# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-25-180647
**Filing Date:** 2025-7
**Character Count:** 595152
**Document Hash:** 9792c6f056031060c1b339113492613b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180647.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180647

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 251154597

**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 International Bond Opportunities ETF (Series ID: S000054802)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000172241 | JPMorgan International Bond Opportunities ETF | JPIB            |

## Nport-Ex

**JPMorgan International Bond Opportunities ETF**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — 60.6%** | **Corporate Bonds — 60.6%** | **Corporate Bonds — 60.6%** |
| **Australia — 0.7%** | **Australia — 0.7%** | **Australia — 0.7%** |
| &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd. 2.00%, 7/15/2030 (a) | &nbsp;&nbsp; EUR150,000 | &nbsp;&nbsp; 160641 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia 2.69%, 3/11/2031 (b) (c) | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1095570 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 5/8/2028 (b) | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 457637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/6/2030 (b) | &nbsp;&nbsp; 29000 | &nbsp;&nbsp; 30758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 4/27/2031 (b) | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 398852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 9/23/2031 (b) | &nbsp;&nbsp; 398000 | &nbsp;&nbsp; 343925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/4/2034 (b) | &nbsp;&nbsp; 933000 | &nbsp;&nbsp; 938383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 4/1/2035 (b) | &nbsp;&nbsp; 2070000 | &nbsp;&nbsp; 2075581 |
|  |  | &nbsp;&nbsp; 5501347 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| &nbsp;&nbsp;&nbsp; Benteler International AG 9.38%, 5/15/2028 (a) | &nbsp;&nbsp; EUR1,131,000 | &nbsp;&nbsp; 1350692 |
| &nbsp;&nbsp;&nbsp; Lenzing AG (EUR Swap Annual 5 Year + 11.21%), 5.75%, 9/7/2025 (a) (d) (e) (f) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 676470 |
|  |  | &nbsp;&nbsp; 2027162 |
| **Belgium — 0.5%** | **Belgium — 0.5%** | **Belgium — 0.5%** |
| &nbsp;&nbsp;&nbsp; Azelis Finance NV 5.75%, 3/15/2028 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1524058 |
| &nbsp;&nbsp;&nbsp; KBC Group NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 4.93%), 8.00%, 9/5/2028 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1247848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (b) (f) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205448 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 901275 |
|  |  | &nbsp;&nbsp; 3878629 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV 7.25%, 2/13/2033 (a) | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 304675 |
| &nbsp;&nbsp;&nbsp; Guara Norte SARL 5.20%, 6/15/2034 (b) | &nbsp;&nbsp; 259561 | &nbsp;&nbsp; 242106 |
| &nbsp;&nbsp;&nbsp; Klabin Austria GmbH 7.00%, 4/3/2049 (a) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198500 |
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2031 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp; 43419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/16/2047 (a) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205140 |
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd. 6.40%, 6/28/2054 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 666596 |
|  |  | &nbsp;&nbsp; 1660436 |
| **Canada — 0.7%** | **Canada — 0.7%** | **Canada — 0.7%** |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 2/2/2032 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 359892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 4.59%, 5/4/2037 (c) (f) | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 531263 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. 3.50%, 5/1/2050 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 62100 |
| &nbsp;&nbsp;&nbsp; Emera US Finance LP 2.64%, 6/15/2031 | &nbsp;&nbsp; 3272000 | &nbsp;&nbsp; 2817376 |
| &nbsp;&nbsp;&nbsp; Emera, Inc. Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (f) | &nbsp;&nbsp; 236000 | &nbsp;&nbsp; 237159 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.25%, 1/15/2084 (f) | &nbsp;&nbsp; 1253000 | &nbsp;&nbsp; 1313494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.43%), 8.50%, 1/15/2084 (f) | &nbsp;&nbsp; 123000 | &nbsp;&nbsp; 133470 |
| &nbsp;&nbsp;&nbsp; Transcanada Trust Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (f) | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 56599 |
|  |  | &nbsp;&nbsp; 5511353 |
| **Chile — 0.0% ^** | **Chile — 0.0% ^** | **Chile — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Alfa Desarrollo SpA 4.55%, 9/27/2051 (b) | &nbsp;&nbsp; 335936 | &nbsp;&nbsp; 242818 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **China — 0.0% ^** | **China — 0.0% ^** | **China — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CFAMC III Co. Ltd. 4.25%, 11/7/2027 (a) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 194950 |
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd. 3.13%, 10/22/2025 (a) (g) | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 39750 |
|  |  | &nbsp;&nbsp; 234700 |
| **Colombia — 0.0% ^** | **Colombia — 0.0% ^** | **Colombia — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AI Candelaria - spain- SA 5.75%, 6/15/2033 (b) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 208827 |
| **Denmark — 0.5%** | **Denmark — 0.5%** | **Denmark — 0.5%** |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 0.88%), 0.75%, 6/9/2029 (a) (f) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 534234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 1.70%), 4.75%, 6/21/2030 (a) (f) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2184792 |
| &nbsp;&nbsp;&nbsp; Orsted A/S (EUR Swap Annual 5 Year + 2.62%), 5.25%, 12/8/3022 (a) (f) | &nbsp;&nbsp; EUR1,250,000 | &nbsp;&nbsp; 1439599 |
|  |  | &nbsp;&nbsp; 4158625 |
| **France — 9.4%** | **France — 9.4%** | **France — 9.4%** |
| &nbsp;&nbsp;&nbsp; Airbus SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 6/9/2030 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1187331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 5/13/2031 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 315071 |
| &nbsp;&nbsp;&nbsp; Alstom SA (EURIBOR ICE Swap Rate 5 Year + 2.93%), 5.87%, 5/29/2029 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1757356 |
| &nbsp;&nbsp;&nbsp; Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/1/2027 (a) | &nbsp;&nbsp; EUR1,850,000 | &nbsp;&nbsp; 1932659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/15/2028 (a) | &nbsp;&nbsp; EUR2,100,000 | &nbsp;&nbsp; 2021890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/2029 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 289605 |
| &nbsp;&nbsp;&nbsp; Autoroutes du Sud de la France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 4/20/2026 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 899504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/19/2033 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 680132 |
| &nbsp;&nbsp;&nbsp; AXA SA (EURIBOR 3 Month + 3.75%), 3.38%, 7/6/2047 (a) (f) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 687728 |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS 7.00%, 5/1/2029 (a) | &nbsp;&nbsp; EUR1,268,000 | &nbsp;&nbsp; 1504899 |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS 6.50%, 7/18/2030 (a) | &nbsp;&nbsp; EUR1,450,000 | &nbsp;&nbsp; 1661489 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.35%), 8.50%, 8/14/2028 (b) (c) (d) (e) (f) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1059210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (b) (c) (d) (e) (f) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 4.63%), 7.38%, 6/11/2030 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 493353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%), 5.79%, 1/13/2033 (b) (f) | &nbsp;&nbsp; 1730000 | &nbsp;&nbsp; 1772024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%), 5.91%, 11/19/2035 (b) (f) | &nbsp;&nbsp; 870000 | &nbsp;&nbsp; 864998 |
| &nbsp;&nbsp;&nbsp; BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%), 5.98%, 1/18/2027 (b) (f) | &nbsp;&nbsp; 2038000 | &nbsp;&nbsp; 2050653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.00%), 0.50%, 9/15/2027 (a) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 442535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/13/2028 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1068361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 2.28%, 1/20/2032 (b) (f) | &nbsp;&nbsp; 1385000 | &nbsp;&nbsp; 1175965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 3.12%, 10/19/2032 (b) (f) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 214513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 6.29%, 1/14/2036 (b) (f) | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 321802 |
| &nbsp;&nbsp;&nbsp; Cerba Healthcare SACA 3.50%, 5/31/2028 (a) | &nbsp;&nbsp; EUR419,000 | &nbsp;&nbsp; 366330 |
| &nbsp;&nbsp;&nbsp; Chrome Holdco SAS 5.00%, 5/31/2029 (a) | &nbsp;&nbsp; EUR280,000 | &nbsp;&nbsp; 67473 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 1.25%, 1/26/2027 (b) (f) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 976880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (U.K. Government Bonds 1 Year Note Generic Bid Yield + 2.60%), 5.75%, 11/29/2027 (a) (f) | &nbsp;&nbsp; GBP500,000 | &nbsp;&nbsp; 681122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/25/2029 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 220147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%), 6.32%, 10/3/2029 (b) (f) | &nbsp;&nbsp; 1545000 | &nbsp;&nbsp; 1615401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.86%, 1/9/2036 (b) (f) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253980 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| &nbsp;&nbsp;&nbsp; Electricite de France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.86%), 2.63%, 12/1/2027 (a) (d) (e) (f) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 881691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.86%), 7.50%, 9/6/2028 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1750404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.97%), 3.38%, 6/15/2030 (a) (d) (e) (f) | &nbsp;&nbsp; EUR2,000,000 | &nbsp;&nbsp; 2133606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/23/2033 (b) | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1843280 |
| &nbsp;&nbsp;&nbsp; Elis SA 1.63%, 4/3/2028 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1316214 |
| &nbsp;&nbsp;&nbsp; ELO SACA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 7/23/2027 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1326796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/17/2028 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 333145 |
| &nbsp;&nbsp;&nbsp; Eutelsat SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/13/2028 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 683832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 4/13/2029 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1307273 |
| &nbsp;&nbsp;&nbsp; Forvia SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 6/15/2027 (a) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1762555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/15/2028 (a) | &nbsp;&nbsp; EUR1,650,000 | &nbsp;&nbsp; 1843329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/2030 (b) | &nbsp;&nbsp; EUR234,000 | &nbsp;&nbsp; 267602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/2031 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1468705 |
| &nbsp;&nbsp;&nbsp; Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028 (a) | &nbsp;&nbsp; EUR450,000 | &nbsp;&nbsp; 519976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2031 (a) | &nbsp;&nbsp; EUR380,000 | &nbsp;&nbsp; 459133 |
| &nbsp;&nbsp;&nbsp; iliad SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/14/2027 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 709781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/11/2028 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1091434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/15/2029 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 238161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/2030 (a) | &nbsp;&nbsp; EUR2,300,000 | &nbsp;&nbsp; 2776375 |
| &nbsp;&nbsp;&nbsp; Loxam SAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/15/2026 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 339652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2027 (a) | &nbsp;&nbsp; EUR388,000 | &nbsp;&nbsp; 443335 |
| &nbsp;&nbsp;&nbsp; Orange SA (EUR Swap Annual 5 Year + 2.10%), 1.75%, 7/15/2028 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1180753 |
| &nbsp;&nbsp;&nbsp; Paprec Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/2028 (a) | &nbsp;&nbsp; EUR873,000 | &nbsp;&nbsp; 984835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/17/2029 (a) | &nbsp;&nbsp; EUR1,082,000 | &nbsp;&nbsp; 1293056 |
| &nbsp;&nbsp;&nbsp; Picard Groupe SAS 6.38%, 7/1/2029 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 591827 |
| &nbsp;&nbsp;&nbsp; RCI Banque SA (EURIBOR ICE Swap Rate 5 Year + 2.75%), 5.50%, 10/9/2034 (a) (f) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1073438 |
| &nbsp;&nbsp;&nbsp; Renault SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 6/24/2025 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 567199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 9/28/2026 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1010761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/2/2027 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 450842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/4/2027 (a) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 1958655 |
| &nbsp;&nbsp;&nbsp; Rexel SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 6/15/2028 (a) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 1976928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/15/2030 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 357241 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.93%), 4.75%, 5/26/2026 (b) (c) (d) (e) (f) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 391317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.45%), 10.00%, 11/14/2028 (b) (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 478551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.13%, 11/21/2029 (b) (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1055731 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (b) (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 468350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.10%, 4/13/2033 (b) (f) | &nbsp;&nbsp; 2527000 | &nbsp;&nbsp; 2599412 |
| &nbsp;&nbsp;&nbsp; SPIE SA 2.63%, 6/18/2026 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 682292 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA 3.13%, 5/29/2050 | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp; 794977 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital SA 5.28%, 9/10/2054 | &nbsp;&nbsp; 2008000 | &nbsp;&nbsp; 1823784 |
| &nbsp;&nbsp;&nbsp; Valeo SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/28/2027 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1410203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/11/2030 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 788448 |
| &nbsp;&nbsp;&nbsp; Veolia Environnement SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 2.15%), 1.63%, 6/1/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 444617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.82%), 5.99%, 11/22/2028 (a) (d) (e) (f) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1090976 |
| &nbsp;&nbsp;&nbsp; Vinci SA 1.75%, 9/26/2030 (a) | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 107484 |
| &nbsp;&nbsp;&nbsp; Viridien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/2030 (b) | &nbsp;&nbsp; EUR386,000 | &nbsp;&nbsp; 418678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/2030 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 325397 |
|  |  | &nbsp;&nbsp; 74612491 |
| **Germany — 5.9%** | **Germany — 5.9%** | **Germany — 5.9%** |
| &nbsp;&nbsp;&nbsp; Adler Pelzer Holding GmbH 9.50%, 4/1/2027 (a) | &nbsp;&nbsp; EUR578,000 | &nbsp;&nbsp; 625034 |
| &nbsp;&nbsp;&nbsp; Allianz SE (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 5.60%, 9/3/2054 (b) (f) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 391470 |
| &nbsp;&nbsp;&nbsp; ASK Chemicals Deutschland Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/2029 (b) | &nbsp;&nbsp; EUR382,000 | &nbsp;&nbsp; 425067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/2029 (a) | &nbsp;&nbsp; EUR650,000 | &nbsp;&nbsp; 723282 |
| &nbsp;&nbsp;&nbsp; Bayer AG (EUR Swap Annual 5 Year + 3.90%), 7.00%, 9/25/2083 (a) (f) | &nbsp;&nbsp; EUR2,400,000 | &nbsp;&nbsp; 2891991 |
| &nbsp;&nbsp;&nbsp; Birkenstock Financing SARL 5.25%, 4/30/2029 (a) | &nbsp;&nbsp; EUR1,800,000 | &nbsp;&nbsp; 2071857 |
| &nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/11/2027 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 679786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/15/2028 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1116493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/2030 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 917444 |
| &nbsp;&nbsp;&nbsp; Commerzbank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.35%), 4.00%, 12/5/2030 (a) (f) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 341619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 5.13%), 7.88%, 10/9/2031 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 991248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.25%), 4.00%, 7/16/2032 (a) (f) | &nbsp;&nbsp; EUR3,700,000 | &nbsp;&nbsp; 4296494 |
| &nbsp;&nbsp;&nbsp; CT Investment GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 4/15/2030 (b) | &nbsp;&nbsp; EUR197,000 | &nbsp;&nbsp; 230953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 4/15/2030 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1289587 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.50%), 1.38%, 2/17/2032 (a) (f) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 704805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 3.74%, 1/7/2033 (f) | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 396108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%), 5.40%, 9/11/2035 (f) | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp; 1132013 |
| &nbsp;&nbsp;&nbsp; Evonik Industries AG (EUR Swap Annual 5 Year + 1.84%), 1.38%, 9/2/2081 (a) (f) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1099116 |
| &nbsp;&nbsp;&nbsp; Fressnapf Holding SE 5.25%, 10/31/2031 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1389627 |
| &nbsp;&nbsp;&nbsp; Heidelberg Materials Finance Luxembourg SA 4.88%, 11/21/2033 (a) | &nbsp;&nbsp; EUR1,250,000 | &nbsp;&nbsp; 1551493 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.75% (Cash), 5/15/2028 (a) (h) (i) | &nbsp;&nbsp; EUR1,263,169 | &nbsp;&nbsp; 1502023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% (Cash), 11/15/2031 (a) (h) | &nbsp;&nbsp; EUR1,273,000 | &nbsp;&nbsp; 1518014 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/21/2030 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1308322 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/23/2030 (b) | &nbsp;&nbsp; EUR632,000 | &nbsp;&nbsp; 731784 |
| &nbsp;&nbsp;&nbsp; Phoenix PIB Dutch Finance BV 4.88%, 7/10/2029 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1418125 |
| &nbsp;&nbsp;&nbsp; ProGroup AG 5.13%, 4/15/2029 (a) | &nbsp;&nbsp; EUR510,000 | &nbsp;&nbsp; 577671 |
| &nbsp;&nbsp;&nbsp; Schaeffler AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/12/2028 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1444954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 8/14/2029 (a) | &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 1949490 |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (a) | &nbsp;&nbsp; EUR1,098,997 | &nbsp;&nbsp; 1247861 |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 675 mbH 5.38%, 7/15/2029 (a) | &nbsp;&nbsp; EUR1,346,000 | &nbsp;&nbsp; 1564457 |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH 4.38%, 7/15/2027 (a) | &nbsp;&nbsp; EUR740,000 | &nbsp;&nbsp; 839183 |
| &nbsp;&nbsp;&nbsp; TUI Cruises GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2029 (b) | &nbsp;&nbsp; EUR124,000 | &nbsp;&nbsp; 146956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2029 (a) | &nbsp;&nbsp; EUR1,050,000 | &nbsp;&nbsp; 1244382 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC 5.80%, 3/27/2035 (b) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197712 |
| &nbsp;&nbsp;&nbsp; Volkswagen International Finance NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 10 Year + 3.98%), 4.63%, 6/27/2028 (a) (d) (e) (f) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 338890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/18/2030 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 677763 |
| &nbsp;&nbsp;&nbsp; Volkswagen Leasing GmbH 4.00%, 4/11/2031 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 233464 |
| &nbsp;&nbsp;&nbsp; Vonovia SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 9/1/2032 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 930468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/10/2034 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1172110 |
