Media — 4.9%** | **Media — 4.9%** | **Media — 4.9%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 7/23/2025 | 270000 | 265759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/2031 | 102000 | 80709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/2042 | 177000 | 119940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/1/2047 | 30000 | 24819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/1/2050 | 108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/1/2063 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40062 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/15/2024 | 183000 | &nbsp;&nbsp;&nbsp;&nbsp; 180412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/2025 | 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 103201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 3/1/2026 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/2028 | 101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 4/1/2030 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 3/1/2038 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 131042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/2040 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/2049 | 246000 | &nbsp;&nbsp;&nbsp;&nbsp; 200737 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/20/2028 | 254000 | &nbsp;&nbsp;&nbsp;&nbsp; 228109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/20/2037 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 5/15/2050 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/2055 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57693 |
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 5/1/2037 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 134184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2042 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75067 |
|  |  | &nbsp;&nbsp; 2073709 |
| **Multiline Retail — 0.7%** | **Multiline Retail — 0.7%** | **Multiline Retail — 0.7%** |
| &nbsp;&nbsp;&nbsp; Target Corp. 3.38%, 4/15/2029 | 342000 | &nbsp;&nbsp;&nbsp;&nbsp; 317358 |
| **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 9/15/2024 | 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 134342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/2031 | 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 276014 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 1/15/2049 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 5/15/2051 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32990 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. 2.65%, 6/1/2031 | 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 284756 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20B, 3.95%, 4/1/2050 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 6/15/2061 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36728 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. 3.90%, 10/1/2025 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16556 |
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series VVV, 1.70%, 10/1/2030 | 121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97020 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 8/15/2051 | 186000 | 129385 |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp. Series 20-A, 1.75%, 1/15/2031 | 152000 | 116520 |
|  |  | &nbsp;&nbsp; 1213467 |
| **Oil, Gas & Consumable Fuels — 7.4%** | **Oil, Gas & Consumable Fuels — 7.4%** | **Oil, Gas & Consumable Fuels — 7.4%** |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 9/21/2025 | 72000 | 70826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/6/2028 | 144000 | 140402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/24/2050 | 146000 | 100608 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc (United Kingdom) 3.28%, 9/19/2027 | 187000 | 176847 |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada) 4.95%, 6/1/2047 | 30000 | 27022 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. 2.95%, 5/16/2026 | 88000 | 83889 |
| &nbsp;&nbsp;&nbsp; Columbia Pipeline Group, Inc. 4.50%, 6/1/2025 | 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 189086 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips 5.90%, 10/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54357 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. 3.50%, 12/1/2029 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62307 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 5/15/2028 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 6/15/2028 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/1/2047 | &nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2050 | 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 118677 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 2.80%, 1/31/2030 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69163 |
| &nbsp;&nbsp;&nbsp; EQT Corp. 7.00%, 2/1/2030 (c) | 114000 | &nbsp;&nbsp;&nbsp;&nbsp; 119935 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 3/19/2025 | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 169486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/2030 | 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 181088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/16/2039 | 126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 4/15/2051 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23241 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/1/2025 | 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 108374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 2/1/2033 | 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 338407 |
| &nbsp;&nbsp;&nbsp; Marathon Oil Corp. 4.40%, 7/15/2027 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86988 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. 4.75%, 9/15/2044 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14482 |
| &nbsp;&nbsp;&nbsp; MPLX LP 4.95%, 3/14/2052 | 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 171378 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. 5.20%, 7/15/2048 | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82335 |
| &nbsp;&nbsp;&nbsp; Phillips 66 4.88%, 11/15/2044 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27953 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. 1.90%, 8/15/2030 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52738 |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC 5.63%, 3/1/2025 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140349 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA (France) 2.83%, 1/10/2030 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 267518 |
|  |  | &nbsp;&nbsp; 3166963 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH (Brazil) 3.75%, 1/15/2031 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78969 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
| &nbsp;&nbsp;&nbsp; Astrazeneca Finance LLC (United Kingdom) 0.70%, 5/28/2024 | 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 207120 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/16/2025 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/16/2045 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/28/2051 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42856 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 7/26/2029 | 22000 | 20595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2039 | 70000 | 63556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/2047 | 32000 | 28900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/2049 | 88000 | 78209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/2050 | 80000 | 52567 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc 3.30%, 9/2/2040 | 63000 | 45372 |
| &nbsp;&nbsp;&nbsp; Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026 | 332000 | 312817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 972686 |
| **Road & Rail — 1.7%** | **Road & Rail — 1.7%** | **Road & Rail — 1.7%** |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 12/2/2024 | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/2/2026 | 321000 | &nbsp;&nbsp;&nbsp;&nbsp; 286866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/2/2031 | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68337 |
| &nbsp;&nbsp;&nbsp; CSX Corp. 2.60%, 11/1/2026 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74616 |
| &nbsp;&nbsp;&nbsp; Kansas City Southern 4.30%, 5/15/2043 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25248 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 2/28/2048 | 106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 5/15/2055 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34000 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 4/6/2036 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/5/2050 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 733200 |
| **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. 3.50%, 12/5/2026 | 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 103608 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. 3.50%, 2/15/2041 (b) | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58590 |
| &nbsp;&nbsp;&nbsp; Intel Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2049 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 8/12/2061 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34547 |
| &nbsp;&nbsp;&nbsp; KLA Corp. 4.10%, 3/15/2029 | 387000 | &nbsp;&nbsp;&nbsp;&nbsp; 376822 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. 2.95%, 4/15/2031 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65369 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 6/15/2031 | 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/1/2050 | 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 105411 |
| &nbsp;&nbsp;&nbsp; NXP BV (China) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 6/18/2029 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/11/2041 | 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 134354 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/20/2027 | 233000 | &nbsp;&nbsp;&nbsp;&nbsp; 222557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 5/20/2028 | 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 163137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 5/20/2050 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14878 |
|  |  | &nbsp;&nbsp; 1467331 |
| **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. 4.10%, 2/6/2037 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85199 |
| &nbsp;&nbsp;&nbsp; Oracle Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/1/2025 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47293 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/1/2050 | 206000 | 143311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 3/25/2051 | 83000 | 60737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 3/25/2061 | 248000 | 176404 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. 1.75%, 2/15/2031 | 136000 | 105531 |
| &nbsp;&nbsp;&nbsp; VMware, Inc. 2.20%, 8/15/2031 | 148000 | 112959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 731434 |
| **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. 1.65%, 1/15/2031 | 174000 | 134990 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 4/15/2027 | 237000 | 219807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 9/15/2028 | 133000 | 114008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 4/15/2030 | 247000 | &nbsp;&nbsp;&nbsp;&nbsp; 218582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 4/15/2040 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 4/1/2043 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/2049 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46117 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 5/3/2027 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 9/15/2041 | 122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/15/2046 | 107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 5/3/2047 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32231 |
|  |  | &nbsp;&nbsp; 1043656 |
| **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 9/11/2024 | 194000 | &nbsp;&nbsp;&nbsp;&nbsp; 185420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 1/13/2025 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 9/12/2027 | 189000 | &nbsp;&nbsp;&nbsp;&nbsp; 178674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 2/8/2041 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 5/4/2043 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 2/9/2045 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 2/23/2046 | 153000 | &nbsp;&nbsp;&nbsp;&nbsp; 149414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 5/11/2050 | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 2/8/2051 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54711 |
| &nbsp;&nbsp;&nbsp; Dell International LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 6/15/2026 | 152000 | &nbsp;&nbsp;&nbsp;&nbsp; 155231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/1/2029 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 983399 |
| **Thrifts & Mortgage Finance — 0.6%** | **Thrifts & Mortgage Finance — 0.6%** | **Thrifts & Mortgage Finance — 0.6%** |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) 4.00%, 4/15/2024 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 245727 |
| **Tobacco — 1.0%** | **Tobacco — 1.0%** | **Tobacco — 1.0%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. 4.00%, 2/4/2061 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36570 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 8/15/2024 | 119000 | &nbsp;&nbsp;&nbsp;&nbsp; 114769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 8/15/2037 | 274000 | &nbsp;&nbsp;&nbsp;&nbsp; 215830 |
| &nbsp;&nbsp;&nbsp; Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 441801 |

---

------

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE($)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/1/2047 | 50000 | 39423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 5/1/2050 | 100000 | 74387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 113810 |
| **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/15/2025 | 195000 | 188800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/15/2027 | 245000 | 232078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/15/2030 | 218000 | 200219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/2050 | 141000 | 119100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 740197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $47,968,541)<br>|  | 42072010 |
|  | **SHARES** |  |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.59% (d) (e) <br>(Cost $399,363)<br>| 399363 | &nbsp;&nbsp;&nbsp;&nbsp; 399363 |
| **Total Investments — 99.4%** <br>**(Cost $48,367,904)**<br>|  | **42471373** |
| **Other Assets Less Liabilities — 0.6%** |  | **244932** |
| **NET ASSETS — 100.0%** |  | **42716305** |

---

&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** |  |
| CME | Chicago Mercantile Exchange |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2022. |
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of November 30, 2022. <br>|
| (d) | 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>|
| (e) | The rate shown is the current yield as of November 30, 2022. |

---

------

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

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp; 1 | 03/22/2023 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 120203 | &nbsp;&nbsp;&nbsp; 1209 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp; 1 | 03/22/2023 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 127656 | &nbsp;&nbsp;&nbsp; 1256 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp; 2 | 03/31/2023 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 411109 | &nbsp;&nbsp;&nbsp; 1371 |
| U.S. Treasury 5 Year Note | 13 | 03/31/2023 | USD | 1414359 | 11349 |
|  |  |  |  |  | 15185 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | (10) | 03/22/2023 | USD | (1137969) | &nbsp;&nbsp; (8771) |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp; (1) | 03/22/2023 | USD | &nbsp;&nbsp;&nbsp; (137219) | &nbsp;&nbsp; (3190) |
|  |  |  |  |  | (11961) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 3224 |

---

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

---

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

---

------

**JPMorgan Corporate Bond Research Enhanced 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.

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

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

Futures contracts are generally valued on the basis of available market quotations.