| &nbsp;&nbsp;&nbsp; ZF Europe Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/23/2026 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1120411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/23/2027 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 864073 |
| &nbsp;&nbsp;&nbsp; ZF Finance GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/3/2028 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1152591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/21/2028 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1184505 |
|  |  | &nbsp;&nbsp; 46630696 |
| **India — 0.1%** | **India — 0.1%** | **India — 0.1%** |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV 3.85%, 3/29/2026 (b) | &nbsp;&nbsp; 176000 | &nbsp;&nbsp; 172260 |
| &nbsp;&nbsp;&nbsp; Greenko Power II Ltd. 4.30%, 12/13/2028 (b) | &nbsp;&nbsp; 354875 | &nbsp;&nbsp; 332163 |
|  |  | &nbsp;&nbsp; 504423 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| &nbsp;&nbsp;&nbsp; Indonesia Asahan Aluminium PT 5.45%, 5/15/2030 (b) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201065 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT 3.65%, 7/30/2029 (b) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 381000 |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.13%, 5/15/2027 (a) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197025 |
|  |  | &nbsp;&nbsp; 779090 |
| **Ireland — 2.0%** | **Ireland — 2.0%** | **Ireland — 2.0%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 1/15/2027 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp; 647481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/6/2028 | &nbsp;&nbsp; 342000 | &nbsp;&nbsp; 351438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/10/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 1/30/2032 | &nbsp;&nbsp; 3758000 | &nbsp;&nbsp; 3336946 |
| &nbsp;&nbsp;&nbsp; AIB Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 6.63%), 6.25%, 6/23/2025 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 796262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 1 Year + 1.95%), 4.63%, 7/23/2029 (a) (f) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 357816 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ireland — continued** | **Ireland — continued** | **Ireland — continued** |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (b) | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 315041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2026 (b) | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 59370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/4/2028 (b) | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 295028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2029 (b) | &nbsp;&nbsp; 2030000 | &nbsp;&nbsp; 2066876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029 (b) | &nbsp;&nbsp; 567000 | &nbsp;&nbsp; 575063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 1/15/2030 (b) | &nbsp;&nbsp; 1840000 | &nbsp;&nbsp; 1831223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/30/2030 (b) | &nbsp;&nbsp; 2095000 | &nbsp;&nbsp; 2095377 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (EUR Swap Annual 5 Year + 6.43%), 6.00%, 9/1/2025 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 685153 |
| &nbsp;&nbsp;&nbsp; eircom Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/15/2026 (a) | &nbsp;&nbsp; EUR869,578 | &nbsp;&nbsp; 985388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/15/2029 (a) | &nbsp;&nbsp; EUR1,210,000 | &nbsp;&nbsp; 1435742 |
|  |  | &nbsp;&nbsp; 15983047 |
| **Italy — 5.8%** | **Italy — 5.8%** | **Italy — 5.8%** |
| &nbsp;&nbsp;&nbsp; Agrifarma SpA 4.50%, 10/31/2028 (a) | &nbsp;&nbsp; EUR1,550,000 | &nbsp;&nbsp; 1764406 |
| &nbsp;&nbsp;&nbsp; Autostrade per l'Italia SpA 5.13%, 6/14/2033 (a) | &nbsp;&nbsp; EUR1,650,000 | &nbsp;&nbsp; 2021502 |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 7/12/2026 (b) (j) | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 976293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/6/2028 (b) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 193988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 7/12/2028 (b) (j) | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 394160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 6/17/2030 (a) (j) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 203569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 1/17/2031 (a) | &nbsp;&nbsp; EUR493,000 | &nbsp;&nbsp; 497084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/12/2031 (b) (j) | &nbsp;&nbsp; 536000 | &nbsp;&nbsp; 464039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/2032 (b) | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp; 3558353 |
| &nbsp;&nbsp;&nbsp; Enel SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 63.5, (EUR Swap Annual 5 Year + 2.58%), 3.38%, 8/24/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 908313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 9.5Y, (EUR Swap Annual 5 Year + 2.01%), 1.88%, 6/8/2030 (a) (d) (e) (f) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 300312 |
| &nbsp;&nbsp;&nbsp; Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/9/2029 (b) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 245530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/19/2035 (b) | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 290403 |
| &nbsp;&nbsp;&nbsp; Fibercop SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 1/28/2026 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 226600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/25/2026 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 455027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/12/2027 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 552851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/15/2028 (a) | &nbsp;&nbsp; EUR1,784,000 | &nbsp;&nbsp; 2180158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 1/18/2029 | &nbsp;&nbsp; EUR1,102,000 | &nbsp;&nbsp; 1163446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 1/24/2033 | &nbsp;&nbsp; EUR430,000 | &nbsp;&nbsp; 578863 |
| &nbsp;&nbsp;&nbsp; Generali |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 7/14/2031 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 214163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047 (a) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 238752 |
| &nbsp;&nbsp;&nbsp; Guala Closures SpA 3.25%, 6/15/2028 (a) | &nbsp;&nbsp; EUR934,000 | &nbsp;&nbsp; 1026192 |
| &nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/21/2028 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 873932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/2030 (a) | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 114359 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR276,000 | &nbsp;&nbsp; 328693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 5.56%), 6.38%, 3/30/2028 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 235038 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/13/2030 (a) | &nbsp;&nbsp; EUR1,595,000 | &nbsp;&nbsp; 1995928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.48%), 3.85%, 9/16/2032 (a) (f) | &nbsp;&nbsp; EUR2,150,000 | &nbsp;&nbsp; 2485343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/20/2033 (b) | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp; 1299252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (b) (f) | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 535897 |
| &nbsp;&nbsp;&nbsp; Lottomatica Group Spa 4.88%, 1/31/2031 (b) | &nbsp;&nbsp; EUR472,000 | &nbsp;&nbsp; 548960 |
| &nbsp;&nbsp;&nbsp; Lottomatica Group SpA 5.38%, 6/1/2030 (a) | &nbsp;&nbsp; EUR1,291,000 | &nbsp;&nbsp; 1521814 |
| &nbsp;&nbsp;&nbsp; Mundys SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 7/13/2027 (a) | &nbsp;&nbsp; EUR550,000 | &nbsp;&nbsp; 612275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/12/2028 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1531036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/24/2029 (a) | &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 2007283 |
| &nbsp;&nbsp;&nbsp; Neopharmed Gentili SpA 7.13%, 4/8/2030 (a) | &nbsp;&nbsp; EUR1,428,000 | &nbsp;&nbsp; 1695714 |
| &nbsp;&nbsp;&nbsp; Pro-Gest SpA 3.25%, 12/15/2024 (a) (g) | &nbsp;&nbsp; EUR477,000 | &nbsp;&nbsp; 140819 |
| &nbsp;&nbsp;&nbsp; Rekeep SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/15/2029 (b) | &nbsp;&nbsp; EUR261,000 | &nbsp;&nbsp; 292795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/15/2029 (a) | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 112182 |
| &nbsp;&nbsp;&nbsp; Rossini Sarl 6.75%, 12/31/2029 (a) | &nbsp;&nbsp; EUR1,632,000 | &nbsp;&nbsp; 1957218 |
| &nbsp;&nbsp;&nbsp; TeamSystem SpA 3.50%, 2/15/2028 (a) | &nbsp;&nbsp; EUR185,000 | &nbsp;&nbsp; 207695 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Finance SA 7.75%, 1/24/2033 | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 142444 |
| &nbsp;&nbsp;&nbsp; Telecom Italia SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 2/15/2028 (a) | &nbsp;&nbsp; EUR1,096,000 | &nbsp;&nbsp; 1353739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 7/31/2028 (a) | &nbsp;&nbsp; EUR1,760,000 | &nbsp;&nbsp; 2250689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 1/18/2029 (a) | &nbsp;&nbsp; EUR698,000 | &nbsp;&nbsp; 752388 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.93%), 5.38%, 6/3/2025 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 454180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 470076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (b) (f) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 194216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.61%), 4.45%, 12/3/2027 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 223956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 0.85%), 0.93%, 1/18/2028 (a) (f) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 664090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.90%), 4.80%, 1/17/2029 (a) (f) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1321226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.80%), 2.73%, 1/15/2032 (a) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 224684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (b) (f) | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 366434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 6/11/2034 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 700425 |
|  |  | &nbsp;&nbsp; 46068784 |
| **Japan — 0.5%** | **Japan — 0.5%** | **Japan — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), <br> 2.34%, 1/19/2028 (f)<br>| &nbsp;&nbsp; 707000 | &nbsp;&nbsp; 681647 |
| &nbsp;&nbsp;&nbsp; Rakuten Group, Inc. (EUR Swap Annual 5 Year + 4.49%), 4.25%, 4/22/2027 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1267653 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/26/2028 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp; 1125209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 7/9/2029 | &nbsp;&nbsp; EUR363,000 | &nbsp;&nbsp; 383205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 7/5/2034 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 524870 |
|  |  | &nbsp;&nbsp; 3982584 |
| **Jersey — 0.2%** | **Jersey — 0.2%** | **Jersey — 0.2%** |
| &nbsp;&nbsp;&nbsp; Waga Bondco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/15/2030 (b) | &nbsp;&nbsp; GBP220,000 | &nbsp;&nbsp; 293082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/15/2030 (a) | &nbsp;&nbsp; GBP700,000 | &nbsp;&nbsp; 932535 |
|  |  | &nbsp;&nbsp; 1225617 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** |
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/24/2030 (a) | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 592106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/19/2047 (a) | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 763490 |
|  |  | &nbsp;&nbsp; 1355596 |
| **Luxembourg — 1.9%** | **Luxembourg — 1.9%** | **Luxembourg — 1.9%** |
| &nbsp;&nbsp;&nbsp; AccorInvest Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/15/2029 (a) | &nbsp;&nbsp; EUR2,055,000 | &nbsp;&nbsp; 2441832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2031 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 572902 |
| &nbsp;&nbsp;&nbsp; Altice Financing SA 3.00%, 1/15/2028 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 613994 |
| &nbsp;&nbsp;&nbsp; Altice France Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/2027 (a) | &nbsp;&nbsp; EUR573,000 | &nbsp;&nbsp; 234221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/2028 (a) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 82614 |
| &nbsp;&nbsp;&nbsp; Herens Midco SARL 5.25%, 5/15/2029 (a) | &nbsp;&nbsp; EUR1,303,000 | &nbsp;&nbsp; 1117756 |
| &nbsp;&nbsp;&nbsp; INEOS Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2028 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 583279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 4/15/2029 (a) | &nbsp;&nbsp; EUR1,198,000 | &nbsp;&nbsp; 1376647 |
| &nbsp;&nbsp;&nbsp; Matterhorn Telecom SA 3.13%, 9/15/2026 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 680078 |
| &nbsp;&nbsp;&nbsp; Monitchem HoldCo 3 SA 8.75%, 5/1/2028 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 343073 |
| &nbsp;&nbsp;&nbsp; PLT VII Finance Sarl 6.00%, 6/15/2031 (a) | &nbsp;&nbsp; EUR1,577,000 | &nbsp;&nbsp; 1849734 |
| &nbsp;&nbsp;&nbsp; SELP Finance Sarl, REIT 3.75%, 1/16/2032 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1370487 |
| &nbsp;&nbsp;&nbsp; SELP Finance SARL, REIT 0.88%, 5/27/2029 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1449424 |
| &nbsp;&nbsp;&nbsp; SES SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 3.19%), 2.88%, 5/27/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,600,000 | &nbsp;&nbsp; 1744266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/4/2027 (a) | &nbsp;&nbsp; EUR130,000 | &nbsp;&nbsp; 139787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 3.23%), 5.50%, 9/12/2054 (a) (f) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 757384 |
|  |  | &nbsp;&nbsp; 15357478 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| &nbsp;&nbsp;&nbsp; Petronas Capital Ltd. 3.40%, 4/28/2061 (b) | &nbsp;&nbsp; 1246000 | &nbsp;&nbsp; 781740 |
| **Mexico — 0.7%** | **Mexico — 0.7%** | **Mexico — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (b) (c) (f)<br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 189750 |
| &nbsp;&nbsp;&nbsp; Bimbo Bakeries USA, Inc. 5.38%, 1/9/2036 (b) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 966000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.13%, 6/8/2026 (b) <br> (d) (e) (f)<br>| &nbsp;&nbsp; 1148000 | &nbsp;&nbsp; 1132502 |
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad 6.45%, 1/24/2035 (b) | &nbsp;&nbsp; 566000 | &nbsp;&nbsp; 543643 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%, 1/31/2041 (b) | &nbsp;&nbsp; 925647 | &nbsp;&nbsp; 910721 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos 6.50%, 1/23/2029 | &nbsp;&nbsp; 721000 | &nbsp;&nbsp; 687682 |
| &nbsp;&nbsp;&nbsp; Saavi Energia Sarl 8.88%, 2/10/2035 (b) | &nbsp;&nbsp; 605000 | &nbsp;&nbsp; 615890 |
| &nbsp;&nbsp;&nbsp; Southern Copper Corp. 5.88%, 4/23/2045 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 132747 |
|  |  | &nbsp;&nbsp; 5178935 |
| **Morocco — 0.1%** | **Morocco — 0.1%** | **Morocco — 0.1%** |
| &nbsp;&nbsp;&nbsp; OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 4/30/2030 (b) | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 559888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/25/2044 (a) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 186906 |
|  |  | &nbsp;&nbsp; 746794 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Netherlands — 2.0%** | **Netherlands — 2.0%** | **Netherlands — 2.0%** |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/28/2025 (b) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.67%), 4.38%, 9/22/2025 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 227317 |
| &nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV 4.50%, 7/15/2031 (a) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1410491 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.68%), 4.38%, 6/29/2027 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1125150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 3.65%, 4/6/2028 (b) (f) | &nbsp;&nbsp; 890000 | &nbsp;&nbsp; 875068 |
| &nbsp;&nbsp;&nbsp; Flora Food Management BV 6.88%, 7/2/2029 (a) | &nbsp;&nbsp; EUR1,292,000 | &nbsp;&nbsp; 1508497 |
| &nbsp;&nbsp;&nbsp; ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026 (c) (d) (e) (f) | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 491945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 4.36%), 8.00%, 5/16/2030 (a) (c) (d) (e) (f) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 422035 |
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV (EURIBOR ICE Swap Rate 5 Year + 1.97%), 4.88%, 6/18/2029 (a) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 468018 |
| &nbsp;&nbsp;&nbsp; Q-Park Holding I BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/1/2027 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 444797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/2029 (a) | &nbsp;&nbsp; EUR1,193,000 | &nbsp;&nbsp; 1395128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/15/2030 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1052460 |
| &nbsp;&nbsp;&nbsp; Sigma Holdco BV 5.75%, 5/15/2026 (a) | &nbsp;&nbsp; EUR81,972 | &nbsp;&nbsp; 92737 |
| &nbsp;&nbsp;&nbsp; Sunrise HoldCo IV BV 3.88%, 6/15/2029 (a) | &nbsp;&nbsp; EUR1,300,000 | &nbsp;&nbsp; 1462067 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV 6.63%, 7/15/2030 (b) | &nbsp;&nbsp; EUR307,000 | &nbsp;&nbsp; 358134 |
| &nbsp;&nbsp;&nbsp; VZ Vendor Financing II BV 2.88%, 1/15/2029 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1130340 |
| &nbsp;&nbsp;&nbsp; Wolters Kluwer NV 3.75%, 4/3/2031 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 587743 |
| &nbsp;&nbsp;&nbsp; Ziggo Bond Co. BV 3.38%, 2/28/2030 (a) | &nbsp;&nbsp; EUR2,530,000 | &nbsp;&nbsp; 2471719 |
|  |  | &nbsp;&nbsp; 15723516 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| &nbsp;&nbsp;&nbsp; ANZ New Zealand Int'l Ltd. 2.55%, 2/13/2030 (b) | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 447587 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA (U.K. Government Bonds 1 Year Note Generic Bid Yield + 1.35%), 2.63%, 6/10/2026 (a) (f) | &nbsp;&nbsp; GBP1,000,000 | &nbsp;&nbsp; 1346744 |
| **Portugal — 0.9%** | **Portugal — 0.9%** | **Portugal — 0.9%** |
| &nbsp;&nbsp;&nbsp; EDP Finance BV 1.50%, 11/22/2027 (a) | &nbsp;&nbsp; EUR750,000 | &nbsp;&nbsp; 832100 |
| &nbsp;&nbsp;&nbsp; EDP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080 (a) (f) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1131714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.38%), 1.88%, 8/2/2081 (a) (f) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 558244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5., (EUR Swap Annual 5 Year + 1.89%), 1.50%, 3/14/2082 (a) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 439987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.18%), 5.94%, 4/23/2083 (a) (f) | &nbsp;&nbsp; EUR3,400,000 | &nbsp;&nbsp; 4082510 |
|  |  | &nbsp;&nbsp; 7044555 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital plc 5.50%, 5/2/2033 (b) | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 1164080 |
| **Spain — 4.7%** | **Spain — 4.7%** | **Spain — 4.7%** |
| &nbsp;&nbsp;&nbsp; Abertis Infraestructuras Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.27%), 2.63%, 1/26/2027 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 1900056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 2.62%), 4.87%, 11/28/2029 (a) (d) (e) (f) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 694044 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 5.54%), 8.38%, 6/21/2028 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 497327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, 3/19/2029 (c) (d) (e) (f) | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1317073 |
| &nbsp;&nbsp;&nbsp; Banco de Sabadell SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 5.17%), 5.00%, 5/19/2027 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 225780 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 6.83%), 9.38%, 7/18/2028 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 511929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 1.25%), 3.50%, 5/27/2031 (a) (f) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1146224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 1.25%), 3.38%, 2/18/2033 (a) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 224671 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (f) | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 769000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (c) (d) (e) (f) | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 660508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.43%), 7.00%, 11/20/2029 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 714482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/18/2031 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 614173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (c) (d) (e) (f) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 459916 |
| &nbsp;&nbsp;&nbsp; Bankinter SA (EURIBOR ICE Swap Rate 1 Year + 1.10%), 3.50%, 9/10/2032 (a) (f) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 919819 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 3/27/2026 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1125458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 6.35%), 5.88%, 10/9/2027 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 934475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.65%), 5.00%, 7/19/2029 (a) (f) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 844324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 5.30%), 7.50%, 1/16/2030 (a) (c) (d) (e) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 492218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.50%), 4.13%, 2/9/2032 (a) (f) | &nbsp;&nbsp; EUR1,900,000 | &nbsp;&nbsp; 2242247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.30%), 3.63%, 9/19/2032 (a) (f) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 573164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.77%), 6.84%, 9/13/2034 (b) (f) | &nbsp;&nbsp; 2175000 | &nbsp;&nbsp; 2355870 |
| &nbsp;&nbsp;&nbsp; Cellnex Finance Co. SA 2.25%, 4/12/2026 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 566927 |
| &nbsp;&nbsp;&nbsp; Cirsa Finance International Sarl 6.50%, 3/15/2029 (a) | &nbsp;&nbsp; EUR149,000 | &nbsp;&nbsp; 177472 |
| &nbsp;&nbsp;&nbsp; Cirsa Finance International SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 7/31/2028 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1070446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/2029 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1071980 |
| &nbsp;&nbsp;&nbsp; eDreams ODIGEO SA 5.50%, 7/15/2027 (a) | &nbsp;&nbsp; EUR1,007,000 | &nbsp;&nbsp; 1154878 |
| &nbsp;&nbsp;&nbsp; Grifols SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 (a) | &nbsp;&nbsp; EUR765,000 | &nbsp;&nbsp; 850045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2028 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 543495 |
| &nbsp;&nbsp;&nbsp; Grupo Antolin-Irausa SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/30/2028 (a) | &nbsp;&nbsp; EUR650,000 | &nbsp;&nbsp; 512386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 1/30/2030 (a) | &nbsp;&nbsp; EUR298,000 | &nbsp;&nbsp; 245060 |
| &nbsp;&nbsp;&nbsp; Iberdrola International BV Series NC5, (EUR Swap Annual 5 Year + 2.32%), 1.87%, 1/28/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 336965 |
| &nbsp;&nbsp;&nbsp; Kaixo Bondco Telecom SA 5.13%, 9/30/2029 (a) | &nbsp;&nbsp; EUR1,142,000 | &nbsp;&nbsp; 1316134 |
| &nbsp;&nbsp;&nbsp; Lorca Telecom Bondco SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/18/2027 (a) | &nbsp;&nbsp; EUR1,666,000 | &nbsp;&nbsp; 1891660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/30/2029 (a) | &nbsp;&nbsp; EUR950,000 | &nbsp;&nbsp; 1125907 |
| &nbsp;&nbsp;&nbsp; Telefonica Emisiones SA 4.67%, 3/6/2038 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 132512 |
| &nbsp;&nbsp;&nbsp; Telefonica Europe BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 8 Year + 2.97%), 3.88%, 6/22/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1024460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 6 Year + 2.87%), 2.88%, 2/24/2028 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1323844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 7 Year + 3.35%), 6.14%, 2/3/2030 (a) (d) (e) (f) | &nbsp;&nbsp; EUR3,400,000 | &nbsp;&nbsp; 4094054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 8 Year + 3.62%), 6.75%, 6/7/2031 (a) (d) (e) (f) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 867334 |
|  |  | &nbsp;&nbsp; 37528317 |
| **Sweden — 1.3%** | **Sweden — 1.3%** | **Sweden — 1.3%** |
| &nbsp;&nbsp;&nbsp; Asmodee Group AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/15/2029 (b) | &nbsp;&nbsp; EUR104,000 | &nbsp;&nbsp; 123832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/15/2029 (a) | &nbsp;&nbsp; EUR906,667 | &nbsp;&nbsp; 1079559 |
| &nbsp;&nbsp;&nbsp; Heimstaden Bostad AB (EUR Swap Annual 5 Year + 3.91%), 3.38%, 1/15/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1224015 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Sweden — continued** | **Sweden — continued** | **Sweden — continued** |
| &nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget I Norden Holding AB 2.25%, 7/12/2027 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 912050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, <br> 3/1/2031 (a) (c) (d) (e) (f)<br>| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 907524 |
| &nbsp;&nbsp;&nbsp; Verisure Holding AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/15/2026 (a) | &nbsp;&nbsp; EUR365,000 | &nbsp;&nbsp; 413849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/15/2027 (a) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1238104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/2030 (b) | &nbsp;&nbsp; EUR450,000 | &nbsp;&nbsp; 531627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/2030 (a) | &nbsp;&nbsp; EUR879,000 | &nbsp;&nbsp; 1038444 |
| &nbsp;&nbsp;&nbsp; Verisure Midholding AB 5.25%, 2/15/2029 (a) | &nbsp;&nbsp; EUR1,450,000 | &nbsp;&nbsp; 1658750 |
| &nbsp;&nbsp;&nbsp; Volvo Car AB 2.50%, 10/7/2027 (a) | &nbsp;&nbsp; EUR740,000 | &nbsp;&nbsp; 823939 |
|  |  | &nbsp;&nbsp; 9951693 |
| **Switzerland — 1.8%** | **Switzerland — 1.8%** | **Switzerland — 1.8%** |
| &nbsp;&nbsp;&nbsp; Dufry One BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/15/2027 (a) | &nbsp;&nbsp; EUR1,575,000 | &nbsp;&nbsp; 1759273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/18/2031 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 349151 |
| &nbsp;&nbsp;&nbsp; Holcim Finance Luxembourg SA 0.50%, 4/23/2031 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 874142 |
| &nbsp;&nbsp;&nbsp; Holcim Sterling Finance Netherlands BV 2.25%, 4/4/2034 (a) | &nbsp;&nbsp; GBP300,000 | &nbsp;&nbsp; 308520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Re Finance Luxembourg SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, <br> 4/2/2049 (b) (f)<br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197269 |
| &nbsp;&nbsp;&nbsp; UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (b) (f) | &nbsp;&nbsp; 1122000 | &nbsp;&nbsp; 1121153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 1/9/2028 (b) | &nbsp;&nbsp; 1898000 | &nbsp;&nbsp; 1878084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (b) (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 636599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 4.95%), 7.75%, 3/1/2029 (a) (f) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 511930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 0.78%), 2.88%, 2/12/2030 (a) (f) | &nbsp;&nbsp; EUR1,200,000 | &nbsp;&nbsp; 1353795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.31%), 4.38%, 2/10/2031 (b) (c) (d) (e) (f) | &nbsp;&nbsp; 385000 | &nbsp;&nbsp; 337442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.73%), 4.19%, 4/1/2031 (b) (f) | &nbsp;&nbsp; 974000 | &nbsp;&nbsp; 943900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.10%, 2/11/2032 (b) (f) | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 239372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 3.09%, 5/14/2032 (b) (f) | &nbsp;&nbsp; 561000 | &nbsp;&nbsp; 502204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 1/18/2033 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 921837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.75%, 2/11/2033 (b) (f) | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 369016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (b) (c) (d) (e) <br> (f)<br>| &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 913351 |
| &nbsp;&nbsp;&nbsp; Zurich Insurance Co. Ltd. (EURIBOR 3 Month + 3.95%), 3.50%, 10/1/2046 (a) (f) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 800951 |
|  |  | &nbsp;&nbsp; 14017989 |
| **Taiwan — 0.2%** | **Taiwan — 0.2%** | **Taiwan — 0.2%** |
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp. 4.25%, 4/22/2032 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 368965 |
| &nbsp;&nbsp;&nbsp; TSMC Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 4/23/2026 (b) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 679980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/23/2031 (b) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 616196 |
|  |  | &nbsp;&nbsp; 1665141 |
| **United Kingdom — 8.9%** | **United Kingdom — 8.9%** | **United Kingdom — 8.9%** |
| &nbsp;&nbsp;&nbsp; 888 Acquisitions Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56%, 7/15/2027 (b) | &nbsp;&nbsp; EUR230,000 | &nbsp;&nbsp; 261832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56%, 7/15/2027 (a) | &nbsp;&nbsp; EUR385,000 | &nbsp;&nbsp; 437730 |
| &nbsp;&nbsp;&nbsp; Amber Finco plc 6.63%, 7/15/2029 (a) | &nbsp;&nbsp; EUR1,615,000 | &nbsp;&nbsp; 1918490 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 6/3/2029 (a) | &nbsp;&nbsp; EUR700,000 | &nbsp;&nbsp; 726898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/18/2042 | &nbsp;&nbsp; 2390000 | &nbsp;&nbsp; 1987006 |
| &nbsp;&nbsp;&nbsp; Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.22%), 6.49%, 9/13/2029 (f) | &nbsp;&nbsp; 2770000 | &nbsp;&nbsp; 2907097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SONIA + 2.06%), 5.85%, 3/21/2035 (a) (f) | &nbsp;&nbsp; GBP2,000,000 | &nbsp;&nbsp; 2663373 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 8/2/2030 | &nbsp;&nbsp; 3680000 | &nbsp;&nbsp; 3924616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 8/2/2043 | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp; 1086766 |
| &nbsp;&nbsp;&nbsp; Cadent Finance plc 0.63%, 3/19/2030 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 810165 |
| &nbsp;&nbsp;&nbsp; Centrica plc 4.38%, 3/13/2029 (a) | &nbsp;&nbsp; GBP200,000 | &nbsp;&nbsp; 263759 |
| &nbsp;&nbsp;&nbsp; CPUK Finance Ltd. 4.50%, 8/28/2027 (a) | &nbsp;&nbsp; GBP390,000 | &nbsp;&nbsp; 510147 |
| &nbsp;&nbsp;&nbsp; EC Finance plc 3.25%, 10/15/2026 (a) (j) | &nbsp;&nbsp; EUR1,099,000 | &nbsp;&nbsp; 1232261 |
| &nbsp;&nbsp;&nbsp; Eversholt Funding plc 2.74%, 6/30/2040 (a) | &nbsp;&nbsp; GBP635,902 | &nbsp;&nbsp; 718160 |
| &nbsp;&nbsp;&nbsp; Gatwick Funding Ltd. 2.50%, 4/15/2030 (a) | &nbsp;&nbsp; GBP700,000 | &nbsp;&nbsp; 836805 |
| &nbsp;&nbsp;&nbsp; Heathrow Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/12/2025 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 905352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/3/2026 (a) | &nbsp;&nbsp; GBP300,000 | &nbsp;&nbsp; 414564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 2/11/2030 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 316983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/8/2030 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1017130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/5/2032 (a) | &nbsp;&nbsp; GBP400,000 | &nbsp;&nbsp; 536766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 3/14/2034 (a) | &nbsp;&nbsp; EUR250,000 | &nbsp;&nbsp; 242598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 5/13/2041 (a) | &nbsp;&nbsp; GBP100,000 | &nbsp;&nbsp; 129759 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.03%), 7.34%, 11/3/2026 (f) | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 727226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/20/2027 (a) | &nbsp;&nbsp; GBP200,000 | &nbsp;&nbsp; 274928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%), 5.21%, 8/11/2028 (f) | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 383919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 2.01%, 9/22/2028 (f) | &nbsp;&nbsp; 3260000 | &nbsp;&nbsp; 3064641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (f) | &nbsp;&nbsp; 374000 | &nbsp;&nbsp; 360639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 7.05%, 6/5/2030 (d) (e) (f) | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp; 1028584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (c) (d) (e) (f) | &nbsp;&nbsp; 695000 | &nbsp;&nbsp; 625443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 2.87%, 11/22/2032 (f) | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 383175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%), 5.87%, 11/18/2035 (f) | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 445929 |
| &nbsp;&nbsp;&nbsp; Iceland Bondco plc 10.88%, 12/15/2027 (a) | &nbsp;&nbsp; GBP520,000 | &nbsp;&nbsp; 742660 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 3/15/2029 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 919962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2030 (a) | &nbsp;&nbsp; EUR624,000 | &nbsp;&nbsp; 674651 |
| &nbsp;&nbsp;&nbsp; INEOS Styrolution Ludwigshafen GmbH 2.25%, 1/16/2027 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 440128 |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/2026 (a) | &nbsp;&nbsp; EUR280,000 | &nbsp;&nbsp; 319516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/15/2028 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 690012 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 12/10/2025 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (f) | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 415721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobico Group plc (U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.14%), 4.25%, 11/26/2025 (a) (d) <br> (e) (f)<br>| &nbsp;&nbsp; GBP194,000 | &nbsp;&nbsp; 208165 |
| &nbsp;&nbsp;&nbsp; National Grid plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 6/30/2026 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1018447 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 9/1/2028 (a) | &nbsp;&nbsp; EUR800,000 | &nbsp;&nbsp; 840763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 1/16/2035 (a) | &nbsp;&nbsp; EUR1,000,000 | &nbsp;&nbsp; 1182218 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (c) (d) (e) (f) | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 348869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.27%), 5.52%, 9/30/2028 (f) | &nbsp;&nbsp; 1885000 | &nbsp;&nbsp; 1916124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 0.89%), 0.67%, 9/14/2029 (a) (f) | &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2650059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.13%, 11/10/2033 (c) (d) (e) (f) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 424108 |
| &nbsp;&nbsp;&nbsp; NGG Finance plc (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082 (a) (f) | &nbsp;&nbsp; EUR1,530,000 | &nbsp;&nbsp; 1690170 |
| &nbsp;&nbsp;&nbsp; Nomad Foods Bondco plc 2.50%, 6/24/2028 (a) | &nbsp;&nbsp; EUR1,475,000 | &nbsp;&nbsp; 1626705 |
| &nbsp;&nbsp;&nbsp; OEG Finance plc 7.25%, 9/27/2029 (a) | &nbsp;&nbsp; EUR959,000 | &nbsp;&nbsp; 1115137 |
| &nbsp;&nbsp;&nbsp; PeopleCert Wisdom Issuer plc 5.75%, 9/15/2026 (a) | &nbsp;&nbsp; EUR600,000 | &nbsp;&nbsp; 684404 |
| &nbsp;&nbsp;&nbsp; Pinnacle Bidco plc 8.25%, 10/11/2028 (a) | &nbsp;&nbsp; EUR987,000 | &nbsp;&nbsp; 1182327 |
| &nbsp;&nbsp;&nbsp; Punch Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/30/2026 (a) | &nbsp;&nbsp; GBP838,000 | &nbsp;&nbsp; 1129079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/30/2030 (b) (k) | &nbsp;&nbsp; GBP571,000 | &nbsp;&nbsp; 777015 |
| &nbsp;&nbsp;&nbsp; RAC Bond Co. plc 5.25%, 11/4/2027 (a) | &nbsp;&nbsp; GBP1,319,000 | &nbsp;&nbsp; 1735799 |
| &nbsp;&nbsp;&nbsp; RELX Finance BV 0.88%, 3/10/2032 (a) | &nbsp;&nbsp; EUR500,000 | &nbsp;&nbsp; 492034 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.75%), 6.83%, 11/21/2026 (f) | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 287597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.99%), 1.67%, 6/14/2027 (f) | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 869503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%), 6.53%, 1/10/2029 (f) | &nbsp;&nbsp; 665000 | &nbsp;&nbsp; 690450 |
| &nbsp;&nbsp;&nbsp; South Eastern Power Networks plc 5.63%, 9/30/2030 (a) | &nbsp;&nbsp; GBP400,000 | &nbsp;&nbsp; 553476 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (b) (f) | &nbsp;&nbsp; 2170000 | &nbsp;&nbsp; 2315260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031 (b) (f) | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1318275 |
| &nbsp;&nbsp;&nbsp; Synthomer plc 7.38%, 5/2/2029 (a) | &nbsp;&nbsp; EUR250,000 | &nbsp;&nbsp; 282409 |
| &nbsp;&nbsp;&nbsp; Thames Water Utilities Finance plc 4.38%, 1/18/2033 (a) | &nbsp;&nbsp; EUR400,000 | &nbsp;&nbsp; 317556 |
| &nbsp;&nbsp;&nbsp; Virgin Media Finance plc 3.75%, 7/15/2030 (a) | &nbsp;&nbsp; EUR670,000 | &nbsp;&nbsp; 718910 |
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/31/2031 (a) | &nbsp;&nbsp; EUR1,400,000 | &nbsp;&nbsp; 1508209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/15/2032 (a) | &nbsp;&nbsp; EUR350,000 | &nbsp;&nbsp; 409835 |
| &nbsp;&nbsp;&nbsp; Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/28/2054 | &nbsp;&nbsp; 2595000 | &nbsp;&nbsp; 2429070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078 (a) (f) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1036996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (f) | &nbsp;&nbsp; 429000 | &nbsp;&nbsp; 441282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.48%), 3.00%, 8/27/2080 (a) (f) | &nbsp;&nbsp; EUR1,325,000 | &nbsp;&nbsp; 1416084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.49%), 6.50%, 8/30/2084 (a) (f) | &nbsp;&nbsp; EUR1,100,000 | &nbsp;&nbsp; 1359294 |
|  |  | &nbsp;&nbsp; 70520629 |
| **United States — 10.5%** | **United States — 10.5%** | **United States — 10.5%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/2034 | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp; 1444182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049 | &nbsp;&nbsp; 897000 | &nbsp;&nbsp; 718650 |
| &nbsp;&nbsp;&nbsp; Accenture Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/4/2031 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 166922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/4/2034 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 220976 |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) 3.95%, 7/15/2030 (b) | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 39197 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (d) (e) (f) | &nbsp;&nbsp; 104000 | &nbsp;&nbsp; 100574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%), 5.67%, 4/25/2036 (f) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255268 |
| &nbsp;&nbsp;&nbsp; American Medical Systems Europe BV 1.63%, 3/8/2031 | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 105122 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc 2.13%, 8/15/2026 (a) | &nbsp;&nbsp; EUR1,700,000 | &nbsp;&nbsp; 1775844 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/2053 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 86383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | &nbsp;&nbsp; 99000 | &nbsp;&nbsp; 65447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 8/15/2056 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 691408 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.08%, 1/20/2027 (f) | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 210441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 2.55%, 2/4/2028 (f) | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 169143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.20%, 4/25/2029 (f) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.82%, 9/15/2029 (f) | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1118912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 6.63%, 5/1/2030 (d) (e) (f) | &nbsp;&nbsp; 317000 | &nbsp;&nbsp; 322024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (f) | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 495712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 2.69%, 4/22/2032 (f) | &nbsp;&nbsp; 249000 | &nbsp;&nbsp; 219911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.30%, 7/21/2032 (f) | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 403250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.47%, 1/23/2035 (f) | &nbsp;&nbsp; 312000 | &nbsp;&nbsp; 315263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.43%, 8/15/2035 (f) | &nbsp;&nbsp; 795000 | &nbsp;&nbsp; 778982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.51%, 1/24/2036 (f) | &nbsp;&nbsp; 196000 | &nbsp;&nbsp; 197549 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. 2.54%, 2/1/2032 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp; 518815 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co. 4.60%, 5/1/2053 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp; 38024 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. 5.80%, 6/15/2031 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 788907 |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/1/2035 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 5/1/2050 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 191968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 8/1/2059 | &nbsp;&nbsp; 377000 | &nbsp;&nbsp; 249923 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 1/12/2032 | &nbsp;&nbsp; 881000 | &nbsp;&nbsp; 774241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 2/13/2033 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1570426 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (d) (e) (f) | &nbsp;&nbsp; 43000 | &nbsp;&nbsp; 42836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.52%), 3.25%, 3/22/2026 (a) (d) (e) (f) | &nbsp;&nbsp; EUR1,150,000 | &nbsp;&nbsp; 1303882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.78%), 3.63%, 3/22/2029 (a) (d) (e) (f) | &nbsp;&nbsp; EUR200,000 | &nbsp;&nbsp; 224453 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/22/2034 | &nbsp;&nbsp; 1930000 | &nbsp;&nbsp; 1944766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/22/2054 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 218413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 2/22/2064 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 146555 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 2/15/2032 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 176249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 4/15/2034 (b) | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 430395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035 (b) | &nbsp;&nbsp; 608000 | &nbsp;&nbsp; 503555 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC 5.13%, 5/1/2027 (b) | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 138556 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. 2.70%, 3/15/2031 | &nbsp;&nbsp; 1839000 | &nbsp;&nbsp; 1640690 |
| &nbsp;&nbsp;&nbsp; CF Industries, Inc. 4.95%, 6/1/2043 | &nbsp;&nbsp; 224000 | &nbsp;&nbsp; 191854 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/1/2051 | &nbsp;&nbsp; 308000 | &nbsp;&nbsp; 198264 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 6/1/2052 | &nbsp;&nbsp; 282000 | &nbsp;&nbsp; 186139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/2053 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 136011 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/30/2033 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 552526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/2034 | &nbsp;&nbsp; 1715000 | &nbsp;&nbsp; 1721116 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (d) (e) <br> (f)<br>| &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 158362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (d) (e) <br> (f)<br>| &nbsp;&nbsp; 686000 | &nbsp;&nbsp; 672061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%), 7.13%, 8/15/2029 (d) (e) <br> (f)<br>| &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 677514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.57%), 6.75%, 2/15/2030 (d) (e) <br> (f)<br>| &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 286888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FF, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.73%), 6.95%, 2/15/2030 (d) (e) <br> (f)<br>| &nbsp;&nbsp; 413000 | &nbsp;&nbsp; 416517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.54%, 9/19/2030 (f) | &nbsp;&nbsp; 755000 | &nbsp;&nbsp; 745706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%), 2.56%, 5/1/2032 (f) | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 279509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.52%, 11/3/2032 (f) | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 120471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.34%), 6.27%, 11/17/2033 (f) | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 5.83%, 2/13/2035 (f) | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 408948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.47%), 5.33%, 3/27/2036 (f) | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp; 1030753 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 8/15/2030 (b) | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 831196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 11/15/2033 (b) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205861 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 1/15/2051 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 76130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 5/15/2053 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1235825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/1/2056 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 165822 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC 5.60%, 6/15/2042 | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 138079 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. 5.40%, 2/15/2035 | &nbsp;&nbsp; 338000 | &nbsp;&nbsp; 327758 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc., REIT 4.80%, 9/1/2028 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 189958 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 3/24/2031 | &nbsp;&nbsp; 277000 | &nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/18/2054 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 519840 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.00%, 6/1/2054 (f) | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.88%, 2/1/2055 (f) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.21%), 6.63%, 5/15/2055 (f) | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 630737 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC 5.40%, 1/15/2054 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp; 45655 |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC 5.40%, 4/1/2053 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 32294 |
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/2033 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 4/1/2053 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14248 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC 5.55%, 3/15/2055 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14290 |
| &nbsp;&nbsp;&nbsp; Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (b) | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 119385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%, <br> 6/15/2053 (f)<br>| &nbsp;&nbsp; 344000 | &nbsp;&nbsp; 339847 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP 6.38%, 12/15/2030 (a) | &nbsp;&nbsp; EUR1,432,000 | &nbsp;&nbsp; 1704943 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.02%), 8.00%, <br> 5/15/2054 (f)<br>| &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 513613 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (f) | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 173805 |
| &nbsp;&nbsp;&nbsp; Entergy Mississippi LLC 5.80%, 4/15/2055 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp; 47378 |
| &nbsp;&nbsp;&nbsp; Entergy Texas, Inc. 1.75%, 3/15/2031 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 97914 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 5.55%, 2/16/2055 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 289252 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.50%, 3/15/2055 (f) | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 119858 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/15/2030 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 850355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 1/15/2035 | &nbsp;&nbsp; 382000 | &nbsp;&nbsp; 377110 |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 (b) | &nbsp;&nbsp; 274000 | &nbsp;&nbsp; 266460 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC 2.87%, 9/15/2028 (b) | &nbsp;&nbsp; 705000 | &nbsp;&nbsp; 666778 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC 5.50%, 1/25/2031 (b) | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 263361 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/1/2028 | &nbsp;&nbsp; 119000 | &nbsp;&nbsp; 117032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/1/2030 | &nbsp;&nbsp; 159000 | &nbsp;&nbsp; 153938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 8/1/2030 | &nbsp;&nbsp; 203000 | &nbsp;&nbsp; 199303 |
| &nbsp;&nbsp;&nbsp; General Electric Co. 4.13%, 9/19/2035 (a) | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 118808 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 1/8/2031 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 396648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/18/2031 | &nbsp;&nbsp; 334000 | &nbsp;&nbsp; 335372 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/1/2050 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 188462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/15/2053 | &nbsp;&nbsp; 119000 | &nbsp;&nbsp; 114107 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. 2.90%, 11/15/2031 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 230231 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (d) (e) <br> (f)<br>| &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 457023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.95%, 10/21/2027 (f) | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 341928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.50%, 5/10/2029 (d) (e) <br> (f)<br>| &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 848734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.85%, 2/10/2030 (d) (e) (f) | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 206694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.69%, 10/23/2030 (f) | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 687527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 5.21%, 1/28/2031 (f) | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 324488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.22%, 4/23/2031 (f) | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 395684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 2.62%, 4/22/2032 (f) | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 254312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 2.38%, 7/21/2032 (f) | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 163499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.65%, 10/21/2032 (f) | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 260449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.33%, 7/23/2035 (f) | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 376779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.02%, 10/23/2035 (f) | &nbsp;&nbsp; 168000 | &nbsp;&nbsp; 162584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 5.54%, 1/28/2036 (f) | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 276950 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC, 2.60%, 10/15/2025 (b) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49375 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 6/1/2028 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 172437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 7/15/2031 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 316519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/15/2034 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 69302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2035 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp; 796231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/2047 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp; 82353 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2049 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 432441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/2051 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 96127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2052 | &nbsp;&nbsp; 614000 | &nbsp;&nbsp; 480167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/15/2054 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 466858 |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC, REIT 5.25%, 12/15/2032 | &nbsp;&nbsp; 367000 | &nbsp;&nbsp; 366513 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. (SOFRINDX + 1.87%), 5.71%, 2/2/2035 (f) | &nbsp;&nbsp; 512000 | &nbsp;&nbsp; 515116 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/2/2026 (b) | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 544517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/2/2026 (a) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/16/2029 (b) | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 114917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 1/8/2031 (b) | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 191586 |
| &nbsp;&nbsp;&nbsp; IGT Lottery Holdings BV 4.25%, 3/15/2030 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 346371 |
| &nbsp;&nbsp;&nbsp; International Game Technology plc 2.38%, 4/15/2028 (a) | &nbsp;&nbsp; EUR1,500,000 | &nbsp;&nbsp; 1668941 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl 7.25%, 11/15/2053 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 319777 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2034 | &nbsp;&nbsp; 1043000 | &nbsp;&nbsp; 1120593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/2/2052 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 90317 |
| &nbsp;&nbsp;&nbsp; JBS USA LUX SARL 5.95%, 4/20/2035 (b) | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 167973 |
| &nbsp;&nbsp;&nbsp; KeyCorp (SOFRINDX + 2.42%), 6.40%, 3/6/2035 (f) | &nbsp;&nbsp; 996000 | &nbsp;&nbsp; 1045202 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. 5.20%, 6/1/2033 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 226991 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. 5.35%, 3/15/2035 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 217023 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/1/2035 (b) | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 458275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 5/1/2045 (b) | &nbsp;&nbsp; 104000 | &nbsp;&nbsp; 102027 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. 2.95%, 4/15/2031 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 286132 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 8/15/2052 | &nbsp;&nbsp; 148000 | &nbsp;&nbsp; 122396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 8/15/2054 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 469906 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I 3.30%, 3/21/2029 (b) | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 177076 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%), 1.59%, 5/4/2027 (f) | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 670482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 4.21%, 4/20/2028 (f) | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 312631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.12%, 2/1/2029 (f) | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 460485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.16%, 4/20/2029 (f) | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 583024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.45%, 7/20/2029 (f) | &nbsp;&nbsp; 870000 | &nbsp;&nbsp; 889881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 4.65%, 10/18/2030 (f) | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 754931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.23%, 1/15/2031 (f) | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 608864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 5.19%, 4/17/2031 (f) | &nbsp;&nbsp; 497000 | &nbsp;&nbsp; 504258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 2.51%, 10/20/2032 (f) | &nbsp;&nbsp; 173000 | &nbsp;&nbsp; 148960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 5.42%, 7/21/2034 (f) | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 292615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.32%, 7/19/2035 (f) | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 457001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%), 5.66%, 4/17/2036 (f) | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 401452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 2.48%, 9/16/2036 (f) | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 116996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (f) | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126105 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. 5.38%, 11/15/2029 (b) | &nbsp;&nbsp; 357000 | &nbsp;&nbsp; 369946 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 3/15/2035 | &nbsp;&nbsp; 1716000 | &nbsp;&nbsp; 1714942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.75%, 6/15/2054 (f) | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 224941 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.36%), 6.70%, 9/1/2054 (f) | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 243298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 6.38%, 8/15/2055 (f) | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.50%, 8/15/2055 (f) | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85605 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 6.95%, 11/30/2054 (f) | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 118695 |
| &nbsp;&nbsp;&nbsp; OI European Group BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2028 (a) | &nbsp;&nbsp; EUR380,000 | &nbsp;&nbsp; 445989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2029 (b) | &nbsp;&nbsp; EUR261,000 | &nbsp;&nbsp; 302940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2029 (a) | &nbsp;&nbsp; EUR300,000 | &nbsp;&nbsp; 348207 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/3/2035 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp; 53245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 9/27/2054 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 611968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/3/2055 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 203601 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 3/15/2027 | &nbsp;&nbsp; 366000 | &nbsp;&nbsp; 356540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 1/15/2033 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 467777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 6/15/2033 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 370408 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.88%), 7.38%, 3/15/2055 (f) | &nbsp;&nbsp; 747000 | &nbsp;&nbsp; 731474 |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp; 42535 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (d) (e) <br> (f)<br>| &nbsp;&nbsp; 611000 | &nbsp;&nbsp; 581591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 4.81%, 10/21/2032 (f) | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 256757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%), 5.68%, 1/22/2035 (f) | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 112214 |
| &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc. 5.25%, 9/1/2034 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 44549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.50%, <br> 3/15/2054 (f)<br>| &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 299495 |
| &nbsp;&nbsp;&nbsp; Regency Centers LP, REIT 2.95%, 9/15/2029 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 89129 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. 2.95%, 9/15/2029 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 149675 |
| &nbsp;&nbsp;&nbsp; SCIL IV LLC 9.50%, 7/15/2028 (a) | &nbsp;&nbsp; EUR900,000 | &nbsp;&nbsp; 1072334 |
| &nbsp;&nbsp;&nbsp; Sempra (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.79%), 6.88%, 10/1/2054 (f) | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 272989 |
| &nbsp;&nbsp;&nbsp; State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, 3/15/2029 (d) (e) <br> (f)<br>| &nbsp;&nbsp; 59000 | &nbsp;&nbsp; 60225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 6.70%, 9/15/2029 (d) (e) <br> (f)<br>| &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 275259 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/18/2030 (b) | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 3/18/2035 (b) | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 405346 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 4/1/2035 | &nbsp;&nbsp; 123000 | &nbsp;&nbsp; 121573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/2055 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 210028 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/14/2027 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 206673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 6/12/2029 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp; 43890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/12/2034 | &nbsp;&nbsp; 172000 | &nbsp;&nbsp; 174581 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. 5.00%, 3/14/2053 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 80477 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. 0.88%, 10/1/2031 | &nbsp;&nbsp; EUR100,000 | &nbsp;&nbsp; 99632 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. 2.63%, 2/15/2029 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 31628 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.30%), 6.12%, 10/28/2033 (f) | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 99315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%), 5.12%, 1/26/2034 (f) | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 401961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%), 5.87%, 6/8/2034 (f) | &nbsp;&nbsp; 336000 | &nbsp;&nbsp; 344225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%), 5.71%, 1/24/2035 (f) | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76209 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. 5.35%, 9/15/2054 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 63573 |
| &nbsp;&nbsp;&nbsp; UGI International LLC 2.50%, 12/1/2029 (a) | &nbsp;&nbsp; EUR350,000 | &nbsp;&nbsp; 371171 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. 3.90%, 4/1/2052 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 59035 |
| &nbsp;&nbsp;&nbsp; US Bancorp (SOFR + 1.86%), 5.68%, 1/23/2035 (f) | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 112060 |
| &nbsp;&nbsp;&nbsp; Ventas Realty LP, REIT 5.00%, 1/15/2035 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 312512 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/2034 (b) | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 730200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/30/2034 (b) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149428 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) 3.60%, 1/13/2051 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 236969 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.57%, 7/25/2029 (f) | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 800193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 6.85%, 9/15/2029 (d) (e) (f) | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 662901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.24%, 1/24/2031 (f) | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 482073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 5.56%, 7/25/2034 (f) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%), 5.50%, 1/23/2035 (f) | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 392213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.60%, 4/23/2036 (f) | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 758761 |
| &nbsp;&nbsp;&nbsp; Welltower OP LLC, REIT 2.80%, 6/1/2031 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 196785 |
|  |  | &nbsp;&nbsp; 83071480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $470,217,297)<br>|  | &nbsp;&nbsp; 479112903 |
| **Foreign Government Securities — 31.7%** | **Foreign Government Securities — 31.7%** | **Foreign Government Securities — 31.7%** |
| **Australia — 1.5%** | **Australia — 1.5%** | **Australia — 1.5%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 5/21/2032 | &nbsp;&nbsp; AUD19,398,000 | &nbsp;&nbsp; 10495191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 3/21/2047 (a) | &nbsp;&nbsp; AUD2,140,000 | &nbsp;&nbsp; 1039218 |
|  |  | &nbsp;&nbsp; 11534409 |
| **Brazil — 2.5%** | **Brazil — 2.5%** | **Brazil — 2.5%** |
| &nbsp;&nbsp;&nbsp; Notas do Tesouro Nacional 10.00%, 1/1/2027 (g) | &nbsp;&nbsp; BRL121,900,000 | &nbsp;&nbsp; 20163212 |
| **Canada — 10.4%** | **Canada — 10.4%** | **Canada — 10.4%** |
| &nbsp;&nbsp;&nbsp; Canada Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 8/1/2025 | &nbsp;&nbsp; CAD11,190,000 | &nbsp;&nbsp; 8165394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/2025 | &nbsp;&nbsp; CAD17,479,000 | &nbsp;&nbsp; 12831307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 3/1/2026 | &nbsp;&nbsp; CAD16,062,000 | &nbsp;&nbsp; 11502000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 4/1/2026 | &nbsp;&nbsp; CAD18,245,000 | &nbsp;&nbsp; 13339517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/2026 | &nbsp;&nbsp; CAD13,162,000 | &nbsp;&nbsp; 9711692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2026 | &nbsp;&nbsp; CAD22,838,000 | &nbsp;&nbsp; 16911120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/1/2027 | &nbsp;&nbsp; CAD13,022,000 | &nbsp;&nbsp; 9551744 |
|  |  | &nbsp;&nbsp; 82012774 |
| **Colombia — 0.4%** | **Colombia — 0.4%** | **Colombia — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/25/2030 | &nbsp;&nbsp; 1849000 | &nbsp;&nbsp; 1904285 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Colombia—continued** | **Colombia—continued** | **Colombia—continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/15/2031 | &nbsp;&nbsp; 242000 | &nbsp;&nbsp; 198053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/2/2034 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp; 798560 |
|  |  | &nbsp;&nbsp; 2900898 |
| **Costa Rica — 0.1%** | **Costa Rica — 0.1%** | **Costa Rica — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Costa Rica 7.30%, 11/13/2054 (b) | &nbsp;&nbsp; 791000 | &nbsp;&nbsp; 808402 |
| **Czech Republic — 1.5%** | **Czech Republic — 1.5%** | **Czech Republic — 1.5%** |
| &nbsp;&nbsp;&nbsp; Czech Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/14/2034 | &nbsp;&nbsp; CZK68,550,000 | &nbsp;&nbsp; 3322827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/30/2035 | &nbsp;&nbsp; CZK176,500,000 | &nbsp;&nbsp; 7620005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 7/30/2037 | &nbsp;&nbsp; CZK37,240,000 | &nbsp;&nbsp; 1315628 |
|  |  | &nbsp;&nbsp; 12258460 |
| **Dominican Republic — 0.3%** | **Dominican Republic — 0.3%** | **Dominican Republic — 0.3%** |
| &nbsp;&nbsp;&nbsp; Dominican Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/15/2037 (b) | &nbsp;&nbsp; 2002000 | &nbsp;&nbsp; 2009007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/21/2041 (b) | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 315938 |
|  |  | &nbsp;&nbsp; 2324945 |
| **Egypt — 0.3%** | **Egypt — 0.3%** | **Egypt — 0.3%** |
| &nbsp;&nbsp;&nbsp; Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/4/2030 (b) | &nbsp;&nbsp; 1073000 | &nbsp;&nbsp; 1066562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/29/2032 (a) | &nbsp;&nbsp; 1585000 | &nbsp;&nbsp; 1423033 |
|  |  | &nbsp;&nbsp; 2489595 |
| **Germany — 1.2%** | **Germany — 1.2%** | **Germany — 1.2%** |
| &nbsp;&nbsp;&nbsp; Bundesobligation 2.10%, 4/12/2029 (a) | &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2851864 |
| &nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 8/15/2032 (a) | &nbsp;&nbsp; EUR2,370,000 | &nbsp;&nbsp; 2589813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 2/15/2033 (a) | &nbsp;&nbsp; EUR1,090,000 | &nbsp;&nbsp; 1234528 |
| &nbsp;&nbsp;&nbsp; Bundesschatzanweisungen 2.90%, 6/18/2026 (a) | &nbsp;&nbsp; EUR2,500,000 | &nbsp;&nbsp; 2870259 |
|  |  | &nbsp;&nbsp; 9546464 |
| **Guatemala — 0.3%** | **Guatemala — 0.3%** | **Guatemala — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 8/6/2031 (b) | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp; 1636635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 2/6/2037 (b) | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 525000 |
|  |  | &nbsp;&nbsp; 2161635 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| &nbsp;&nbsp;&nbsp; Hungary Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/26/2036 (b) | &nbsp;&nbsp; 1681000 | &nbsp;&nbsp; 1589217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/25/2052 (b) | &nbsp;&nbsp; 864000 | &nbsp;&nbsp; 863352 |
|  |  | &nbsp;&nbsp; 2452569 |
| **Indonesia — 1.3%** | **Indonesia — 1.3%** | **Indonesia — 1.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2029 | &nbsp;&nbsp; IDR37,428,000,000 | &nbsp;&nbsp; 2331996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2033 | &nbsp;&nbsp; IDR22,841,000,000 | &nbsp;&nbsp; 1421779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/2035 | &nbsp;&nbsp; IDR102,747,000,000 | &nbsp;&nbsp; 6267897 |
|  |  | &nbsp;&nbsp; 10021672 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| &nbsp;&nbsp;&nbsp; State of Israel Government Bond 3.38%, 1/15/2050 | &nbsp;&nbsp; 1360000 | &nbsp;&nbsp; 842775 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| &nbsp;&nbsp;&nbsp; Italian Republic Government Bond 2.88%, 10/17/2029 | &nbsp;&nbsp; 1135000 | &nbsp;&nbsp; 1056083 |
| **Ivory Coast — 0.3%** | **Ivory Coast — 0.3%** | **Ivory Coast — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2033 (a) | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 270592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 4/1/2036 (b) | &nbsp;&nbsp; 678000 | &nbsp;&nbsp; 639052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/17/2040 (b) | &nbsp;&nbsp; EUR2,055,000 | &nbsp;&nbsp; 1909701 |
|  |  | &nbsp;&nbsp; 2819345 |
| **Jordan — 0.2%** | **Jordan — 0.2%** | **Jordan — 0.2%** |
| &nbsp;&nbsp;&nbsp; Hashemite Kingdom of Jordan 5.85%, 7/7/2030 (a) | &nbsp;&nbsp; 1532000 | &nbsp;&nbsp; 1432466 |
| **Kenya — 0.1%** | **Kenya — 0.1%** | **Kenya — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Kenya 9.50%, 3/5/2036 (b) | &nbsp;&nbsp; 958000 | &nbsp;&nbsp; 873696 |
| **Lebanon — 0.0% ^** | **Lebanon — 0.0% ^** | **Lebanon — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lebanese Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 4/22/2024 (a) (g) | &nbsp;&nbsp; 227000 | &nbsp;&nbsp; 39271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/3/2028 (a) (g) | &nbsp;&nbsp; 226000 | &nbsp;&nbsp; 39098 |
|  |  | &nbsp;&nbsp; 78369 |
| **Mexico — 3.7%** | **Mexico — 3.7%** | **Mexico — 3.7%** |
| &nbsp;&nbsp;&nbsp; Mex Bonos Desarr Fix Rt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 2/28/2030 | &nbsp;&nbsp; MXN245,500,000 | &nbsp;&nbsp; 12493306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/29/2031 | &nbsp;&nbsp; MXN118,020,000 | &nbsp;&nbsp; 5754160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/26/2033 | &nbsp;&nbsp; MXN35,370,000 | &nbsp;&nbsp; 1648418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/24/2035 | &nbsp;&nbsp; MXN121,230,000 | &nbsp;&nbsp; 5744237 |
| &nbsp;&nbsp;&nbsp; United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 5/25/2032 | &nbsp;&nbsp; EUR926,000 | &nbsp;&nbsp; 1055128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 2/9/2035 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp; 682602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 5/13/2055 | &nbsp;&nbsp; 824000 | &nbsp;&nbsp; 814524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 5/24/2061 | &nbsp;&nbsp; 1317000 | &nbsp;&nbsp; 737520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/19/2071 | &nbsp;&nbsp; 741000 | &nbsp;&nbsp; 400047 |
|  |  | &nbsp;&nbsp; 29329942 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| &nbsp;&nbsp;&nbsp; New Zealand Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/15/2027 (a) | &nbsp;&nbsp; NZD952,000 | &nbsp;&nbsp; 579557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 4/15/2037 (a) | &nbsp;&nbsp; NZD3,201,000 | &nbsp;&nbsp; 1563851 |
|  |  | &nbsp;&nbsp; 2143408 |
| **Oman — 0.3%** | **Oman — 0.3%** | **Oman — 0.3%** |
| &nbsp;&nbsp;&nbsp; Sultanate of Oman Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/17/2028 (a) | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 302681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/25/2031 (a) | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp; 1160094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/17/2048 (a) | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1029295 |
|  |  | &nbsp;&nbsp; 2492070 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Paraguay — 0.2%** | **Paraguay — 0.2%** | **Paraguay — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Paraguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/28/2031 (b) | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 539516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/13/2048 (a) | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp; 1280200 |
|  |  | &nbsp;&nbsp; 1819716 |
| **Poland — 3.0%** | **Poland — 3.0%** | **Poland — 3.0%** |
| &nbsp;&nbsp;&nbsp; Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/25/2029 | &nbsp;&nbsp; PLN20,865,000 | &nbsp;&nbsp; 5550584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 4/25/2032 | &nbsp;&nbsp; PLN24,920,000 | &nbsp;&nbsp; 5371077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/25/2033 | &nbsp;&nbsp; PLN13,324,000 | &nbsp;&nbsp; 3729140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/25/2036 | &nbsp;&nbsp; PLN31,790,903 | &nbsp;&nbsp; 7559322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/18/2054 | &nbsp;&nbsp; 1395000 | &nbsp;&nbsp; 1261952 |
|  |  | &nbsp;&nbsp; 23472075 |
| **Romania — 0.2%** | **Romania — 0.2%** | **Romania — 0.2%** |
| &nbsp;&nbsp;&nbsp; Romania Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/27/2029 (b) | &nbsp;&nbsp; EUR776,000 | &nbsp;&nbsp; 935848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/10/2037 (b) | &nbsp;&nbsp; 448000 | &nbsp;&nbsp; 449815 |
|  |  | &nbsp;&nbsp; 1385663 |
| **Senegal — 0.0% ^** | **Senegal — 0.0% ^** | **Senegal — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Republic of Senegal 6.25%, 5/23/2033 (a) | &nbsp;&nbsp; 423000 | &nbsp;&nbsp; 303240 |
| **South Africa — 1.2%** | **South Africa — 1.2%** | **South Africa — 1.2%** |
| &nbsp;&nbsp;&nbsp; Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/12/2028 | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp; 1123594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 9/30/2029 | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1133177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 1/31/2040 | &nbsp;&nbsp; ZAR160,863,000 | &nbsp;&nbsp; 7547353 |
|  |  | &nbsp;&nbsp; 9804124 |
| **Turkey — 1.1%** | **Turkey — 1.1%** | **Turkey — 1.1%** |
| &nbsp;&nbsp;&nbsp; Istanbul Metropolitan Municipality |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/9/2025 (a) | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 418828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 12/6/2028 (a) | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 404320 |
| &nbsp;&nbsp;&nbsp; Republic of Turkiye (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 36.00%, 8/12/2026 | &nbsp;&nbsp; TRY173,351,253 | &nbsp;&nbsp; 4202709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 30.00%, 9/12/2029 | &nbsp;&nbsp; TRY67,952,334 | &nbsp;&nbsp; 1531848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/29/2032 | &nbsp;&nbsp; 2135000 | &nbsp;&nbsp; 2097744 |
|  |  | &nbsp;&nbsp; 8655449 |
| **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** |
| &nbsp;&nbsp;&nbsp; United Arab Emirates Government Bond 4.00%, 7/28/2050 (b) | &nbsp;&nbsp; 2245000 | &nbsp;&nbsp; 1403125 |
| **United Kingdom — 0.6%** | **United Kingdom — 0.6%** | **United Kingdom — 0.6%** |
| &nbsp;&nbsp;&nbsp; United Kingdom of Great Britain and Northern Ireland 4.25%, 3/7/2036 (a) | &nbsp;&nbsp; GBP3,456,937 | &nbsp;&nbsp; 4466506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $256,916,025)<br>|  | &nbsp;&nbsp; 251053087 |
| **Commercial Mortgage-Backed Securities — 0.2%** | **Commercial Mortgage-Backed Securities — 0.2%** | **Commercial Mortgage-Backed Securities — 0.2%** |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| &nbsp;&nbsp;&nbsp; BANK Series 2018-BN13, Class C, 4.55%, 8/15/2061 (i) | &nbsp;&nbsp; 118000 | &nbsp;&nbsp; 100006 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust Series 2019-B11, Class C, 3.75%, 5/15/2052 (i) | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 241523 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; BHMS Series 2018-ATLS, Class A, 5.88%, 7/15/2035 (b) (i) | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130010 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust Series 2024-MF, Class B, 6.02%, 2/15/2039 (b) (i) | &nbsp;&nbsp; 283346 | &nbsp;&nbsp; 283700 |
| &nbsp;&nbsp;&nbsp; CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.43%, 11/15/2050 (i) | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 25283 |
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust Series 2016-CD2, Class C, 3.97%, 11/10/2049 (i) | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 12337 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K739, Class X1, IO, 1.18%, 9/25/2027 (i) | &nbsp;&nbsp; 1976947 | &nbsp;&nbsp; 38949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class X3, IO, 2.14%, 12/25/2045 (i) | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 20185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K089, Class X3, IO, 2.30%, 1/25/2046 (i) | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 63507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K078, Class X3, IO, 2.21%, 6/25/2046 (i) | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp; 107136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K088, Class X3, IO, 2.35%, 2/25/2047 (i) | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 66562 |
| &nbsp;&nbsp;&nbsp; FREMF Series 2018-KF46, Class B, 6.42%, 3/25/2028 (b) (i) | &nbsp;&nbsp; 18152 | &nbsp;&nbsp; 17434 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF38, Class B, 6.97%, 9/25/2024 (b) (i) | &nbsp;&nbsp; 19725 | &nbsp;&nbsp; 19718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF49, Class B, 6.37%, 6/25/2025 (b) (i) | &nbsp;&nbsp; 133319 | &nbsp;&nbsp; 133085 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust Series 2015-GC30, Class C, 3.99%, 5/10/2050 (i) | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 32059 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class C, 4.22%, 7/15/2048 (i) | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 47918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class C, 4.60%, 8/15/2048 (i) | &nbsp;&nbsp; 23000 | &nbsp;&nbsp; 18400 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP4, Class C, 3.38%, 12/15/2049 (i) | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 24090 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class C, 4.29%, 5/15/2048 (i) | &nbsp;&nbsp; 36000 | &nbsp;&nbsp; 34903 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HQ7, Class E, 5.44%, 11/14/2042 (i) | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-MS1, Class B, 4.01%, 5/15/2048 (i) | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 26834 |
| &nbsp;&nbsp;&nbsp; SDR Commercial Mortgage Trust Series 2024-DSNY, Class B, 6.07%, 5/15/2039 (b) (i) | &nbsp;&nbsp; 378000 | &nbsp;&nbsp; 372448 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust Series 2017-C7, Class B, 4.29%, 12/15/2050 (i) | &nbsp;&nbsp; 106000 | &nbsp;&nbsp; 101299 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A, 4.05%, 10/26/2048 (b) (i) | &nbsp;&nbsp; 46434 | &nbsp;&nbsp; 45165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class M1, 3.94%, 3/25/2049 (b) (i) | &nbsp;&nbsp; 57441 | &nbsp;&nbsp; 53153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $2,210,325)<br>|  | &nbsp;&nbsp; 2016313 |
| **Asset-Backed Securities — 0.2%** | **Asset-Backed Securities — 0.2%** | **Asset-Backed Securities — 0.2%** |
| **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd. Series 2019-68A, Class ARR, 5.36%, 7/15/2035 (b) (i) | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 329902 |
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd. Series 2013-15A, Class ARR, 5.49%, 10/15/2030 (b) (i) | &nbsp;&nbsp; 4464 | &nbsp;&nbsp; 4463 |
|  |  | &nbsp;&nbsp; 334365 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| &nbsp;&nbsp;&nbsp; Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 (b) | &nbsp;&nbsp; 35180 | &nbsp;&nbsp; 34411 |
| &nbsp;&nbsp;&nbsp; Chase Funding Trust Series 2003-6, Class 1A7, 4.83%, 11/25/2034 (j) | &nbsp;&nbsp; 46119 | &nbsp;&nbsp; 45359 |
| &nbsp;&nbsp;&nbsp; Credit-Based Asset Servicing and Securitization LLC Series 2004-CB5, Class M1, 5.35%, 1/25/2034 (i) | &nbsp;&nbsp; 59247 | &nbsp;&nbsp; 63685 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust Series 2024-3A, Class D, 5.98%, 9/16/2030 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 303656 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 5.01%, 8/16/2027 (b) | &nbsp;&nbsp; 50188 | &nbsp;&nbsp; 50198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class B, 5.05%, 1/18/2028 (b) | &nbsp;&nbsp; 66000 | &nbsp;&nbsp; 65955 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust Series 2019-1, Class A, 2.95%, 5/15/2028 | &nbsp;&nbsp; 37198 | &nbsp;&nbsp; 33918 |
| &nbsp;&nbsp;&nbsp; US Auto Funding Series 2021-1A, Class C, 2.20%, 5/15/2026 (b) | &nbsp;&nbsp; 385264 | &nbsp;&nbsp; 359488 |
|  |  | &nbsp;&nbsp; 956670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $1,318,590)<br>|  | &nbsp;&nbsp; 1291035 |
| **Collateralized Mortgage Obligations — 0.1%** | **Collateralized Mortgage Obligations — 0.1%** | **Collateralized Mortgage Obligations — 0.1%** |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-25CB, Class A1, 6.00%, 12/25/2034 | &nbsp;&nbsp; 62116 | &nbsp;&nbsp; 55407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035 | &nbsp;&nbsp; 43716 | &nbsp;&nbsp; 37074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2CB, Class 1A6, 5.75%, 3/25/2037 | &nbsp;&nbsp; 106981 | &nbsp;&nbsp; 54951 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust Series 2007-A1, Class 1A5, 6.63%, 2/25/2037 (i) | &nbsp;&nbsp; 5964 | &nbsp;&nbsp; 5895 |
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037 | &nbsp;&nbsp; 39689 | &nbsp;&nbsp; 16165 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust Series 2023-R02, Class 1M1, 6.62%, 1/25/2043 (b) (i) | &nbsp;&nbsp; 244601 | &nbsp;&nbsp; 250157 |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4305, Class SK, IF, IO, 2.15%, 2/15/2044 (i) | &nbsp;&nbsp; 313194 | &nbsp;&nbsp; 41660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4689, Class SD, IF, IO, 1.70%, 6/15/2047 (i) | &nbsp;&nbsp; 209620 | &nbsp;&nbsp; 24043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5022, IO, 3.00%, 9/25/2050 | &nbsp;&nbsp; 326655 | &nbsp;&nbsp; 55382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5023, Class MI, IO, 3.00%, 10/25/2050 | &nbsp;&nbsp; 572615 | &nbsp;&nbsp; 95678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4839, Class WS, IF, IO, 1.65%, 8/15/2056 (i) | &nbsp;&nbsp; 1534679 | &nbsp;&nbsp; 209903 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-146, Class AI, IO, 3.00%, 1/25/2028 | &nbsp;&nbsp; 168900 | &nbsp;&nbsp; 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-68, Class BI, IO, 3.00%, 10/25/2031 | &nbsp;&nbsp; 257716 | &nbsp;&nbsp; 14058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-93, Class SE, IF, IO, 1.66%, 9/25/2042 (i) | &nbsp;&nbsp; 60652 | &nbsp;&nbsp; 6536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-124, Class UI, IO, 4.00%, 11/25/2042 | &nbsp;&nbsp; 62431 | &nbsp;&nbsp; 11133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-40, Class LS, IF, IO, 1.73%, 6/25/2045 (i) | &nbsp;&nbsp; 160825 | &nbsp;&nbsp; 17864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-31, Class SG, IF, IO, 1.66%, 5/25/2047 (i) | &nbsp;&nbsp; 552367 | &nbsp;&nbsp; 61523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-39, Class ST, IF, IO, 1.66%, 5/25/2047 (i) | &nbsp;&nbsp; 151177 | &nbsp;&nbsp; 17100 |
| &nbsp;&nbsp;&nbsp; FNMA, STRIPS Series 409, Class 27, IO, 4.00%, 4/25/2027 (i) | &nbsp;&nbsp; 10386 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; GNMA Series 2015-H13, Class GI, IO, 1.51%, 4/20/2065 (i) | &nbsp;&nbsp; 30057 | &nbsp;&nbsp; 793 |
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust Series 2004-C, Class A1, 5.00%, 7/25/2029 (i) | &nbsp;&nbsp; 5407 | &nbsp;&nbsp; 5310 |
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust Series 2004-8, Class 3A, 6.04%, 7/25/2034 (i) | &nbsp;&nbsp; 7823 | &nbsp;&nbsp; 7690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $1,232,318)<br>|  | &nbsp;&nbsp; 992017 |
|  | **SHARES** |  |
| **Short-Term Investments — 3.9%** | **Short-Term Investments — 3.9%** | **Short-Term Investments — 3.9%** |
| **Investment Companies — 3.9%** | **Investment Companies — 3.9%** | **Investment Companies — 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.26% (l) (m) <br>(Cost $30,613,171)<br>| &nbsp;&nbsp; 30613171 | &nbsp;&nbsp; 30613171 |
| **Total Investments — 96.7%** <br>**(Cost $762,507,726)**<br>|  | &nbsp;&nbsp; **765078526** |
| **Other Assets in Excess of Liabilities — 3.3%** |  | &nbsp;&nbsp; **25909936** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **790988462** |

---

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

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

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

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| GNMA | Government National Mortgage Association |
| HB | High Coupon Bonds (a.k.a. "IOettes") represent the right to receive interest payments on an underlying pool of mortgages with similar features as those <br> associated with IO securities. Unlike IO's the owner also has a right to receive a very small portion of principal. The high interest rates result from taking <br> interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.<br>|
| ICE | Intercontinental Exchange |
| IDR | Indonesian Rupiah |
| IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest <br> rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the <br> rate in effect as of May 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown <br> represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or <br> refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.<br>|
| JSC | Joint Stock Company |
| MXN | Mexican Peso |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal <br> components of eligible notes and bonds as separate securities.<br>|
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities <br> offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have <br> restrictions on resale.<br>|
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a <br> pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2025 is $23,677,089 or 2.99% of the Fund's net <br> assets as of May 31, 2025.<br>|
| (d) | Security is an interest bearing note with preferred security characteristics. |
| (e) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time <br> and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in <br> effect as of May 31, 2025.<br>|
| (f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (g) | Defaulted security. |
| (h) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (i) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (j) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (k) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

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

**Futures contracts outstanding as of May 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |
| Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 20496405 | &nbsp;&nbsp;&nbsp;&nbsp; 225783 |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 20482383 | &nbsp;&nbsp;&nbsp;&nbsp; 85201 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1028 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 114011625 | &nbsp;&nbsp;&nbsp;&nbsp; 1412858 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14327187 | &nbsp;&nbsp;&nbsp;&nbsp; 175240 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16403125 | &nbsp;&nbsp;&nbsp;&nbsp; 339942 |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 36976673 | &nbsp;&nbsp;&nbsp;&nbsp; 493006 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1011 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 109488141 | &nbsp;&nbsp;&nbsp;&nbsp; 629693 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3361723 |
| **Short Contracts** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; (142)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (19223918)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70238)<br>|
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (2684136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7627)<br>|
| Euro-Buxl 30 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (7464403)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (209662)<br>|
| Japan 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; (34840404)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12801)<br>|
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (7763438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63962)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (9137812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105965)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1583750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32774)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (22564625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (511467)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (213)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (44200828)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (68586)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (261)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (28265484)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (159399)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1242481)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2119242 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Forward foreign currency exchange contracts outstanding as of May 31, 2025:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1820547 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2039761 | BNP Paribas | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27502 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 239105333 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 270970087 | HSBC Bank, NA | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 538083 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 472000 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 524388 | Morgan Stanley | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11576 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1321761 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1162236 | Barclays Bank plc | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2022 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3481653 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3060133 | BNP Paribas | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6820 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7489813 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6554524 | Citibank, NA | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 47039 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3348365 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2941367 | HSBC Bank, NA | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8392 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 235640759 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 206952644 | Morgan Stanley | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 642514 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 5514486 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3539280 | Standard Chartered Bank | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16425 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 21464394 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3727985 | Citibank, NA<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6418 |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp; 4920134 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3543667 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45293 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp; 25558668 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3543668 | BNP Paribas<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16878 |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp; 16806171 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 749435 | Citibank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 16767 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1546560 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1757472 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 919 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 13304332 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 15051522 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75082 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2152372 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2427006 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20174 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 303727325 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3541824 | Citibank, NA<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4323 |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 2431505863 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 16738407 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 199472 |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 128975422 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 875640 | Citibank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22804 |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 125135070 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 870089 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1602 |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 19154410914 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 13753239 | Citibank, NA<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 131430 |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 1034135953 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 742972 | Standard Chartered Bank<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6653 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp; 48642313 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2472866 | HSBC Bank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 28255 |
| PHP | &nbsp;&nbsp;&nbsp;&nbsp; 25925146 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 463562 | Goldman Sachs International<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 748 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp; 2694485 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 706958 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12543 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp; 101916952 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3079118 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30804 |
| TRY | &nbsp;&nbsp;&nbsp;&nbsp; 26018021 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 642339 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6059 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 108381244 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3623203 | Citibank, NA<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21203 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 119661043 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4003782 | Goldman Sachs International<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19916 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 14804627 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 22842188 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 76134 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3618967 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 5586156 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17050 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17638319 | BRL | &nbsp;&nbsp;&nbsp;&nbsp; 99442851 | Goldman Sachs International<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 337124 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3567720 | CNY | &nbsp;&nbsp;&nbsp;&nbsp; 25596322 | BNP Paribas<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1929 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1776715 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1558940 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4249 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 777879 | IDR | &nbsp;&nbsp;&nbsp;&nbsp; 12652145817 | HSBC Bank, NA<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5074 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 333734 | INR | &nbsp;&nbsp;&nbsp;&nbsp; 28532958 | Citibank, NA<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 599 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 22643506 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 440288399 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4486 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 65533998 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3560895 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 77784 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 70081619 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3881552 | Standard Chartered Bank | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9627 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1158137 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1314361 | Citibank, NA | 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3185 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1068951 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1215876 | HSBC Bank, NA | 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2359468 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2072499 | Citibank, NA | 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1703 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10400893 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 7715305 | Barclays Bank plc | 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4210 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3886954 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 2879731 | Morgan Stanley | 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6401 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 2517480 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 654647 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 746322 | Barclays Bank plc | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2959)<br>|
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 7715305 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 10399499 | Barclays Bank plc | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (4237)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 11498965 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 10182757 | Barclays Bank plc | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (63728)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10453313 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 9375271 | BNP Paribas | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (192466)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2026863 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1823596 | HSBC Bank, NA | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (43861)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10318580 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 7715305 | BNP Paribas | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (76683)<br>|
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 10816925672 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 11566328 | HSBC Bank, NA<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (133778)<br>|
| CNY | &nbsp;&nbsp;&nbsp;&nbsp; 2011963 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 280481 | HSBC Bank, NA\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (197)<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1583050 | RON | &nbsp;&nbsp;&nbsp;&nbsp; 8151125 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (25004)<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1606284 | RON | &nbsp;&nbsp;&nbsp;&nbsp; 8266741 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (24472)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 80561295 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 111802569 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (992374)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3893006 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 5351357 | HSBC Bank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (10508)<br>|

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **PURCHASED** | **CURRENCY**<br> **PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT**<br> **DATE**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3323017 | COP | &nbsp;&nbsp;&nbsp;&nbsp; 14043370036 | Goldman Sachs International\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (48389)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4161158 | CZK | &nbsp;&nbsp;&nbsp;&nbsp; 91889610 | Citibank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (28137)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1773330 | CZK | &nbsp;&nbsp;&nbsp;&nbsp; 39282790 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (17593)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3671838 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3254001 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (27858)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 150393 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 133615 | HSBC Bank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1523)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 170079 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 152761 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (3605)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4600726 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 3448818 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (46495)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6971478 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 5244627 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (95563)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 821972 | HUF | &nbsp;&nbsp;&nbsp;&nbsp; 300426088 | Citibank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (21630)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9968208 | HUF | &nbsp;&nbsp;&nbsp;&nbsp; 3594450880 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (125079)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13220786 | IDR | &nbsp;&nbsp;&nbsp;&nbsp; 218928946478 | HSBC Bank, NA\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (151613)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3628684 | KRW | &nbsp;&nbsp;&nbsp;&nbsp; 5047136717 | Standard Chartered Bank\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (29889)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3543668 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 69487774 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (29298)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2120747 | NZD | &nbsp;&nbsp;&nbsp;&nbsp; 3557996 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (6955)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 8983734 | PLN | &nbsp;&nbsp;&nbsp;&nbsp; 33927566 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (75851)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5457247 | PLN | &nbsp;&nbsp;&nbsp;&nbsp; 20637852 | HSBC Bank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (53622)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1507781 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 27572515 | HSBC Bank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (23143)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3561531 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 64494693 | Standard Chartered Bank | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (19442)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 271477708 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 239105333 | HSBC Bank, NA | 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (538800)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 7189367 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 6355305 | Morgan Stanley | 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (40701)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (2955453)<br>|
| Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (437973)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CLP | Chile Peso |
| CNY | China Yuan |
| COP | Columbian Peso |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | Korean Republic Won |
| MXN | Mexican Peso |
| NZD | New Zealand Dollar |
| PHP | Philippines Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

\*\* Non-deliverable forward.

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of May 31, 2025:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| iTraxx.Europe.Crossover.43-V1 | 5.00 | Quarterly | 6/20/2030 | 3.00 | EUR 25,355,000 | &nbsp;&nbsp; (2125932)<br>| &nbsp;&nbsp; (648705)<br>| &nbsp;&nbsp; (2774637)<br>|

---

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

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from <br> the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference <br> obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |

---

**Centrally Cleared interest rate swap contracts outstanding as of May 31, 2025:**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| 6 month EURIBOR semi-annually | 2.28 annually | Pay | 12/18/2029 | EUR10,465,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42754 | &nbsp;&nbsp; 42754 |
| 1 day SOFR annually | 3.46 annually | Pay | 7/15/2028 | USD63,383,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 130117 | &nbsp;&nbsp; 130117 |
| 1 day SOFR annually | 3.62 annually | Receive | 7/15/2036 | USD14,714,000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 319742 | &nbsp;&nbsp; 319742 |
| 1 day SOFR annually | 3.95 annually | Pay | 4/19/2029 | USD41,810,000 | &nbsp;&nbsp; (7484)<br>| &nbsp;&nbsp; 397000 | &nbsp;&nbsp; 389516 |
| 1 day CDI at termination | 14.38 at termination | Pay | 1/2/2029 | BRL16,812,211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88573 | &nbsp;&nbsp; 88573 |
|  |  |  |  |  | &nbsp;&nbsp; (7484)<br>| &nbsp;&nbsp; 978186 | &nbsp;&nbsp; 970702 |
| 1 day SOFR annually | 4.02 annually | Receive | 4/19/2037 | USD9,964,000 | &nbsp;&nbsp; 5076 | &nbsp;&nbsp; (28482)<br>| &nbsp;&nbsp; (23406)<br>|
| 1 day CDI at termination | 11.25 at termination | Pay | 1/4/2027 | BRL18,896,361 | &nbsp;&nbsp; — | &nbsp;&nbsp; (168872)<br>| &nbsp;&nbsp; (168872)<br>|
| 1 day CDI at termination | 11.30 at termination | Pay | 1/4/2027 | BRL18,880,536 | &nbsp;&nbsp; — | &nbsp;&nbsp; (164451)<br>| &nbsp;&nbsp; (164451)<br>|
| 1 day SOFR annually | 3.96 annually | Receive | 2/15/2035 | USD14,377,000 | &nbsp;&nbsp; 3033 | &nbsp;&nbsp; (160922)<br>| &nbsp;&nbsp; (157889)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 8109 | &nbsp;&nbsp; (522727)<br>| &nbsp;&nbsp; (514618)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 455459 | &nbsp;&nbsp; 456084 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| BRL | Brazilian Real |
| CDI | Certificate of interbank deposits |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value of floating rate index at May 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| &nbsp;&nbsp;&nbsp; 1 Day CDI | 2.06% |
| &nbsp;&nbsp;&nbsp; 1 day SOFR | 4.35 |
| &nbsp;&nbsp;&nbsp; 6 month EURIBOR | 2.07 |

---

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

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

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

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

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

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

Futures contracts are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

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

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1291035 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1291035 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 992017 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 992017 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2016313 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2016313 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 479112903 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 479112903 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251053087 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251053087 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 30613171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30613171 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $30613171 | &nbsp;&nbsp;&nbsp;&nbsp; $734465355 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $765078526 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2517480 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2517480 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3361723 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3361723 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 978186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 978186 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2955453)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2955453)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1242481)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1242481)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1171432)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1171432)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2119242 | &nbsp;&nbsp;&nbsp;&nbsp; $(631219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1488023 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government <br> Money Market Fund Class IM <br> Shares, 4.26% (a) (b)<br>| $14100041 | $117487628 | $100974498 | $— | $— | $30613171 | 30613171 | $361868 | $— |

---

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

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

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

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

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

Notes (1) — (3) below describe the various derivatives used by the Fund.

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

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

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

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

**(2). Forward Foreign Currency Exchange Contracts**— The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

**(3). Swaps** — The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts

------

**JPMorgan International Bond Opportunities ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

negotiated over-the-counter ("OTC swaps") between the Fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

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

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

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

<u>Credit Default Swaps</u>

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

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

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

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

<u>Interest Rate Swaps</u>

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically based on a fixed interest rate.

------

## 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 International Bond Opportunities ETF

- **b. EDGAR series identifier (if any):** S000054802

- **c. LEI of Series:** 549300PP3H1CINB2QS44

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $783555106.83

**Total Liabilities:** $6975418.36

**Net Assets:** $776579688.47

**Cash Not Reported:** $1475962.93

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 124.96027000 | **1-Year:** 10179.78202000 | **5-Year:** 60974.63433000 | **10-Year:** 62906.73917000 | **30-Year:** 31734.58335000

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

- **3-Month:** -13112.11300000 | **1-Year:** 17165.45215000 | **5-Year:** 37161.43732000 | **10-Year:** 5712.77917000 | **30-Year:** 3827.95200000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000172241 | -0.32%               | 1.23%                | 0.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $39807.05                | $6788365.37                                |
| Month 2  | $352426.03               | $15907986.20                               |
| Month 3  | $-1879308.61             | $5182066.61                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                      | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |      Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $12575.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                         | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |    245500000 | PA      | $12493305.90  | 1.61%             | 2030-02-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ASK Chemicals Deutschland Holding GmbH                                    | ASK Chemicals Deutschland Holding GmbH                                          | CUSIP: N/A<br>LEI: 529900793W6Y4S5VIK84       | Long             | DBT              | CORP              | DE        |       650000 | PA      | $723281.65    | 0.09%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| AT&T, Inc.                                                                | AT&T, Inc.                                                                      | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |       690000 | PA      | $691407.52    | 0.09%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-46494.85    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                                               | INEOS Quattro Finance 2 plc                                                     | CUSIP: N/A<br>LEI: 213800V48W4Y5MT5Q131       | Long             | DBT              | CORP              | GB        |       800000 | PA      | $919961.57    | 0.12%             | 2029-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                            | CUSIP: 378272BP2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |        29000 | PA      | $30758.45     | 0.00%             | 2030-10-06      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                       | Constellation Energy Generation LLC                                             | CUSIP: 30161MAN3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |       144000 | PA      | $138079.27    | 0.02%             | 2042-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                       | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |      1600000 | PA      | $1762554.49   | 0.23%             | 2027-06-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Cadent Finance plc                                                        | Cadent Finance plc                                                              | CUSIP: N/A<br>LEI: 5493005M8TJ0J6IMUF67       | Long             | DBT              | CORP              | GB        |       800000 | PA      | $810164.69    | 0.10%             | 2030-03-19      | Fixed         | 0.62%                 | Yes           |                  2 | On Loan: No      |
| AXA SA                                                                    | AXA SA                                                                          | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | DBT              | CORP              | FR        |       600000 | PA      | $687728.44    | 0.09%             | 2047-07-06      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Accenture Capital, Inc.                                                   | Accenture Capital, Inc.                                                         | CUSIP: 00440KAD5<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |       230000 | PA      | $220976.38    | 0.03%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Generali                                                                  | Generali                                                                        | CUSIP: N/A<br>LEI: 549300X5UKJVE386ZB61       | Long             | DBT              | CORP              | IT        |       200000 | PA      | $214162.72    | 0.03%             | 2031-07-14      | Fixed         | 2.43%                 | Yes           |                  2 | On Loan: No      |
| FirstEnergy Transmission LLC                                              | FirstEnergy Transmission LLC                                                    | CUSIP: 33767BAD1<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |       705000 | PA      | $666778.45    | 0.09%             | 2028-09-15      | Fixed         | 2.87%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $747.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                   | Hyundai Capital America                                                         | CUSIP: 44891ABD8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |       555000 | PA      | $544516.57    | 0.07%             | 2026-11-02      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Rekeep SpA                                                                | Rekeep SpA                                                                      | CUSIP: N/A<br>LEI: 8156008737CA044FCB79       | Long             | DBT              | CORP              | IT        |       100000 | PA      | $112181.97    | 0.01%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| National Grid plc                                                         | National Grid plc                                                               | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | DBT              | CORP              | GB        |      1000000 | PA      | $1182217.51   | 0.15%             | 2035-01-16      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $45292.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119CL1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       614000 | PA      | $480166.63    | 0.06%             | 2052-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Pro-Gest SpA                                                              | Pro-Gest SpA                                                                    | CUSIP: N/A<br>LEI: 815600EDD04F9C60D660       | Long             | DBT              | CORP              | IT        |       477000 | PA      | $140818.51    | 0.02%             | 2024-12-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Gatwick Funding Ltd.                                                      | Gatwick Funding Ltd.                                                            | CUSIP: N/A<br>LEI: 213800NK8FA3GKS6X167       | Long             | DBT              | CORP              | JE        |       700000 | PA      | $836805.21    | 0.11%             | 2030-04-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $19916.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 675 mbH                                    | Techem Verwaltungsgesellschaft 675 mbH                                          | CUSIP: N/A<br>LEI: 529900N0M7FQHNAV1A41       | Long             | DBT              | CORP              | DE        |       146000 | PA      | $169695.97    | 0.02%             | 2029-07-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Mobico Group plc                                                          | Mobico Group plc                                                                | CUSIP: N/A<br>LEI: 213800A8IQEMY8PA5X34       | Long             | DBT              | CORP              | GB        |       194000 | PA      | $208165.12    | 0.03%             | 2025-11-26      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Altice Financing SA                                                       | Altice Financing SA                                                             | CUSIP: N/A<br>LEI: 549300DIYGW8HVDF7Q17       | Long             | DBT              | CORP              | LU        |       700000 | PA      | $613994.59    | 0.08%             | 2028-01-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| International Game Technology plc                                         | International Game Technology plc                                               | CUSIP: N/A<br>LEI: 549300UQ6KHRCZDRGZ76       | Long             | DBT              | CORP              | GB        |      1500000 | PA      | $1668941.18   | 0.21%             | 2028-04-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                                 | Bank of Nova Scotia (The)                                                       | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |       570000 | PA      | $531263.24    | 0.07%             | 2037-05-04      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $17120.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OI European Group BV                                                      | OI European Group BV                                                            | CUSIP: N/A<br>LEI: 72450053F5WRDY8CDZ66       | Long             | DBT              | CORP              | NL        |       380000 | PA      | $445989.14    | 0.06%             | 2028-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $1602.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                                        | Metropolitan Life Global Funding I                                              | CUSIP: 59217GEZ8<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |       185000 | PA      | $177075.77    | 0.02%             | 2029-03-21      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                               | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |       780000 | PA      | $800192.87    | 0.10%             | 2029-07-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                              | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |       600000 | PA      | $660507.60    | 0.09%             | 2028-11-21      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                       | CUSIP: N/A<br>LEI: 5493000PCHOG3B6S3Q85       | Long             | DBT              | NUSS              | TR        |    173351253 | PA      | $4202709.14   | 0.54%             | 2026-08-12      | Fixed         | 36.00%                | No            |                  2 | On Loan: No      |
| Banijay Entertainment SAS                                                 | Banijay Entertainment SAS                                                       | CUSIP: N/A<br>LEI: 969500CE0IE2EZ5VBG13       | Long             | DBT              | CORP              | FR        |      1268000 | PA      | $1504899.32   | 0.19%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| RELX Finance BV                                                           | RELX Finance BV                                                                 | CUSIP: N/A<br>LEI: 54930086P8MBY4IN4E29       | Long             | DBT              | CORP              | NL        |       500000 | PA      | $492033.63    | 0.06%             | 2032-03-10      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| Vonovia SE                                                                | Vonovia SE                                                                      | CUSIP: N/A<br>LEI: 5299005A2ZEP6AP7KM81       | Long             | DBT              | CORP              | DE        |      1000000 | PA      | $930468.07    | 0.12%             | 2032-09-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Q-Park Holding I BV                                                       | Q-Park Holding I BV                                                             | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |      1193000 | PA      | $1395128.02   | 0.18%             | 2029-03-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| PLT VII Finance Sarl                                                      | PLT VII Finance Sarl                                                            | CUSIP: N/A<br>LEI: 894500SKZV4JDP64R249       | Long             | DBT              | CORP              | LU        |      1577000 | PA      | $1849733.99   | 0.24%             | 2031-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $4322.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CF Industries, Inc.                                                       | CF Industries, Inc.                                                             | CUSIP: 12527GAD5<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |       224000 | PA      | $191854.25    | 0.02%             | 2043-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       275000 | PA      | $276950.15    | 0.04%             | 2036-01-28      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                                                    | Standard Chartered plc                                                          | CUSIP: 853254CN8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      2170000 | PA      | $2315259.80   | 0.30%             | 2028-11-16      | Variable      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                    | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |       360000 | PA      | $370407.91    | 0.05%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Cerba Healthcare SACA                                                     | Cerba Healthcare SACA                                                           | CUSIP: N/A<br>LEI: 9845000C1FYE89DC8677       | Long             | DBT              | CORP              | FR        |       419000 | PA      | $366330.23    | 0.05%             | 2028-05-31      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| NiSource, Inc.                                                            | NiSource, Inc.                                                                  | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |       116000 | PA      | $118694.80    | 0.02%             | 2054-11-30      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2015-H13, Class GI                                                 | CUSIP: 38376RCK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        30057 | PA      | $792.72       | 0.00%             | 2065-04-20      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                           | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |       685000 | PA      | $682602.50    | 0.09%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |      2150000 | PA      | $2485342.51   | 0.32%             | 2032-09-16      | Variable      | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Abertis Infraestructuras Finance BV                                       | Abertis Infraestructuras Finance BV                                             | CUSIP: N/A<br>LEI: 5493007WHKI5H75YJ358       | Long             | DBT              | CORP              | NL        |      1700000 | PA      | $1900056.35   | 0.24%             | 2027-01-26      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       175000 | PA      | $169142.95    | 0.02%             | 2028-02-04      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       190000 | PA      | $163499.05    | 0.02%             | 2032-07-21      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Co.                                             | Berkshire Hathaway Energy Co.                                                   | CUSIP: 084659BF7<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |        47000 | PA      | $38024.34     | 0.00%             | 2053-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Euro-Bobl                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         -141 | NC      | $-69987.42    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2017-KF38, Class B                                 | CUSIP: 30305MAG5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        19725 | PA      | $19717.56     | 0.00%             | 2024-09-25      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Emisiones SA                                                   | Telefonica Emisiones SA                                                         | CUSIP: 87938WAV5<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |       150000 | PA      | $132512.06    | 0.02%             | 2038-03-06      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                                              | Canadian Pacific Railway Co.                                                    | CUSIP: 13648TAG2<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |        90000 | PA      | $62100.24     | 0.01%             | 2050-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JBS USA LUX SARL                                                          | JBS USA LUX Sarl                                                                | CUSIP: 472140AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       165000 | PA      | $167972.69    | 0.02%             | 2035-04-20      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                    | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M1                 | CUSIP: 92257CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        57441 | PA      | $53152.80     | 0.01%             | 2049-03-25      | Variable      | 3.94%                 | Yes           |                  2 | On Loan: No      |
| AccorInvest Group SA                                                      | AccorInvest Group SA                                                            | CUSIP: N/A<br>LEI: 2221000MD2YP7WLTNC52       | Long             | DBT              | CORP              | LU        |       500000 | PA      | $572902.22    | 0.07%             | 2031-11-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Exelon Corp.                                                              | Exelon Corp.                                                                    | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |       120000 | PA      | $119858.20    | 0.02%             | 2055-03-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                                      | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |       707000 | PA      | $681647.52    | 0.09%             | 2028-01-19      | Variable      | 2.34%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets plc                                                    | BP Capital Markets plc                                                          | CUSIP: 05565QDU9<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |        43000 | PA      | $42836.08     | 0.01%             | 2025-06-22      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Valeo SE                                                                  | Valeo SE                                                                        | CUSIP: N/A<br>LEI: 5493006IH2N2WMIBB742       | Long             | DBT              | CORP              | FR        |      1200000 | PA      | $1410203.17   | 0.18%             | 2027-05-28      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                              | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | DBT              | CORP              | ES        |       500000 | PA      | $614172.85    | 0.08%             | 2031-10-18      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Fells Point Funding Trust                                                 | Fells Point Funding Trust                                                       | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       274000 | PA      | $266460.05    | 0.03%             | 2027-01-31      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | OIS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     63383000 | PA      | $130116.58    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |       567000 | PA      | $575062.74    | 0.07%             | 2029-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Country Garden Holdings Co. Ltd.                                          | Country Garden Holdings Co. Ltd.                                                | CUSIP: N/A<br>LEI: 549300MGHLPT1EFHGF84       | Long             | DBT              | CORP              | KY        |       530000 | PA      | $39750.00     | 0.01%             | 2025-10-22      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Q-Park Holding I BV                                                       | Q-Park Holding I BV                                                             | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |       900000 | PA      | $1052459.96   | 0.14%             | 2030-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Vale Overseas Ltd.                                                        | Vale Overseas Ltd.                                                              | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |       700000 | PA      | $666596.00    | 0.09%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                   | Hyundai Capital America                                                         | CUSIP: 44891ACR6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |       110000 | PA      | $114917.11    | 0.01%             | 2029-01-16      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                           | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |  37428000000 | PA      | $2331996.23   | 0.30%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Allianz SE                                                                | Allianz SE                                                                      | CUSIP: 018820AD2<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |       400000 | PA      | $391470.36    | 0.05%             | 2054-09-03      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                         | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |       448000 | PA      | $449814.40    | 0.06%             | 2037-02-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| National Grid plc                                                         | National Grid plc                                                               | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | DBT              | CORP              | GB        |       800000 | PA      | $840762.94    | 0.11%             | 2028-09-01      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |       250000 | PA      | $242598.06    | 0.03%             | 2034-03-14      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| AstraZeneca plc                                                           | AstraZeneca plc                                                                 | CUSIP: 046353AG3<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | DBT              | CORP              | GB        |      2390000 | PA      | $1987006.06   | 0.26%             | 2042-09-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust, Series 2005-HQ7, Class E                        | CUSIP: 617451BW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          620 | PA      | $608.80       | 0.00%             | 2042-11-14      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $599.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ELO SACA                                                                  | ELO SACA                                                                        | CUSIP: N/A<br>LEI: 969500ASEC557H5A4F22       | Long             | DBT              | CORP              | FR        |       300000 | PA      | $333145.12    | 0.04%             | 2028-04-17      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       455000 | PA      | $460485.09    | 0.06%             | 2029-02-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Matterhorn Telecom SA                                                     | Matterhorn Telecom SA                                                           | CUSIP: N/A<br>LEI: 549300MTB0YI26SMUT22       | Long             | DBT              | CORP              | LU        |       600000 | PA      | $680077.78    | 0.09%             | 2026-09-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                                     | Gilead Sciences, Inc.                                                           | CUSIP: 375558BT9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |       310000 | PA      | $188461.71    | 0.02%             | 2050-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| TSMC Global Ltd.                                                          | TSMC Global Ltd.                                                                | CUSIP: 872882AK1<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |       700000 | PA      | $616196.00    | 0.08%             | 2031-04-23      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                         | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |       776000 | PA      | $935848.11    | 0.12%             | 2029-09-27      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Fressnapf Holding SE                                                      | Fressnapf Holding SE                                                            | CUSIP: N/A<br>LEI: 529900NLSO3VLFW8JQ35       | Long             | DBT              | CORP              | DE        |      1200000 | PA      | $1389627.30   | 0.18%             | 2031-10-31      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| OI European Group BV                                                      | OI European Group BV                                                            | CUSIP: N/A<br>LEI: 72450053F5WRDY8CDZ66       | Long             | DBT              | CORP              | NL        |       300000 | PA      | $348207.32    | 0.04%             | 2029-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       200000 | PA      | $217640.80    | 0.03%             | 2028-11-13      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| AccorInvest Group SA                                                      | AccorInvest Group SA                                                            | CUSIP: N/A<br>LEI: 2221000MD2YP7WLTNC52       | Long             | DBT              | CORP              | LU        |      2055000 | PA      | $2441831.98   | 0.31%             | 2029-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Mars, Inc.                                                                | Mars, Inc.                                                                      | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |       460000 | PA      | $458274.52    | 0.06%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                               | CUSIP: 639057AF5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      1885000 | PA      | $1916124.48   | 0.25%             | 2028-09-30      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $10980.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                | Flagship Credit Auto Trust, Series 2023-1, Class B                              | CUSIP: 337955AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        66000 | PA      | $65954.51     | 0.01%             | 2028-01-18      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      1122000 | PA      | $1121153.25   | 0.14%             | 2027-08-05      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2012-146, Class AI                                          | CUSIP: 3136ABFU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       168900 | PA      | $3574.62      | 0.00%             | 2028-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                                        | Credit Agricole SA                                                              | CUSIP: 22535WAJ6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |      1545000 | PA      | $1615401.29   | 0.21%             | 2029-10-03      | Variable      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                            | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |       263169 | PA      | $312931.84    | 0.04%             | 2028-05-15      | Variable      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Viridien                                                                  | Viridien                                                                        | CUSIP: N/A<br>LEI: 969500FCVQ5SLAAUJV59       | Long             | DBT              | CORP              | FR        |       386000 | PA      | $418678.07    | 0.05%             | 2030-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                                       | Take-Two Interactive Software, Inc.                                             | CUSIP: 874054AM1<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |        43000 | PA      | $43889.87     | 0.01%             | 2029-06-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                                         | BAT Capital Corp.                                                               | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      3680000 | PA      | $3924615.78   | 0.51%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Long Bond                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          -14 | NC      | $-32773.66    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |      2100000 | PA      | $2021890.14   | 0.26%             | 2028-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                            | CUSIP: 378272BK3<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |       450000 | PA      | $457636.58    | 0.06%             | 2028-05-08      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Wolters Kluwer NV                                                         | Wolters Kluwer NV                                                               | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | DBT              | CORP              | NL        |       500000 | PA      | $587742.98    | 0.08%             | 2031-04-03      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                              | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |     20865000 | PA      | $5550584.44   | 0.71%             | 2029-07-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                         | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      2038000 | PA      | $2050652.96   | 0.26%             | 2027-01-18      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |      1000000 | PA      | $1125458.04   | 0.14%             | 2026-03-27      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       575000 | PA      | $583024.46    | 0.08%             | 2029-04-20      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-125078.91   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |       500000 | PA      | $573163.81    | 0.07%             | 2032-09-19      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                        | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |       800000 | PA      | $881690.55    | 0.11%             | 2027-12-01      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 902613AK4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       430000 | PA      | $369016.04    | 0.05%             | 2033-02-11      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       290000 | PA      | $254311.79    | 0.03%             | 2032-04-22      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                                            | Czech Republic                                                                  | CUSIP: N/A<br>LEI: 3157007EFDLQABN47912       | Long             | DBT              | NUSS              | CZ        |     37240000 | PA      | $1315627.53   | 0.17%             | 2037-07-30      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-44120.73    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| EDP SA                                                                    | EDP SA                                                                          | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |       500000 | PA      | $558243.99    | 0.07%             | 2081-08-02      | Variable      | 1.88%                 | Yes           |                  2 | On Loan: No      |
| AbbVie, Inc.                                                              | AbbVie, Inc.                                                                    | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      1440000 | PA      | $1444181.99   | 0.19%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: N/A<br>LEI: 0YQH6LCEF474UTUV4B96       | Long             | DBT              | CORP              | NL        |       493000 | PA      | $497083.84    | 0.06%             | 2031-01-17      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                            | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |       773000 | PA      | $921778.63    | 0.12%             | 2031-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| OI European Group BV                                                      | OI European Group BV                                                            | CUSIP: N/A<br>LEI: 72450053F5WRDY8CDZ66       | Long             | DBT              | CORP              | NL        |       261000 | PA      | $302940.37    | 0.04%             | 2029-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Germany                                               | Bundesrepublik Deutschland                                                      | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |      2370000 | PA      | $2589812.75   | 0.33%             | 2032-08-15      | Fixed         | 1.70%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp., Series N                                                 | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       560000 | PA      | $495712.44    | 0.06%             | 2032-03-11      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                            | Broadcom, Inc.                                                                  | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |       180000 | PA      | $176248.71    | 0.02%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                        | State Street Corp., Series I                                                    | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |        59000 | PA      | $60225.43     | 0.01%             | 2029-03-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       760000 | PA      | $754931.48    | 0.10%             | 2030-10-18      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| RCI Banque SA                                                             | RCI Banque SA                                                                   | CUSIP: N/A<br>LEI: 96950001WI712W7PQG45       | Long             | DBT              | CORP              | FR        |       900000 | PA      | $1073437.52   | 0.14%             | 2034-10-09      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Ohio, Inc.                                                    | Duke Energy Ohio, Inc.                                                          | CUSIP: 26442EAJ9<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |        45000 | PA      | $45551.75     | 0.01%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                         | CUSIP: 05583JAJ1<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      1385000 | PA      | $1175964.89   | 0.15%             | 2032-01-20      | Variable      | 2.28%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-3790.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                            | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |      1000000 | PA      | $1189090.78   | 0.15%             | 2028-05-15      | Variable      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Benteler International AG                                                 | Benteler International AG                                                       | CUSIP: N/A<br>LEI: 529900ZAFSOBVFCKF263       | Long             | DBT              | CORP              | AT        |      1131000 | PA      | $1350692.08   | 0.17%             | 2028-05-15      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Holcim Finance Luxembourg SA                                              | Holcim Finance Luxembourg SA                                                    | CUSIP: N/A<br>LEI: 529900XU3Z9D2HLBR716       | Long             | DBT              | CORP              | LU        |       900000 | PA      | $874141.62    | 0.11%             | 2031-04-23      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                          | Deutsche Bank AG                                                                | CUSIP: 25160PAG2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |       450000 | PA      | $396107.71    | 0.05%             | 2033-01-07      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| Eversholt Funding plc                                                     | Eversholt Funding plc                                                           | CUSIP: N/A<br>LEI: 5493002X7O83FCJVYO69       | Long             | DBT              | CORP              | GB        |       635902 | PA      | $718159.84    | 0.09%             | 2040-06-30      | Fixed         | 2.74%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $6653.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BE Semiconductor Industries NV                                            | BE Semiconductor Industries NV                                                  | CUSIP: N/A<br>LEI: 7245007A1YFLI2GNYX06       | Long             | DBT              | CORP              | NL        |      1200000 | PA      | $1410490.51   | 0.18%             | 2031-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $6418.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                            | CUSIP: 699149AJ9<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |       550000 | PA      | $539515.63    | 0.07%             | 2031-04-28      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Regency Centers LP                                                        | Regency Centers LP                                                              | CUSIP: 75884RAZ6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |        95000 | PA      | $89128.96     | 0.01%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Telecom Italia SpA                                                        | Telecom Italia SpA                                                              | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | DBT              | CORP              | IT        |       698000 | PA      | $752388.26    | 0.10%             | 2029-01-18      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Cemex SAB de CV                                                           | Cemex SAB de CV                                                                 | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |      1148000 | PA      | $1132502.00   | 0.15%             | 2026-06-08      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-48388.62    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $6820.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404121AL9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       495000 | PA      | $466858.44    | 0.06%             | 2054-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Republic of Italy                                                         | Italian Republic Government Bond                                                | CUSIP: 465410BY3<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |      1135000 | PA      | $1056083.45   | 0.14%             | 2029-10-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       210000 | PA      | $210440.96    | 0.03%             | 2027-01-20      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5023, Class MI                                             | CUSIP: 3137FWV80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       572615 | PA      | $95677.92     | 0.01%             | 2050-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                                              | ING Groep NV                                                                    | CUSIP: 456837AR4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |       495000 | PA      | $491945.11    | 0.06%             | 2026-11-16      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $167.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       150000 | PA      | $96126.84     | 0.01%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                                    | Alternative Loan Trust, Series 2007-2CB, Class 1A6                              | CUSIP: 02149HAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       106980 | PA      | $54951.44     | 0.01%             | 2037-03-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Comision Federal de Electricidad                                          | Comision Federal de Electricidad                                                | CUSIP: 200447AP5<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | NUSS              | MX        |       566000 | PA      | $543643.00    | 0.07%             | 2035-01-24      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                              | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |       800000 | PA      | $769000.30    | 0.10%             | 2027-09-14      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| Transcanada Trust                                                         | Transcanada Trust, Series 16-A                                                  | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |        57000 | PA      | $56599.27     | 0.01%             | 2076-08-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Guala Closures SpA                                                        | Guala Closures SpA                                                              | CUSIP: N/A<br>LEI: 81560014151D1C625F49       | Long             | DBT              | CORP              | IT        |       934000 | PA      | $1026192.19   | 0.13%             | 2028-06-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Abertis Infraestructuras Finance BV                                       | Abertis Infraestructuras Finance BV                                             | CUSIP: N/A<br>LEI: 5493007WHKI5H75YJ358       | Long             | DBT              | CORP              | NL        |       600000 | PA      | $694043.81    | 0.09%             | 2029-11-28      | Variable      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-3604.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CCUBS Commercial Mortgage Trust                                           | CCUBS Commercial Mortgage Trust, Series 2017-C1, Class C                        | CUSIP: 12508GAZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        28000 | PA      | $25282.91     | 0.00%             | 2050-11-15      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $1703.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K072, Class X3 | CUSIP: 3137FEBT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       400000 | PA      | $20185.04     | 0.00%             | 2045-12-25      | Variable      | 2.14%                 | No            |                  2 | On Loan: No      |
| UGI International LLC                                                     | UGI International LLC                                                           | CUSIP: N/A<br>LEI: 5493001JFF8MQO00ZQ21       | Long             | DBT              | CORP              | US        |       350000 | PA      | $371170.66    | 0.05%             | 2029-12-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Nidda Healthcare Holding GmbH                                             | Nidda Healthcare Holding GmbH                                                   | CUSIP: N/A<br>LEI: 549300Q89C4WAO6L0L19       | Long             | DBT              | CORP              | DE        |       632000 | PA      | $731784.26    | 0.09%             | 2030-10-23      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SASU                                                        | Iliad Holding SASU                                                              | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |       380000 | PA      | $459133.47    | 0.06%             | 2031-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 172967NE7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       140000 | PA      | $120470.97    | 0.02%             | 2032-11-03      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| OEG Finance plc                                                           | OEG Finance plc                                                                 | CUSIP: N/A<br>LEI: 254900KMBHWF9UK63G44       | Long             | DBT              | CORP              | GB        |       959000 | PA      | $1115137.24   | 0.14%             | 2029-09-27      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                    | CUSIP: 694308HS9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |       366000 | PA      | $356539.89    | 0.05%             | 2027-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                          | Deutsche Bank AG                                                                | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | DBT              | CORP              | DE        |       700000 | PA      | $704805.38    | 0.09%             | 2032-02-17      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| BP Capital Markets plc                                                    | BP Capital Markets plc                                                          | CUSIP: N/A<br>LEI: 549300CRVT18MXX0AG93       | Long             | DBT              | CORP              | GB        |      1150000 | PA      | $1303881.97   | 0.17%             | 2026-03-22      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       690000 | PA      | $687527.21    | 0.09%             | 2030-10-23      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| General Electric Co.                                                      | General Electric Co.                                                            | CUSIP: N/A<br>LEI: 3C7474T6CDKPR9K6YT90       | Long             | DBT              | CORP              | US        |       100000 | PA      | $118808.49    | 0.02%             | 2035-09-19      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      1100000 | PA      | $1321225.63   | 0.17%             | 2029-01-17      | Variable      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 5 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1011 | NC      | $629693.46    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       140000 | PA      | $116996.25    | 0.02%             | 2036-09-16      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                               | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |       200000 | PA      | $212053.66    | 0.03%             | 2033-11-10      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $4248.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                               | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |      1025000 | PA      | $1029294.75   | 0.13%             | 2048-01-17      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| iliad SA                                                                  | iliad SA                                                                        | CUSIP: N/A<br>LEI: 969500FZ9BTRZS3JNB97       | Long             | DBT              | CORP              | FR        |       600000 | PA      | $709781.00    | 0.09%             | 2027-06-14      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                          | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      1073000 | PA      | $1066562.00   | 0.14%             | 2030-02-04      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| American Medical Systems Europe BV                                        | American Medical Systems Europe BV                                              | CUSIP: N/A<br>LEI: 549300AA2JE6ZQ5D2493       | Long             | DBT              | CORP              | NL        |       100000 | PA      | $105122.00    | 0.01%             | 2031-03-08      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-2959.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                              | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |     13324000 | PA      | $3729139.51   | 0.48%             | 2033-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Emera, Inc.                                                               | Emera, Inc., Series 16-A                                                        | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |       236000 | PA      | $237159.23    | 0.03%             | 2076-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |      1850000 | PA      | $1932658.62   | 0.25%             | 2027-02-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |       276000 | PA      | $328693.02    | 0.04%             | 2027-01-11      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |       900000 | PA      | $1010760.91   | 0.13%             | 2026-09-28      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |       200000 | PA      | $223956.16    | 0.03%             | 2027-12-03      | Variable      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                                       | Expand Energy Corp.                                                             | CUSIP: 165167DH7<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |       382000 | PA      | $377109.52    | 0.05%             | 2035-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 17327CBA0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      1045000 | PA      | $1030752.57   | 0.13%             | 2036-03-27      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |       700000 | PA      | $844324.03    | 0.11%             | 2029-07-19      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |       400000 | PA      | $455027.05    | 0.06%             | 2026-05-25      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-6955.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Banco de Sabadell SA                                                      | Banco de Sabadell SA                                                            | CUSIP: N/A<br>LEI: SI5RG2M0WQQLZCXKRM20       | Long             | DBT              | CORP              | ES        |      1000000 | PA      | $1146224.29   | 0.15%             | 2031-05-27      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| AstraZeneca plc                                                           | AstraZeneca plc                                                                 | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | DBT              | CORP              | GB        |       700000 | PA      | $726898.06    | 0.09%             | 2029-06-03      | Fixed         | 0.38%                 | Yes           |                  2 | On Loan: No      |
| ELO SACA                                                                  | ELO SACA                                                                        | CUSIP: N/A<br>LEI: 969500ASEC557H5A4F22       | Long             | DBT              | CORP              | FR        |      1200000 | PA      | $1326796.49   | 0.17%             | 2027-07-23      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K078, Class X3 | CUSIP: 3137FGR64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1820000 | PA      | $107135.94    | 0.01%             | 2046-06-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Samhallsbyggnadsbolaget I Norden Holding AB                               | Samhallsbyggnadsbolaget I Norden Holding AB                                     | CUSIP: N/A<br>LEI: 636700JPED0N9T4ET363       | Long             | DBT              | CORP              | SE        |       900000 | PA      | $912050.21    | 0.12%             | 2027-07-12      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-75851.34    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |      1900000 | PA      | $2242246.92   | 0.29%             | 2032-02-09      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       497000 | PA      | $504258.01    | 0.06%             | 2031-04-17      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| Centrica plc                                                              | Centrica plc                                                                    | CUSIP: N/A<br>LEI: E26EDV109X6EEPBKVH76       | Long             | DBT              | CORP              | GB        |       200000 | PA      | $263758.81    | 0.03%             | 2029-03-13      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-25003.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Welltower OP LLC                                                          | Welltower OP LLC                                                                | CUSIP: 95040QAM6<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |       220000 | PA      | $196785.45    | 0.03%             | 2031-06-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-32562.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                         | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |     35370000 | PA      | $1648417.79   | 0.21%             | 2033-05-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-KF49, Class B                                 | CUSIP: 30307PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       133319 | PA      | $133085.15    | 0.02%             | 2025-06-25      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                         | CUSIP: N/A<br>LEI: 9695005MSX1OYEMGDF46       | Long             | DBT              | CORP              | FR        |       900000 | PA      | $1068360.80   | 0.14%             | 2028-07-13      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Greenko Dutch BV                                                          | Greenko Dutch BV                                                                | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |       176000 | PA      | $172260.00    | 0.02%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087P81<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     18245000 | PA      | $13339516.63  | 1.72%             | 2026-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GC36<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       320000 | PA      | $324488.09    | 0.04%             | 2031-01-28      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Dufry One BV                                                              | Dufry One BV                                                                    | CUSIP: N/A<br>LEI: 7245003K5MN9U7XW0808       | Long             | DBT              | CORP              | NL        |      1575000 | PA      | $1759273.33   | 0.23%             | 2027-02-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Walt Disney Co. (The)                                                     | Walt Disney Co. (The)                                                           | CUSIP: 254687FZ4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |       330000 | PA      | $236969.19    | 0.03%             | 2051-01-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                         | EMRLD Borrower LP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       182000 | PA      | $216689.60    | 0.03%             | 2030-12-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen International Finance NV                                       | Volkswagen International Finance NV                                             | CUSIP: N/A<br>LEI: 5299004PWNHKYTR23649       | Long             | DBT              | CORP              | NL        |       600000 | PA      | $677762.84    | 0.09%             | 2030-11-18      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |       400000 | PA      | $492217.58    | 0.06%             | 2030-01-16      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $11575.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-29297.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-95562.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Indonesia Asahan Aluminium PT                                             | Indonesia Asahan Aluminium PT                                                   | CUSIP: 74445PAF9<br>LEI: 2549008P48EB9SN2OI80 | Long             | DBT              | CORP              | ID        |       200000 | PA      | $201065.00    | 0.03%             | 2030-05-15      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                            | CUSIP: 378272BU1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |       933000 | PA      | $938382.86    | 0.12%             | 2034-04-04      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       250000 | PA      | $265232.56    | 0.03%             | 2033-11-17      | Variable      | 6.27%                 | No            |                  2 | On Loan: No      |
| Iceland Bondco plc                                                        | Iceland Bondco plc                                                              | CUSIP: N/A<br>LEI: 2138002DRBYIA8QXHO36       | Long             | DBT              | CORP              | GB        |       120000 | PA      | $171383.08    | 0.02%             | 2027-12-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                        | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      1190000 | PA      | $1133177.50   | 0.15%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Vodafone Group plc                                                        | Vodafone Group plc                                                              | CUSIP: 92857WCA6<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      2595000 | PA      | $2429070.43   | 0.31%             | 2054-06-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      2095000 | PA      | $2095377.10   | 0.27%             | 2030-05-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-10507.54    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $5073.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Saavi Energia Sarl                                                        | Saavi Energia Sarl                                                              | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       605000 | PA      | $615890.00    | 0.08%             | 2035-02-10      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| CT Investment GmbH                                                        | CT Investment GmbH                                                              | CUSIP: N/A<br>LEI: 529900VYBTC7HKBCNB72       | Long             | DBT              | CORP              | DE        |      1100000 | PA      | $1289587.34   | 0.17%             | 2030-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                                    | Freeport-McMoRan, Inc.                                                          | CUSIP: 35671DCE3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |       119000 | PA      | $117031.94    | 0.02%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC                                                               | SCIL IV LLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       900000 | PA      | $1072333.70   | 0.14%             | 2028-07-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                                    | Merrill Lynch Mortgage Investors Trust, Series 2004-C, Class A1                 | CUSIP: 59020UDN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         5407 | PA      | $5309.84      | 0.00%             | 2029-07-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Rexel SA                                                                  | Rexel SA                                                                        | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | DBT              | CORP              | FR        |       300000 | PA      | $357240.96    | 0.05%             | 2030-09-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Long Bond                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          145 | NC      | $339942.38    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $439970.95    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4305, Class SK                                             | CUSIP: 3137B8A72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       313193 | PA      | $41660.61     | 0.01%             | 2044-02-15      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| ANZ New Zealand Int'l Ltd.                                                | ANZ New Zealand Int'l Ltd.                                                      | CUSIP: 00182EBM0<br>LEI: 213800VD256NU2D97H12 | Long             | DBT              | CORP              | NZ        |       490000 | PA      | $447586.84    | 0.06%             | 2030-02-13      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| Altice France Holding SA                                                  | Altice France Holding SA                                                        | CUSIP: N/A<br>LEI: 5299000JVHXKJPOE6H40       | Long             | DBT              | CORP              | LU        |       200000 | PA      | $82613.90     | 0.01%             | 2028-02-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                    | Velocity Commercial Capital Loan Trust, Series 2018-2, Class A                  | CUSIP: 92259BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        46434 | PA      | $45165.41     | 0.01%             | 2048-10-26      | Variable      | 4.05%                 | Yes           |                  2 | On Loan: No      |
| SES SA                                                                    | SES SA                                                                          | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | DBT              | CORP              | LU        |       130000 | PA      | $139786.69    | 0.02%             | 2027-11-04      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| Greenko Power II Ltd.                                                     | Greenko Power II Ltd.                                                           | CUSIP: 39530MAA6<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |       354875 | PA      | $332163.00    | 0.04%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series X                                                       | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       686000 | PA      | $672060.67    | 0.09%             | 2026-02-18      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                                              | KazMunayGas National Co. JSC                                                    | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |       600000 | PA      | $592106.28    | 0.08%             | 2030-04-24      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Verisure Holding AB                                                       | Verisure Holding AB                                                             | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |      1100000 | PA      | $1238103.76   | 0.16%             | 2027-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                  | CUSIP: 09659T2D2<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |       870000 | PA      | $864998.45    | 0.11%             | 2035-11-19      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                      | BANK, Series 2018-BN13, Class C                                                 | CUSIP: 06539LBG4<br>LEI: 549300664283JRAXM588 | Long             | ABS-MBS          | CORP              | US        |       118000 | PA      | $100006.37    | 0.01%             | 2061-08-15      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                        | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |      2000000 | PA      | $2133605.97   | 0.27%             | 2030-06-15      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                              | BX Commercial Mortgage Trust, Series 2024-MF, Class B                           | CUSIP: 05612EAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       283345 | PA      | $283699.63    | 0.04%             | 2039-02-15      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: 29278GAP3<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |       536000 | PA      | $464039.15    | 0.06%             | 2031-07-12      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087Q64<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     11190000 | PA      | $8165393.59   | 1.05%             | 2025-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-17592.91    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4689, Class SD                                             | CUSIP: 3137F1DW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       209620 | PA      | $24042.77     | 0.00%             | 2047-06-15      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| Jaguar Land Rover Automotive plc                                          | Jaguar Land Rover Automotive plc                                                | CUSIP: N/A<br>LEI: 529900L73GEWN1O5NH84       | Long             | DBT              | CORP              | GB        |       600000 | PA      | $690012.06    | 0.09%             | 2028-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Paprec Holding SA                                                         | Paprec Holding SA                                                               | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |       150000 | PA      | $169215.55    | 0.02%             | 2028-07-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Banco de Sabadell SA                                                      | Banco de Sabadell SA                                                            | CUSIP: N/A<br>LEI: SI5RG2M0WQQLZCXKRM20       | Long             | DBT              | CORP              | ES        |       200000 | PA      | $225779.69    | 0.03%             | 2027-05-19      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Germany                                               | Bundesrepublik Deutschland                                                      | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |      1090000 | PA      | $1234527.83   | 0.16%             | 2033-02-15      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                  | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      1000000 | PA      | $1059210.00   | 0.14%             | 2028-08-14      | Variable      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Vmed O2 UK Financing I plc                                                | Vmed O2 UK Financing I plc                                                      | CUSIP: N/A<br>LEI: 213800MRR46ECNGZ7L69       | Long             | DBT              | CORP              | GB        |       350000 | PA      | $409834.83    | 0.05%             | 2032-04-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280CL1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      3260000 | PA      | $3064641.50   | 0.39%             | 2028-09-22      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| Koninklijke KPN NV                                                        | Koninklijke KPN NV                                                              | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | DBT              | CORP              | NL        |       400000 | PA      | $468017.96    | 0.06%             | 2029-06-18      | Variable      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Paraguay                                                      | Republic of Paraguay                                                            | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |      1480000 | PA      | $1280200.00   | 0.16%             | 2048-03-13      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Euro-Bund                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          -18 | NC      | $-7626.93     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                