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Corporate Bonds | $— | $42072010 | $— | $42072010 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 399363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399363 |
| **Total Investments in Securities** | $399363 | $42072010 | $— | $42471373 |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $15185 | $— | $— | $15185 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp; (11961) | &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; (11961) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $3224 | $— | $— | $3224 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.59% (a) (b)<br>| $159865 | $3054604 | $2815106 | $— | $— | $399363 | 399363 | $2447 | $— |

---

&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.

------

## 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 Corporate Bond Research Enhanced ETF

- **b. EDGAR series identifier (if any):** S000063667

- **c. LEI of Series:** 549300KU2F2QTTPINB11

**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:** $40475520.61

**Total Liabilities:** $5227.88

**Net Assets:** $40470292.73

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 1578.25709000 | **5-Year:** 6884.18206000 | **10-Year:** 9886.14530000 | **30-Year:** 12442.65904000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206281 | -5.40%               | -0.79%               | 5.12%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-78920.25               | $-2123395.26                               |
| Month 2  | $-127505.55              | $-278959.15                                |
| Month 3  | $-161074.11              | $1910933.37                                |

**Designated Index Information**

- **Index Name:** U.S. Corporate Investment Grade

- **Index Identifier:** 2765TRUSD0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PPL Electric Utilities Corp.                 | PPL Electric Utilities Corp.                          | CUSIP: 69351UAW3<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |     20000 | PA      | $13664.49     | 0.03%             | 2049-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Camden Property Trust                        | Camden Property Trust                                 | CUSIP: 133131AZ5<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |    260000 | PA      | $223421.38    | 0.55%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                          | Suzano Austria GmbH                                   | CUSIP: 86964WAJ1<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     95000 | PA      | $78968.75     | 0.20%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                 | Pacific Gas and Electric Co.                          | CUSIP: 694308JQ1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    116000 | PA      | $92522.18     | 0.23%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                      | BPCE SA                                               | CUSIP: 05578DAG7<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $245726.98    | 0.61%             | 2024-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                              | Citigroup, Inc.                                       | CUSIP: 172967ML2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    107000 | PA      | $88818.64     | 0.22%             | 2031-01-29      | Variable      | 2.67%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                  | Apple, Inc.                                           | CUSIP: 037833DW7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     20000 | PA      | $13826.61     | 0.03%             | 2050-05-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Lennar Corp.                                 | Lennar Corp.                                          | CUSIP: 526057CD4<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71792.83     | 0.18%             | 2027-11-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                           | Altria Group, Inc.                                    | CUSIP: 02209SBP7<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     55000 | PA      | $36569.34     | 0.09%             | 2061-02-04      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hasbro, Inc.                                 | Hasbro, Inc.                                          | CUSIP: 418056AZ0<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |    122000 | PA      | $110027.87    | 0.27%             | 2029-11-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                  | Apple, Inc.                                           | CUSIP: 037833EE6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     69000 | PA      | $50516.83     | 0.12%             | 2041-02-08      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| EQT Corp.                                    | EQT Corp.                                             | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     60000 | PA      | $63123.52     | 0.16%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                   | Constellation Brands, Inc.                            | CUSIP: 21036PBE7<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     66000 | PA      | $58504.40     | 0.14%             | 2029-08-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.             | BP Capital Markets America, Inc.                      | CUSIP: 10373QAE0<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    144000 | PA      | $140401.72    | 0.35%             | 2028-11-06      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)              | Goldman Sachs Group, Inc. (The)                       | CUSIP: 38148YAA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    111000 | PA      | $93607.79     | 0.23%             | 2038-10-31      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                           | Energy Transfer LP                                    | CUSIP: 86765BAV1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     96000 | PA      | $82788.24     | 0.20%             | 2047-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Royalty Pharma plc                           | Royalty Pharma plc                                    | CUSIP: 78081BAL7<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     63000 | PA      | $45371.65     | 0.11%             | 2040-09-02      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                   | AT&T, Inc.                                            | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     30000 | PA      | $20837.78     | 0.05%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                   | AerCap Ireland Capital DAC                            | CUSIP: 00774MAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    300000 | PA      | $303078.02    | 0.75%             | 2025-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CME Group, Inc.                              | CME Group, Inc.                                       | CUSIP: 12572QAG0<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | DBT              | CORP              | US        |    109000 | PA      | $105471.13    | 0.26%             | 2025-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial, Inc.                   | Corebridge Financial, Inc.                            | CUSIP: 21871XAL3<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    150000 | PA      | $120565.44    | 0.30%             | 2052-04-05      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                  | Marsh & McLennan Cos., Inc.                           | CUSIP: 571748BQ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $97514.78     | 0.24%             | 2051-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| N/A                                          | U.S. Treasury 10 Year Note                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -10 | NC      | $-8771.00     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Co. of New York, Inc.    | Consolidated Edison Co. of New York, Inc., Series 20B | CUSIP: 209111FY4<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     76000 | PA      | $61951.47     | 0.15%             | 2050-04-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Co.                | Berkshire Hathaway Energy Co.                         | CUSIP: 084659AR2<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     31000 | PA      | $27204.13     | 0.07%             | 2049-01-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Co.               | Southern California Edison Co.                        | CUSIP: 842400GG2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     98000 | PA      | $76947.17     | 0.19%             | 2047-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                 | AbbVie, Inc.                                          | CUSIP: 00287YAQ2<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     68000 | PA      | $66143.37     | 0.16%             | 2025-05-14      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                            | NatWest Group plc                                     | CUSIP: 780097BL4<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    266000 | PA      | $239456.67    | 0.59%             | 2030-05-08      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch Cos. LLC                      | Anheuser-Busch Cos. LLC                               | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $149677.32    | 0.37%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                  | Apple, Inc.                                           | CUSIP: 037833DF4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48360.39     | 0.12%             | 2025-01-13      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LYB International Finance III LLC            | LYB International Finance III LLC                     | CUSIP: 50249AAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $79801.71     | 0.20%             | 2040-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Shell International Finance BV               | Shell International Finance BV                        | CUSIP: 822582BF8<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |     43000 | PA      | $38611.18     | 0.10%             | 2045-05-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co. (The)                          | Coca-Cola Co. (The)                                   | CUSIP: 191216CX6<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     55000 | PA      | $37800.12     | 0.09%             | 2050-06-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| L3Harris Technologies, Inc.                  | L3Harris Technologies, Inc.                           | CUSIP: 502431AM1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    174000 | PA      | $168182.48    | 0.42%             | 2028-06-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)              | Goldman Sachs Group, Inc. (The)                       | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     53000 | PA      | $41863.99     | 0.10%             | 2032-07-21      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| Shell International Finance BV               | Shell International Finance BV                        | CUSIP: 822582BE1<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |     86000 | PA      | $80789.40     | 0.20%             | 2035-05-11      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                    | HCA, Inc.                                             | CUSIP: 404119BN8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    401000 | PA      | $399386.42    | 0.99%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.         | Mitsubishi UFJ Financial Group, Inc.                  | CUSIP: 606822BA1<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    177000 | PA      | $175345.08    | 0.43%             | 2023-07-26      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Kansas City Southern                         | Kansas City Southern                                  | CUSIP: 485170AQ7<br>LEI: 5493008C12PZMWP3WY03 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25247.94     | 0.06%             | 2043-05-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Evergy, Inc.                                 | Evergy, Inc.                                          | CUSIP: 30034WAA4<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |    127000 | PA      | $120454.94    | 0.30%             | 2024-09-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                | PepsiCo, Inc.                                         | CUSIP: 713448FG8<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    185000 | PA      | $132758.10    | 0.33%             | 2051-10-21      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| S&P Global, Inc.                             | S&P Global, Inc.                                      | CUSIP: 78409VBD5<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    146000 | PA      | $117402.03    | 0.29%             | 2052-03-01      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Otis Worldwide Corp.                         | Otis Worldwide Corp.                                  | CUSIP: 68902VAK3<br>LEI: 549300ZLBKR8VSU25153 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34085.61     | 0.08%             | 2030-02-15      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp.                       | Northrop Grumman Corp.                                | CUSIP: 666807BN1<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     90000 | PA      | $83485.05     | 0.21%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Becton Dickinson and Co.                     | Becton Dickinson and Co.                              | CUSIP: 075887BX6<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |     49000 | PA      | $44081.21     | 0.11%             | 2047-06-06      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                     | Bristol-Myers Squibb Co.                              | CUSIP: 110122CP1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     22000 | PA      | $20595.36     | 0.05%             | 2029-07-26      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                       | Home Depot, Inc. (The)                                | CUSIP: 437076CB6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    187000 | PA      | $165484.89    | 0.41%             | 2030-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                       | Home Depot, Inc. (The)                                | CUSIP: 437076BA9<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26865.14     | 0.07%             | 2043-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)              | Goldman Sachs Group, Inc. (The)                       | CUSIP: 38141GXJ8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    130000 | PA      | $125798.57    | 0.31%             | 2025-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                 | AbbVie, Inc.                                          | CUSIP: 00287YCA5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    161000 | PA      | $140657.68    | 0.35%             | 2039-11-21      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                        | Westpac Banking Corp.                                 | CUSIP: 961214DF7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    160000 | PA      | $146085.94    | 0.36%             | 2031-11-23      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                 | Pacific Gas and Electric Co.                          | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24016.59     | 0.06%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AstraZeneca plc                              | AstraZeneca plc                                       | CUSIP: 046353AL2<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |     60000 | PA      | $58128.64     | 0.14%             | 2025-11-16      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                  | Apple, Inc.                                           | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     80000 | PA      | $54711.02     | 0.14%             | 2051-02-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                 | Pacific Gas and Electric Co.                          | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     64000 | PA      | $44641.83     | 0.11%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Molson Coors Beverage Co.                    | Molson Coors Beverage Co.                             | CUSIP: 60871RAH3<br>LEI: 54930073LBBH6ZCBE225 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24118.57     | 0.06%             | 2046-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                       | Home Depot, Inc. (The)                                | CUSIP: 437076CA8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    237000 | PA      | $219806.71    | 0.54%             | 2027-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                             | CVS Health Corp.                                      | CUSIP: 126650DP2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    112000 | PA      | $78819.47     | 0.19%             | 2040-08-21      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co. (The)                   | Sherwin-Williams Co. (The)                            | CUSIP: 824348BJ4<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    254000 | PA      | $223258.29    | 0.55%             | 2029-08-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc.                                      | CUSIP: 023135BX3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     53000 | PA      | $47242.56     | 0.12%             | 2026-05-12      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                        | Quanta Services, Inc.                                 | CUSIP: 74762EAH5<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    120000 | PA      | $92384.48     | 0.23%             | 2032-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| TotalEnergies Capital International SA       | TotalEnergies Capital International SA                | CUSIP: 89153VAT6<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $267518.49    | 0.66%             | 2030-01-10      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                              | Citigroup, Inc.                                       | CUSIP: 172967MD0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     78000 | PA      | $70247.49     | 0.17%             | 2048-07-23      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                        | Westpac Banking Corp.                                 | CUSIP: 961214EM1<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     50000 | PA      | $45480.75     | 0.11%             | 2030-02-04      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| LYB International Finance III LLC            | LYB International Finance III LLC                     | CUSIP: 50249AAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     86000 | PA      | $58714.49     | 0.15%             | 2051-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                  | Amgen, Inc.                                           | CUSIP: 031162CT5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     68000 | PA      | $61797.38     | 0.15%             | 2027-02-21      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC         | Charter Communications Operating LLC                  | CUSIP: 161175CL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $40061.82     | 0.10%             | 2063-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.        | Alexandria Real Estate Equities, Inc.                 | CUSIP: 015271AX7<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    102000 | PA      | $65640.03     | 0.16%             | 2051-05-18      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Aetna, Inc.                                  | Aetna, Inc.                                           | CUSIP: 00817YAV0<br>LEI: 549300QKBENKLBXQ8968 | Long             | DBT              | CORP              | US        |    149000 | PA      | $147195.83    | 0.36%             | 2023-06-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                    | HCA, Inc.                                             | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    119000 | PA      | $80425.27     | 0.20%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Pioneer Natural Resources Co.                | Pioneer Natural Resources Co.                         | CUSIP: 723787AQ0<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |     66000 | PA      | $52737.91     | 0.13%             | 2030-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                             | Boeing Co. (The)                                      | CUSIP: 097023CU7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118835.71    | 0.29%             | 2027-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Medtronic, Inc.                              | Medtronic, Inc.                                       | CUSIP: 585055BT2<br>LEI: D56MRZY2INAN94ZONZ37 | Long             | DBT              | CORP              | US        |     68000 | PA      | $65519.23     | 0.16%             | 2035-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                   | Charles Schwab Corp. (The)                            | CUSIP: 808513BT1<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    146000 | PA      | $115577.64    | 0.29%             | 2031-12-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc.                                      | CUSIP: 023135BF2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    252000 | PA      | $227009.34    | 0.56%             | 2037-08-22      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Walmart, Inc.                                | Walmart, Inc.                                         | CUSIP: 931142ET6<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    195000 | PA      | $161023.34    | 0.40%             | 2031-09-22      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Cigna Corp.                                  | Cigna Corp.                                           | CUSIP: 125523CQ1<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     60000 | PA      | $43729.40     | 0.11%             | 2051-03-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances, Inc.     | International Flavors & Fragrances, Inc.              | CUSIP: 459506AL5<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25839.68     | 0.06%             | 2048-09-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                 | Oracle Corp.                                          | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     83000 | PA      | $60736.95     | 0.15%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                            | HSBC Holdings plc                                     | CUSIP: 404280DH9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    271000 | PA      | $253731.06    | 0.63%             | 2033-08-11      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                        | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     70000 | PA      | $52040.56     | 0.13%             | 2036-09-16      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| Ameren Corp.                                 | Ameren Corp.                                          | CUSIP: 023608AH5<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |    141000 | PA      | $134341.43    | 0.33%             | 2024-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Martin Marietta Materials, Inc.              | Martin Marietta Materials, Inc.                       | CUSIP: 573284AX4<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |    168000 | PA      | $116218.17    | 0.29%             | 2051-07-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                        | Global Payments, Inc.                                 | CUSIP: 37940XAB8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    146000 | PA      | $124753.65    | 0.31%             | 2029-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp.                         | Otis Worldwide Corp.                                  | CUSIP: 68902VAM9<br>LEI: 549300ZLBKR8VSU25153 | Long             | DBT              | CORP              | US        |    167000 | PA      | $119555.74    | 0.30%             | 2050-02-15      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Biogen, Inc.                                 | Biogen, Inc.                                          | CUSIP: 09062XAG8<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |     80000 | PA      | $54936.87     | 0.14%             | 2050-05-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                  | Amgen, Inc.                                           | CUSIP: 031162CU2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     63000 | PA      | $53776.07     | 0.13%             | 2030-02-21      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                            | Exxon Mobil Corp.                                     | CUSIP: 30231GBH4<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    175000 | PA      | $169485.67    | 0.42%             | 2025-03-19      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Duke Energy Indiana LLC                      | Duke Energy Indiana LLC, Series YYY                   | CUSIP: 26443TAB2<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |     20000 | PA      | $13896.08     | 0.03%             | 2049-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                       | Home Depot, Inc. (The)                                | CUSIP: 437076CH3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    133000 | PA      | $114008.20    | 0.28%             | 2028-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                | Equinix, Inc.                                         | CUSIP: 29444UBE5<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    140000 | PA      | $122752.20    | 0.30%             | 2029-11-18      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                | Chevron Corp.                                         | CUSIP: 166764BL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     88000 | PA      | $83888.60     | 0.21%             | 2026-05-16      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Commonwealth Edison Co.                      | Commonwealth Edison Co.                               | CUSIP: 202795JS0<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |     76000 | PA      | $52809.36     | 0.13%             | 2050-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Precision Castparts Corp.                    | Precision Castparts Corp.                             | CUSIP: 740189AM7<br>LEI: 0XOOAY5P5J7Q734SEC89 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23327.34     | 0.06%             | 2025-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GE Capital Funding LLC                       | GE Capital Funding LLC                                | CUSIP: 36166NAK9<br>LEI: 549300XAGH9TOLX5XM67 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48603.66     | 0.12%             | 2032-05-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                  | Amgen, Inc.                                           | CUSIP: 031162CR9<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     40000 | PA      | $30754.22     | 0.08%             | 2040-02-21      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                       | Truist Financial Corp.                                | CUSIP: 89788MAC6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     90000 | PA      | $75998.19     | 0.19%             | 2027-08-03      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                          | Union Pacific Corp.                                   | CUSIP: 907818FQ6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     55000 | PA      | $44375.27     | 0.11%             | 2036-04-06      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                        | CUSIP: 6174468Y8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     50000 | PA      | $32264.10     | 0.08%             | 2052-01-25      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corp.                                          | CUSIP: 67066GAN4<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |    123000 | PA      | $100000.22    | 0.25%             | 2031-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Co.                                     | CUSIP: 94974BGU8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     68000 | PA      | $58423.87     | 0.14%             | 2046-12-07      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Discovery Communications LLC                 | Discovery Communications LLC                          | CUSIP: 25470DAR0<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    254000 | PA      | $228108.56    | 0.56%             | 2028-03-20      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)              | Goldman Sachs Group, Inc. (The)                       | CUSIP: 38141GWB6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     91000 | PA      | $87441.86     | 0.22%             | 2027-01-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| American International Group, Inc.           | American International Group, Inc.                    | CUSIP: 026874DH7<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13602.97     | 0.03%             | 2026-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Cameron LNG LLC                              | Cameron LNG LLC                                       | CUSIP: 133434AD2<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4034.24      | 0.01%             | 2039-01-15      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| FedEx Corp.                                  | FedEx Corp.                                           | CUSIP: 31428XBQ8<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     90000 | PA      | $68936.34     | 0.17%             | 2048-02-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                        | CUSIP: 61747YDY8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     29000 | PA      | $24975.33     | 0.06%             | 2045-01-27      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Southern Co. Gas Capital Corp.               | Southern Co. Gas Capital Corp.                        | CUSIP: 8426EPAA6<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    205000 | PA      | $200829.27    | 0.50%             | 2023-10-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                 | Canadian Pacific Railway Co.                          | CUSIP: 13645RBE3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    321000 | PA      | $286865.83    | 0.71%             | 2026-12-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                 | Exelon Corp.                                          | CUSIP: 30161NAV3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17085.09     | 0.04%             | 2046-04-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Discovery Communications LLC                 | Discovery Communications LLC                          | CUSIP: 25470DAS8<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24718.24     | 0.06%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                | PepsiCo, Inc.                                         | CUSIP: 713448ET1<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     66000 | PA      | $55879.61     | 0.14%             | 2040-03-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                | Comcast Corp.                                         | CUSIP: 20030NDG3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36549.39     | 0.09%             | 2030-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Co.               | Southern California Edison Co., Series 13-A           | CUSIP: 842400FW8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      6000 | PA      | $4593.81      | 0.01%             | 2043-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Intel Corp.                                  | Intel Corp.                                           | CUSIP: 458140BJ8<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     73000 | PA      | $51220.50     | 0.13%             | 2049-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co. (The)                   | Sherwin-Williams Co. (The)                            | CUSIP: 824348AW6<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |     76000 | PA      | $71337.43     | 0.18%             | 2027-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| American Express Co.                         | American Express Co.                                  | CUSIP: 025816CK3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    240000 | PA      | $230920.42    | 0.57%             | 2023-11-03      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GJA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     78000 | PA      | $64122.40     | 0.16%             | 2051-03-20      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| San Diego Gas & Electric Co.                 | San Diego Gas & Electric Co., Series VVV              | CUSIP: 797440BZ6<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    121000 | PA      | $97019.85     | 0.24%             | 2030-10-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.        | Alexandria Real Estate Equities, Inc.                 | CUSIP: 015271AW9<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    136000 | PA      | $103697.98    | 0.26%             | 2032-05-18      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC         | Charter Communications Operating LLC                  | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $265758.73    | 0.66%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                  | ONEOK, Inc.                                           | CUSIP: 682680AV5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     97000 | PA      | $82335.22     | 0.20%             | 2048-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Walmart, Inc.                                | Walmart, Inc.                                         | CUSIP: 931142EC3<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     47000 | PA      | $42529.11     | 0.11%             | 2048-06-29      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Healthpeak Properties, Inc.                  | Healthpeak Properties, Inc.                           | CUSIP: 42250PAB9<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |    136000 | PA      | $115098.85    | 0.28%             | 2031-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Discovery Communications LLC                 | Discovery Communications LLC                          | CUSIP: 25470DBH1<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     91000 | PA      | $65695.86     | 0.16%             | 2050-05-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                        | Quanta Services, Inc.                                 | CUSIP: 74762EAF9<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $41561.08     | 0.10%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana LLC                        | Entergy Louisiana LLC                                 | CUSIP: 29364WBA5<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    327000 | PA      | $297384.06    | 0.73%             | 2033-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                | Comcast Corp.                                         | CUSIP: 20030NCS8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103201.03    | 0.26%             | 2025-10-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC         | Charter Communications Operating LLC                  | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     54000 | PA      | $40516.11     | 0.10%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Warnermedia Holdings, Inc.                   | Warnermedia Holdings, Inc.                            | CUSIP: 55903VAS2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     79000 | PA      | $61129.39     | 0.15%             | 2062-03-15      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                 | Canadian Pacific Railway Co.                          | CUSIP: 13645RBD5<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     92000 | PA      | $85670.92     | 0.21%             | 2024-12-02      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                     | UnitedHealth Group, Inc.                              | CUSIP: 91324PEF5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     60000 | PA      | $44028.48     | 0.11%             | 2051-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Cameron LNG LLC                              | Cameron LNG LLC                                       | CUSIP: 133434AB6<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20662.50     | 0.05%             | 2035-01-15      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                            | Lowe's Cos., Inc.                                     | CUSIP: 548661DN4<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    107000 | PA      | $81986.40     | 0.20%             | 2046-04-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                           | Energy Transfer LP                                    | CUSIP: 29278NAF0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     32000 | PA      | $30954.77     | 0.08%             | 2028-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                        | Global Payments, Inc.                                 | CUSIP: 37940XAC6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    112000 | PA      | $80381.46     | 0.20%             | 2049-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                     | UnitedHealth Group, Inc.                              | CUSIP: 91324PDT6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    175000 | PA      | $144873.74    | 0.36%             | 2039-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                          | Abbott Laboratories                                   | CUSIP: 002824BH2<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150531.93    | 0.37%             | 2046-11-30      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                              | Citigroup, Inc.                                       | CUSIP: 172967MF5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    428000 | PA      | $413886.67    | 1.02%             | 2025-04-24      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)              | Goldman Sachs Group, Inc. (The)                       | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    249000 | PA      | $233925.66    | 0.58%             | 2029-05-01      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                     | Bristol-Myers Squibb Co.                              | CUSIP: 110122CQ9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63555.66     | 0.16%             | 2039-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                           | T-Mobile USA, Inc.                                    | CUSIP: 87264ABB0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    195000 | PA      | $188800.13    | 0.47%             | 2025-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BAE Systems plc                              | BAE Systems plc                                       | CUSIP: 05523RAD9<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |     35000 | PA      | $31148.77     | 0.08%             | 2030-04-15      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| AbbVie, Inc.                                 | AbbVie, Inc.                                          | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    122000 | PA      | $114225.39    | 0.28%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.         | Mitsubishi UFJ Financial Group, Inc.                  | CUSIP: 606822BH6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    289000 | PA      | $266873.15    | 0.66%             | 2029-03-07      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Co.               | Southern California Edison Co., Series C              | CUSIP: 842400GE7<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    111000 | PA      | $80817.46     | 0.20%             | 2045-02-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Roper Technologies, Inc.                     | Roper Technologies, Inc.                              | CUSIP: 776743AL0<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    136000 | PA      | $105531.01    | 0.26%             | 2031-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Co.               | Southern California Edison Co.                        | CUSIP: 842400GU1<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8318.24      | 0.02%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide, Inc.         | Anheuser-Busch InBev Worldwide, Inc.                  | CUSIP: 03523TBT4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     39000 | PA      | $34248.72     | 0.08%             | 2048-10-06      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Ventas Realty LP                             | Ventas Realty LP                                      | CUSIP: 92277GAW7<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |     59000 | PA      | $46461.41     | 0.11%             | 2031-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Finance Corp.             | Berkshire Hathaway Finance Corp.                      | CUSIP: 084664CZ2<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     55000 | PA      | $51193.67     | 0.13%             | 2027-03-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                 | Barclays plc                                          | CUSIP: 06738EBZ7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    330000 | PA      | $324522.19    | 0.80%             | 2026-08-09      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| Ameren Corp.                                 | Ameren Corp.                                          | CUSIP: 023608AJ1<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |    310000 | PA      | $276013.74    | 0.68%             | 2031-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co.              | Virginia Electric and Power Co., Series A             | CUSIP: 927804FX7<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     43000 | PA      | $40885.93     | 0.10%             | 2027-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                            | Exxon Mobil Corp.                                     | CUSIP: 30231GBN1<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    205000 | PA      | $181088.25    | 0.45%             | 2030-10-15      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.         | Mitsubishi UFJ Financial Group, Inc.                  | CUSIP: 606822AV6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    177000 | PA      | $166864.50    | 0.41%             | 2028-03-02      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips                               | ConocoPhillips                                        | CUSIP: 20825CAF1<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54356.83     | 0.13%             | 2032-10-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| KLA Corp.                                    | KLA Corp.                                             | CUSIP: 482480AG5<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |    387000 | PA      | $376822.02    | 0.93%             | 2029-03-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                        | Walt Disney Co. (The)                                 | CUSIP: 254687FX9<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    180000 | PA      | $154877.11    | 0.38%             | 2031-01-13      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                           | Energy Transfer LP                                    | CUSIP: 292480AL4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77053.46     | 0.19%             | 2028-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Southern Co. Gas Capital Corp.               | Southern Co. Gas Capital Corp., Series 20-A           | CUSIP: 8426EPAD0<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    152000 | PA      | $116520.32    | 0.29%             | 2031-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Intel Corp.                                  | Intel Corp.                                           | CUSIP: 458140BX7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     53000 | PA      | $34547.43     | 0.09%             | 2061-08-12      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                  | Capital One Financial Corp.                           | CUSIP: 14040HBT1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    282000 | PA      | $273036.27    | 0.67%             | 2024-10-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                        | CUSIP: 61746BEF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    188000 | PA      | $178643.04    | 0.44%             | 2027-01-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                             | McDonald's Corp.                                      | CUSIP: 58013MFM1<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     71000 | PA      | $60254.18     | 0.15%             | 2030-03-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                     | Bristol-Myers Squibb Co.                              | CUSIP: 110122DK1<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     32000 | PA      | $28900.59     | 0.07%             | 2047-11-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Astrazeneca Finance LLC                      | Astrazeneca Finance LLC                               | CUSIP: 04636NAC7<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    220000 | PA      | $207119.93    | 0.51%             | 2024-05-28      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                | Comcast Corp.                                         | CUSIP: 20030NBS9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     88000 | PA      | $84202.36     | 0.21%             | 2026-03-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corp.                                          | CUSIP: 67066GAH7<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |    136000 | PA      | $105411.05    | 0.26%             | 2050-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corp.                       | Costco Wholesale Corp.                                | CUSIP: 22160KAN5<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |    140000 | PA      | $123981.65    | 0.31%             | 2027-06-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp.                     | Marathon Petroleum Corp.                              | CUSIP: 56585AAH5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     17000 | PA      | $14482.16     | 0.04%             | 2044-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                          | Kinder Morgan, Inc.                                   | CUSIP: 49456BAF8<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108373.72    | 0.27%             | 2025-06-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                            | Lowe's Cos., Inc.                                     | CUSIP: 548661DP9<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37562.75     | 0.09%             | 2027-05-03      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co.              | Virginia Electric and Power Co.                       | CUSIP: 927804GA6<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26332.32     | 0.07%             | 2048-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Co.                | Berkshire Hathaway Energy Co.                         | CUSIP: 084659BC4<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $32990.11     | 0.08%             | 2051-05-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Duke Energy Indiana LLC                      | Duke Energy Indiana LLC                               | CUSIP: 26443TAC0<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |     20000 | PA      | $12822.13     | 0.03%             | 2050-04-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                            | Exxon Mobil Corp.                                     | CUSIP: 30231GBM3<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     30000 | PA      | $23241.37     | 0.06%             | 2051-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.         | Mitsubishi UFJ Financial Group, Inc.                  | CUSIP: 606822AN4<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |     31000 | PA      | $29208.44     | 0.07%             | 2027-02-22      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corp.                  | Raytheon Technologies Corp.                           | CUSIP: 913017CW7<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    107000 | PA      | $98091.39     | 0.24%             | 2038-11-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                | PepsiCo, Inc.                                         | CUSIP: 713448ES3<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26666.00     | 0.07%             | 2030-03-19      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                        | Walt Disney Co. (The)                                 | CUSIP: 254687FY7<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    274000 | PA      | $225350.61    | 0.56%             | 2040-05-13      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies, Inc.                  | Teledyne Technologies, Inc.                           | CUSIP: 879360AE5<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |    130000 | PA      | $107113.78    | 0.26%             | 2031-04-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway, Inc.                     | Berkshire Hathaway, Inc.                              | CUSIP: 084670BS6<br>LEI: 5493000C01ZX7D35SD85 | Long             | DBT              | CORP              | US        |    362000 | PA      | $349368.83    | 0.86%             | 2026-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Discovery Communications LLC                 | Discovery Communications LLC                          | CUSIP: 25470DBL2<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     90000 | PA      | $57692.99     | 0.14%             | 2055-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                            | Duke Energy Corp.                                     | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    118000 | PA      | $109727.97    | 0.27%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC         | Charter Communications Operating LLC                  | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $24818.61     | 0.06%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                           | T-Mobile USA, Inc.                                    | CUSIP: 87264AAZ8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    141000 | PA      | $119100.16    | 0.29%             | 2050-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Evergy, Inc.                                 | Evergy, Inc.                                          | CUSIP: 30034WAB2<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |    102000 | PA      | $88051.02     | 0.22%             | 2029-09-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| General Electric Co.                         | General Electric Co.                                  | CUSIP: 36962GXZ2<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    122000 | PA      | $138437.84    | 0.34%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                    | Florida Power & Light Co.                             | CUSIP: 341081FX0<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     88000 | PA      | $64564.33     | 0.16%             | 2049-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Progressive Corp. (The)                      | Progressive Corp. (The)                               | CUSIP: 743315AS2<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |     60000 | PA      | $50286.31     | 0.12%             | 2047-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                  | Apple, Inc.                                           | CUSIP: 037833AL4<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17850.95     | 0.04%             | 2043-05-04      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                     | Bristol-Myers Squibb Co.                              | CUSIP: 110122CR7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     88000 | PA      | $78209.24     | 0.19%             | 2049-10-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                        | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    117000 | PA      | $98042.14     | 0.24%             | 2031-01-22      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy, Inc.                     | CenterPoint Energy, Inc.                              | CUSIP: 15189TBB2<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    345000 | PA      | $284756.26    | 0.70%             | 2031-06-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                 | Verizon Communications, Inc.                          | CUSIP: 92343VFW9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     50000 | PA      | $31539.65     | 0.08%             | 2056-10-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| N/A                                          | U.S. Treasury Ultra Bond                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -1 | NC      | $-3189.70     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                        | Dominion Energy, Inc.                                 | CUSIP: 25746UCE7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16556.01     | 0.04%             | 2025-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                     | Diamondback Energy, Inc.                              | CUSIP: 25278XAN9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62307.10     | 0.15%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                             | Boeing Co. (The)                                      | CUSIP: 097023CQ6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $21042.33     | 0.05%             | 2050-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                             | CVS Health Corp.                                      | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     66000 | PA      | $61291.28     | 0.15%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Life Insurance Co. (The) | Northwestern Mutual Life Insurance Co. (The)          | CUSIP: 668138AA8<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15525.36     | 0.04%             | 2047-09-30      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| NXP BV                                       | NXP BV                                                | CUSIP: 62954HAV0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $36837.50     | 0.09%             | 2029-06-18      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                     | Bristol-Myers Squibb Co.                              | CUSIP: 110122DS4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     80000 | PA      | $52566.79     | 0.13%             | 2050-11-13      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Expedia Group, Inc.                          | Expedia Group, Inc.                                   | CUSIP: 30212PAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $59854.65     | 0.15%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Aflac, Inc.                                  | Aflac, Inc.                                           | CUSIP: 001055BJ0<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |    110000 | PA      | $101496.23    | 0.25%             | 2030-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                            | Exxon Mobil Corp.                                     | CUSIP: 30231GAY8<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    126000 | PA      | $98710.63     | 0.24%             | 2039-08-16      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| American Express Co.                         | American Express Co.                                  | CUSIP: 025816CX5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    155000 | PA      | $149413.23    | 0.37%             | 2033-05-26      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Co.                                     | CUSIP: 95000U2A0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    349000 | PA      | $323835.91    | 0.80%             | 2028-05-22      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| American Water Capital Corp.                 | American Water Capital Corp.                          | CUSIP: 03040WAX3<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $74387.09     | 0.18%             | 2050-05-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                     | Celanese US Holdings LLC                              | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    119000 | PA      | $113281.61    | 0.28%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Arch Capital Group Ltd.                      | Arch Capital Group Ltd.                               | CUSIP: 03939AAA5<br>LEI: 549300AYR4P8AFKDCE43 | Long             | DBT              | CORP              | BM        |    170000 | PA      | $118649.89    | 0.29%             | 2050-06-30      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                            | NatWest Group plc                                     | CUSIP: 639057AC2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    228000 | PA      | $195198.42    | 0.48%             | 2027-06-14      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp.                       | Northrop Grumman Corp.                                | CUSIP: 666807BP6<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     41000 | PA      | $34770.87     | 0.09%             | 2047-10-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Co.                                     | CUSIP: 94974BFP0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     96000 | PA      | $91394.57     | 0.23%             | 2043-11-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                 | Nutrien Ltd.                                          | CUSIP: 67077MAF5<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $204543.14    | 0.51%             | 2036-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                            | HSBC Holdings plc                                     | CUSIP: 404280CC1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $174836.96    | 0.43%             | 2030-05-22      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC         | Charter Communications Operating LLC                  | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $80708.83     | 0.20%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp.                         | Otis Worldwide Corp.                                  | CUSIP: 68902VAH0<br>LEI: 549300ZLBKR8VSU25153 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37472.75     | 0.09%             | 2025-04-05      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| AstraZeneca plc                              | AstraZeneca plc                                       | CUSIP: 046353AM0<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |     68000 | PA      | $62564.96     | 0.15%             | 2045-11-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                     | UnitedHealth Group, Inc.                              | CUSIP: 91324PDY5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    211000 | PA      | $156628.66    | 0.39%             | 2040-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| QUALCOMM, Inc.                               | QUALCOMM, Inc.                                        | CUSIP: 747525BN2<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    192000 | PA      | $163136.86    | 0.40%             | 2028-05-20      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                       | Dell International LLC                                | CUSIP: 24703TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    152000 | PA      | $155230.80    | 0.38%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| NXP BV                                       | NXP BV                                                | CUSIP: 62954HAU2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $134353.75    | 0.33%             | 2041-05-11      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Cigna Corp.                                  | Cigna Corp.                                           | CUSIP: 125523AJ9<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     86000 | PA      | $81140.08     | 0.20%             | 2038-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Phillips 66                                  | Phillips 66                                           | CUSIP: 718546AL8<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27953.01     | 0.07%             | 2044-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                        | CUSIP: 61744YAL2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     96000 | PA      | $81732.57     | 0.20%             | 2038-07-22      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                  | Apple, Inc.                                           | CUSIP: 037833BX7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    153000 | PA      | $149414.23    | 0.37%             | 2046-02-23      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| QUALCOMM, Inc.                               | QUALCOMM, Inc.                                        | CUSIP: 747525AU7<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    233000 | PA      | $222557.03    | 0.55%             | 2027-05-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                | Comcast Corp.                                         | CUSIP: 20030NCR0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    183000 | PA      | $180412.04    | 0.45%             | 2024-04-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corp.                  | Raytheon Technologies Corp.                           | CUSIP: 913017CR8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    146000 | PA      | $136806.45    | 0.34%             | 2027-05-04      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| RELX Capital, Inc.                           | RELX Capital, Inc.                                    | CUSIP: 74949LAC6<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |     66000 | PA      | $62013.41     | 0.15%             | 2029-03-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American International Group, Inc.           | American International Group, Inc.                    | CUSIP: 026874DQ7<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37768.86     | 0.09%             | 2025-06-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.             | BP Capital Markets America, Inc.                      | CUSIP: 10373QAB6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     72000 | PA      | $70826.38     | 0.18%             | 2025-09-21      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                    | HCA, Inc.                                             | CUSIP: 404119BX6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     90000 | PA      | $82247.35     | 0.20%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific, Inc.               | Thermo Fisher Scientific, Inc.                        | CUSIP: 883556BY7<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |     23000 | PA      | $20290.80     | 0.05%             | 2047-08-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                        | CUSIP: 6174468P7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     78000 | PA      | $69510.32     | 0.17%             | 2031-04-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)     | PNC Financial Services Group, Inc. (The)              | CUSIP: 693475AX3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    152000 | PA      | $141139.13    | 0.35%             | 2026-07-23      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.             | BP Capital Markets America, Inc.                      | CUSIP: 10373QBG4<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    146000 | PA      | $100607.62    | 0.25%             | 2050-02-24      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group, Inc.               | Citizens Financial Group, Inc.                        | CUSIP: 174610AT2<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |     67000 | PA      | $58943.69     | 0.15%             | 2030-04-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GGF0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    146000 | PA      | $137380.37    | 0.34%             | 2028-01-20      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     53000 | PA      | $40133.60     | 0.10%             | 2036-09-21      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                 | Pacific Gas and Electric Co.                          | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    102000 | PA      | $66137.65     | 0.16%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GHW2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28227.27     | 0.07%             | 2025-10-22      | Variable      | 2.46%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corp.                                       | CUSIP: 594918BZ6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     88000 | PA      | $85198.82     | 0.21%             | 2037-02-06      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Shell International Finance BV               | Shell International Finance BV                        | CUSIP: 822582BQ4<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |     29000 | PA      | $24492.34     | 0.06%             | 2046-05-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.              | Intercontinental Exchange, Inc.                       | CUSIP: 45866FAY0<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    159000 | PA      | $155550.65    | 0.38%             | 2062-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                     | Celanese US Holdings LLC                              | CUSIP: 15089QAL8<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    136000 | PA      | $135316.94    | 0.33%             | 2025-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets plc                       | BP Capital Markets plc                                | CUSIP: 05565QDN5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    187000 | PA      | $176847.49    | 0.44%             | 2027-09-19      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.        | Alexandria Real Estate Equities, Inc.                 | CUSIP: 015271AT6<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    102000 | PA      | $86245.80     | 0.21%             | 2029-12-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide, Inc.         | Anheuser-Busch InBev Worldwide, Inc.                  | CUSIP: 035240AL4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     49000 | PA      | $47431.35     | 0.12%             | 2028-04-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FedEx Corp.                                  | FedEx Corp.                                           | CUSIP: 31428XCD6<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     60000 | PA      | $48985.36     | 0.12%             | 2031-05-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP             | Brixmor Operating Partnership LP                      | CUSIP: 11120VAJ2<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    270000 | PA      | $235962.19    | 0.58%             | 2030-07-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp.                       | Norfolk Southern Corp.                                | CUSIP: 655844CH9<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $34000.12     | 0.08%             | 2055-05-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                            | Duke Energy Corp.                                     | CUSIP: 26441CAT2<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    106000 | PA      | $79099.69     | 0.20%             | 2046-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                  | Apple, Inc.                                           | CUSIP: 037833DM9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    194000 | PA      | $185420.00    | 0.46%             | 2024-09-11      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Finance Corp.             | Berkshire Hathaway Finance Corp.                      | CUSIP: 084664CQ2<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     95000 | PA      | $85379.55     | 0.21%             | 2048-08-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                  | Amgen, Inc.                                           | CUSIP: 031162BZ2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17285.20     | 0.04%             | 2045-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                            | BAT Capital Corp.                                     | CUSIP: 05526DBD6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    274000 | PA      | $215830.30    | 0.53%             | 2037-08-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     60000 | PA      | $48608.37     | 0.12%             | 2032-04-22      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                             | Boeing Co. (The)                                      | CUSIP: 097023CJ2<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    159000 | PA      | $128083.12    | 0.32%             | 2034-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                        | Time Warner Cable LLC                                 | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    140000 | PA      | $134184.00    | 0.33%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| N/A                                          | U.S. Treasury 2 Year Note                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         2 | NC      | $1371.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabine Pass Liquefaction LLC                 | Sabine Pass Liquefaction LLC                          | CUSIP: 785592AM8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140348.70    | 0.35%             | 2025-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GJD2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     60000 | PA      | $54137.11     | 0.13%             | 2026-06-19      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                              | Starbucks Corp.                                       | CUSIP: 855244AS8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |     75000 | PA      | $66147.12     | 0.16%             | 2048-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                        | Westpac Banking Corp.                                 | CUSIP: 961214EF6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    107000 | PA      | $91286.95     | 0.23%             | 2034-07-24      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                | Comcast Corp.                                         | CUSIP: 20030NCE9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    246000 | PA      | $200737.03    | 0.50%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                | Comcast Corp.                                         | CUSIP: 20030NDH1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     50000 | PA      | $41779.94     | 0.10%             | 2040-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Co.                                     | CUSIP: 95000U2N2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     53000 | PA      | $49363.91     | 0.12%             | 2026-04-30      | Variable      | 2.19%                 | No            |                  2 | On Loan: No      |
| Danaher Corp.                                | Danaher Corp.                                         | CUSIP: 235851AV4<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | DBT              | CORP              | US        |    101000 | PA      | $66588.80     | 0.16%             | 2050-10-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide, Inc.         | Anheuser-Busch InBev Worldwide, Inc.                  | CUSIP: 035240AN0<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    120000 | PA      | $109021.63    | 0.27%             | 2048-04-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                       | Dell International LLC                                | CUSIP: 24703TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $39567.11     | 0.10%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                           | Energy Transfer LP                                    | CUSIP: 29278NAR4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    144000 | PA      | $118677.59    | 0.29%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                             | Boeing Co. (The)                                      | CUSIP: 097023CT0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    189000 | PA      | $187246.92    | 0.46%             | 2025-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GHF9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    146000 | PA      | $145269.01    | 0.36%             | 2024-03-05      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| UDR, Inc.                                    | UDR, Inc.                                             | CUSIP: 90265EAR1<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16536.69     | 0.04%             | 2031-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.                       | Keurig Dr Pepper, Inc.                                | CUSIP: 49271VAK6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15278.26     | 0.04%             | 2050-05-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GGM5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     59000 | PA      | $51600.57     | 0.13%             | 2038-04-24      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                  | Toronto-Dominion Bank (The)                           | CUSIP: 89114TZQ8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $162406.09    | 0.40%             | 2032-01-12      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corp.                  | Raytheon Technologies Corp.                           | CUSIP: 913017CJ6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     88000 | PA      | $69912.25     | 0.17%             | 2046-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.        | Sumitomo Mitsui Financial Group, Inc.                 | CUSIP: 86562MCK4<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    250000 | PA      | $168883.58    | 0.42%             | 2041-09-17      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                           | T-Mobile USA, Inc.                                    | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    218000 | PA      | $200218.87    | 0.49%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                  | Amgen, Inc.                                           | CUSIP: 031162DG2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    138000 | PA      | $113017.76    | 0.28%             | 2062-02-22      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GHA0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39643.35     | 0.10%             | 2049-01-23      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch Cos. LLC                      | Anheuser-Busch Cos. LLC                               | CUSIP: 03522AAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51000 | PA      | $49489.13     | 0.12%             | 2026-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                            | Lowe's Cos., Inc.                                     | CUSIP: 548661DQ7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     40000 | PA      | $32231.11     | 0.08%             | 2047-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                          | Kinder Morgan, Inc.                                   | CUSIP: 49456BAV3<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    360000 | PA      | $338406.76    | 0.84%             | 2033-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                           | General Motors Co.                                    | CUSIP: 37045VAV2<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    273000 | PA      | $276571.86    | 0.68%             | 2025-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide, Inc.         | Anheuser-Busch InBev Worldwide, Inc.                  | CUSIP: 035240AR1<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34390.18     | 0.08%             | 2031-01-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Columbia Pipeline Group, Inc.                | Columbia Pipeline Group, Inc.                         | CUSIP: 198280AF6<br>LEI: 549300SRP1TQM9JJBG80 | Long             | DBT              | CORP              | US        |    192000 | PA      | $189086.29    | 0.47%             | 2025-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                          | U.S. Treasury Long Bond                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $1255.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                              | Citigroup, Inc.                                       | CUSIP: 172967LU3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     87000 | PA      | $72751.77     | 0.18%             | 2039-01-24      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Sysco Corp.                                  | Sysco Corp.                                           | CUSIP: 871829BC0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37940.19     | 0.09%             | 2026-07-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    237000 | PA      | $194980.45    | 0.48%             | 2031-02-13      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| DH Europe Finance II Sarl                    | DH Europe Finance II Sarl                             | CUSIP: 23291KAH8<br>LEI: 222100KDGL314CKTZ511 | Long             | DBT              | CORP              | LU        |     30000 | PA      | $26470.74     | 0.07%             | 2029-11-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                     | UnitedHealth Group, Inc.                              | CUSIP: 91324PBU5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     55000 | PA      | $51106.89     | 0.13%             | 2041-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                             | Boeing Co. (The)                                      | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    105000 | PA      | $100051.34    | 0.25%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                        | Gilead Sciences, Inc.                                 | CUSIP: 375558BK8<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     47000 | PA      | $39635.98     | 0.10%             | 2047-03-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                    | Florida Power & Light Co.                             | CUSIP: 341081FQ5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25177.14     | 0.06%             | 2048-03-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GHT9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    154000 | PA      | $145259.46    | 0.36%             | 2027-04-23      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                        | Westpac Banking Corp.                                 | CUSIP: 961214EX7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     53000 | PA      | $39083.69     | 0.10%             | 2036-11-18      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                  | Apple, Inc.                                           | CUSIP: 037833BA7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     56000 | PA      | $46273.63     | 0.11%             | 2045-02-09      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                   | AT&T, Inc.                                            | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    193000 | PA      | $135371.91    | 0.33%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GHC6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299648.62    | 0.74%             | 2023-12-20      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                 | Canadian Pacific Railway Co.                          | CUSIP: 13645RBF0<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     82000 | PA      | $68337.15     | 0.17%             | 2031-12-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.              | Regeneron Pharmaceuticals, Inc.                       | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7856.82      | 0.02%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    210000 | PA      | $191489.17    | 0.47%             | 2028-12-20      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corp.                         | Carrier Global Corp.                                  | CUSIP: 14448CAS3<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14670.87     | 0.04%             | 2050-04-05      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                               | Broadcom, Inc.                                        | CUSIP: 11135FBJ9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     81000 | PA      | $58590.33     | 0.14%             | 2041-02-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Co.                                     | CUSIP: 94974BGK0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    117000 | PA      | $94422.81     | 0.23%             | 2045-05-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                | Comcast Corp.                                         | CUSIP: 20030NCJ8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    150000 | PA      | $131041.64    | 0.32%             | 2038-03-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| San Diego Gas & Electric Co.                 | San Diego Gas & Electric Co.                          | CUSIP: 797440CA0<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    186000 | PA      | $129385.04    | 0.32%             | 2051-08-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                            | HSBC Holdings plc                                     | CUSIP: 404280AM1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     75000 | PA      | $77291.57     | 0.19%             | 2042-01-14      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Co.              | Virginia Electric and Power Co., Series A             | CUSIP: 927804FU3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16181.77     | 0.04%             | 2026-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                        | Time Warner Cable LLC                                 | CUSIP: 88732JBD9<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $75067.18     | 0.19%             | 2042-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                   | AerCap Ireland Capital DAC                            | CUSIP: 00774MAZ8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    165000 | PA      | $121037.36    | 0.30%             | 2041-10-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc              | Santander UK Group Holdings plc                       | CUSIP: 80281LAR6<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $170258.87    | 0.42%             | 2028-01-11      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                              | Starbucks Corp.                                       | CUSIP: 855244BA6<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    102000 | PA      | $76432.77     | 0.19%             | 2050-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                          | U.S. Treasury 5 Year Note                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        13 | NC      | $11349.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund   | JPMorgan U.S. Government Money Market Fund, Class IM  | CUSIP: 4812C2270<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | STIV             | RF                | US        |    399363 | NS      | $399362.98    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                        | CUSIP: 6174468Q5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    128000 | PA      | $119064.40    | 0.29%             | 2026-04-28      | Variable      | 2.19%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                         | Boston Properties LP                                  | CUSIP: 10112RBD5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    120000 | PA      | $100305.63    | 0.25%             | 2031-01-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Baltimore Gas and Electric Co.               | Baltimore Gas and Electric Co.                        | CUSIP: 059165EL0<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |     80000 | PA      | $57074.17     | 0.14%             | 2049-09-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                     | UnitedHealth Group, Inc.                              | CUSIP: 91324PCP5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     86000 | PA      | $84439.69     | 0.21%             | 2025-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC         | Charter Communications Operating LLC                  | CUSIP: 161175CE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    177000 | PA      | $119940.50    | 0.30%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Walmart, Inc.                                | Walmart, Inc.                                         | CUSIP: 931142EL3<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48748.34     | 0.12%             | 2024-07-08      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                 | CUSIP: 06051GJE0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $34879.67     | 0.09%             | 2041-06-19      | Variable      | 2.68%                 | No            |                  2 | On Loan: No      |
| FedEx Corp.                                  | FedEx Corp.                                           | CUSIP: 31428XCE4<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |    110000 | PA      | $79753.25     | 0.20%             | 2041-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Co.                                     | CUSIP: 95000U2G7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    202000 | PA      | $173714.15    | 0.43%             | 2030-10-30      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co. (The)                          | Coca-Cola Co. (The)                                   | CUSIP: 191216DQ0<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     78000 | PA      | $60763.55     | 0.15%             | 2041-05-05      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Shire Acquisitions Investments Ireland DAC   | Shire Acquisitions Investments Ireland DAC            | CUSIP: 82481LAD1<br>LEI: 549300XK5HGW68R8K327 | Long             | DBT              | CORP              | IE        |    332000 | PA      | $312816.85    | 0.77%             | 2026-09-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Co.               | Southern California Edison Co.                        | CUSIP: 842400GT4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     14000 | PA      | $10446.30     | 0.03%             | 2050-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch Cos. LLC                      | Anheuser-Busch Cos. LLC                               | CUSIP: 03522AAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     77000 | PA      | $73881.09     | 0.18%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                           | T-Mobile USA, Inc.                                    | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    117000 | PA      | $110829.13    | 0.27%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VeriSign, Inc.                               | VeriSign, Inc.                                        | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    164000 | PA      | $134419.16    | 0.33%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| American Water Capital Corp.                 | American Water Capital Corp.                          | CUSIP: 03040WAR6<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39422.72     | 0.10%             | 2047-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                              | Citigroup, Inc.                                       | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    156000 | PA      | $145003.07    | 0.36%             | 2031-03-31      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                       | Home Depot, Inc. (The)                                | CUSIP: 437076CC4<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     56000 | PA      | $45341.81     | 0.11%             | 2040-04-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances, Inc.     | International Flavors & Fragrances, Inc.              | CUSIP: 459506AK7<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93735.57     | 0.23%             | 2028-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Shire Acquisitions Investments Ireland DAC   | Shire Acquisitions Investments Ireland DAC            | CUSIP: 82481LAC3<br>LEI: 549300XK5HGW68R8K327 | Long             | DBT              | CORP              | IE        |     62000 | PA      | $60821.32     | 0.15%             | 2023-09-23      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Equitable Holdings, Inc.                     | Equitable Holdings, Inc.                              | CUSIP: 054561AJ4<br>LEI: 549300FIBAKMNHPZ4009 | Long             | DBT              | CORP              | US        |     70000 | PA      | $66575.38     | 0.16%             | 2028-04-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                            | Lowe's Cos., Inc.                                     | CUSIP: 548661EE3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    122000 | PA      | $86165.29     | 0.21%             | 2041-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| QUALCOMM, Inc.                               | QUALCOMM, Inc.                                        | CUSIP: 747525BJ1<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14877.82     | 0.04%             | 2050-05-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                      | Simon Property Group LP                               | CUSIP: 828807DF1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |     78000 | PA      | $65575.19     | 0.16%             | 2029-09-13      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp.                       | Norfolk Southern Corp.                                | CUSIP: 655844BY3<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    106000 | PA      | $88729.81     | 0.22%             | 2048-02-28      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Ltd.              | Canadian Natural Resources Ltd.                       | CUSIP: 136385AY7<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $27021.94     | 0.07%             | 2047-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                 | Oracle Corp.                                          | CUSIP: 68389XBT1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47293.31     | 0.12%             | 2025-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                  | Amgen, Inc.                                           | CUSIP: 031162CS7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14578.59     | 0.04%             | 2050-02-21      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                              | Citigroup, Inc.                                       | CUSIP: 172967KY6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    188000 | PA      | $175557.97    | 0.43%             | 2026-10-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| AutoZone, Inc.                               | AutoZone, Inc.                                        | CUSIP: 053332BA9<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    174000 | PA      | $134989.77    | 0.33%             | 2031-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                          | Union Pacific Corp.                                   | CUSIP: 907818FK9<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     34000 | PA      | $25357.33     | 0.06%             | 2050-02-05      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                             | Boeing Co. (The)                                      | CUSIP: 097023CS2<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    132000 | PA      | $131523.17    | 0.32%             | 2023-05-01      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Marathon Oil Corp.                           | Marathon Oil Corp.                                    | CUSIP: 565849AP1<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | DBT              | CORP              | US        |     90000 | PA      | $86987.61     | 0.21%             | 2027-07-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Co. of New York, Inc.    | Consolidated Edison Co. of New York, Inc.             | CUSIP: 209111GB3<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     50000 | PA      | $36728.15     | 0.09%             | 2061-06-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                            | BAT Capital Corp.                                     | CUSIP: 05526DAZ8<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    119000 | PA      | $114768.91    | 0.28%             | 2024-08-15      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| Albemarle Corp.                              | Albemarle Corp.                                       | CUSIP: 012653AE1<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96105.37     | 0.24%             | 2032-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Home Depot, Inc. (The)                       | Home Depot, Inc. (The)                                | CUSIP: 437076BZ4<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     63000 | PA      | $46117.46     | 0.11%             | 2049-12-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CSX Corp.                                    | CSX Corp.                                             | CUSIP: 126408HE6<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     80000 | PA      | $74615.65     | 0.18%             | 2026-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| VMware, Inc.                                 | VMware, Inc.                                          | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    148000 | PA      | $112958.83    | 0.28%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                 | AbbVie, Inc.                                          | CUSIP: 00287YAS8<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     68000 | PA      | $62669.72     | 0.15%             | 2045-05-14      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                       | Credit Suisse Group AG                                | CUSIP: 225401AG3<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $242584.96    | 0.60%             | 2024-06-12      | Variable      | 4.21%                 | Yes           |                  2 | On Loan: No      |
| Emera US Finance LP                          | Emera US Finance LP                                   | CUSIP: 29103DAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $106915.71    | 0.26%             | 2046-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                     | Bunge Ltd. Finance Corp.                              | CUSIP: 120568BC3<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |     60000 | PA      | $49815.54     | 0.12%             | 2031-05-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)              | Goldman Sachs Group, Inc. (The)                       | CUSIP: 38141GXH2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    226000 | PA      | $205413.12    | 0.51%             | 2030-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Co.                        | Kraft Heinz Foods Co.                                 | CUSIP: 50077LBJ4<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     99000 | PA      | $97656.64     | 0.24%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                 | Oracle Corp.                                          | CUSIP: 68389XCB9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    198000 | PA      | $140838.38    | 0.35%             | 2061-03-25      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Finance Corp.             | Berkshire Hathaway Finance Corp.                      | CUSIP: 084664CR0<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17904.95     | 0.04%             | 2049-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Aetna, Inc.                                  | Aetna, Inc.                                           | CUSIP: 00817YAZ1<br>LEI: 549300QKBENKLBXQ8968 | Long             | DBT              | CORP              | US        |     70000 | PA      | $54328.10     | 0.13%             | 2047-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC            | Enterprise Products Operating LLC                     | CUSIP: 29379VBX0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     80000 | PA      | $69162.98     | 0.17%             | 2030-01-31      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                 | Oracle Corp.                                          | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    206000 | PA      | $143311.35    | 0.35%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                 | AbbVie, Inc.                                          | CUSIP: 00287YBF5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    192000 | PA      | $187196.82    | 0.46%             | 2028-11-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                   | AT&T, Inc.                                            | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    155000 | PA      | $109448.46    | 0.27%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co. (The)                          | Coca-Cola Co. (The)                                   | CUSIP: 191216CL2<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    217000 | PA      | $208135.10    | 0.51%             | 2024-09-06      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Becton Dickinson and Co.                     | Becton Dickinson and Co.                              | CUSIP: 075887BG3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |     73000 | PA      | $66925.39     | 0.17%             | 2044-12-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Reynolds American, Inc.                      | Reynolds American, Inc.                               | CUSIP: 761713BG0<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |     76000 | PA      | $74632.15     | 0.18%             | 2025-06-12      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                         | Glencore Funding LLC                                  | CUSIP: 378272AF5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    127000 | PA      | $126095.01    | 0.31%             | 2023-05-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| AstraZeneca plc                              | AstraZeneca plc                                       | CUSIP: 046353AZ1<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |     60000 | PA      | $42855.99     | 0.11%             | 2051-05-28      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Baltimore Gas and Electric Co.               | Baltimore Gas and Electric Co.                        | CUSIP: 059165EM8<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |     76000 | PA      | $51127.77     | 0.13%             | 2050-06-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                         | Boston Properties LP                                  | CUSIP: 10112RBA1<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |     39000 | PA      | $36317.76     | 0.09%             | 2028-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Electronic Arts, Inc.                        | Electronic Arts, Inc.                                 | CUSIP: 285512AE9<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |    241000 | PA      | $193298.89    | 0.48%             | 2031-02-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley                                        | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    305000 | PA      | $280856.92    | 0.69%             | 2029-01-24      | Variable      | 3.77%                 | No            |                  2 | On Loan: No      |
| Target Corp.                                 | Target Corp.                                          | CUSIP: 87612EBH8<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    342000 | PA      | $317357.92    | 0.78%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Lear Corp.                                   | Lear Corp.                                            | CUSIP: 521865AY1<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | DBT              | CORP              | US        |    140000 | PA      | $130813.70    | 0.32%             | 2027-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Marvell Technology, Inc.                     | Marvell Technology, Inc.                              | CUSIP: 573874AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $65369.15     | 0.16%             | 2031-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific, Inc.               | Thermo Fisher Scientific, Inc.                        | CUSIP: 883556CM2<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    189000 | PA      | $142239.70    | 0.35%             | 2041-10-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                           | Southern Co. (The), Series 21-A                       | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40107.50     | 0.10%             | 2051-09-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                            | Duke Energy Corp.                                     | CUSIP: 26441CAN5<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68920.19     | 0.17%             | 2024-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)              | Goldman Sachs Group, Inc. (The)                       | CUSIP: 38141GVM3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    242000 | PA      | $239212.41    | 0.59%             | 2024-03-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                          | U.S. Treasury 10 Year Ultra Note                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1 | NC      | $1208.84      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Raytheon Technologies Corp.                  | Raytheon Technologies Corp.                           | CUSIP: 75513ECH2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     63000 | PA      | $59242.23     | 0.15%             | 2027-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DH Europe Finance II Sarl                    | DH Europe Finance II Sarl                             | CUSIP: 23291KAK1<br>LEI: 222100KDGL314CKTZ511 | Long             | DBT              | CORP              | LU        |     62000 | PA      | $47294.03     | 0.12%             | 2049-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Fortis, Inc.                                 | Fortis, Inc.                                          | CUSIP: 349553AM9<br>LEI: 549300MQYQ9Y065XPR71 | Long             | DBT              | CORP              | CA        |    148000 | PA      | $137820.61    | 0.34%             | 2026-10-04      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Apple, Inc.                                  | Apple, Inc.                                           | CUSIP: 037833DB3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    189000 | PA      | $178674.08    | 0.44%             | 2027-09-12      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                | Comcast Corp.                                         | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    101000 | PA      | $97997.78     | 0.24%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Analog Devices, Inc.                         | Analog Devices, Inc.                                  | CUSIP: 032654AN5<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    108000 | PA      | $103607.81    | 0.26%             | 2026-12-05      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                              | Citigroup, Inc.                                       | CUSIP: 172967MQ1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     78000 | PA      | $73985.22     | 0.18%             | 2026-04-08      | Variable      | 3.11%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                 | Verizon Communications, Inc.                          | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    298000 | PA      | $228737.55    | 0.57%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                        | Westpac Banking Corp.                                 | CUSIP: 961214EQ2<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     71000 | PA      | $46513.99     | 0.11%             | 2040-11-16      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co. (The)                          | Coca-Cola Co. (The)                                   | CUSIP: 191216CY4<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |     59000 | PA      | $40082.03     | 0.10%             | 2060-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer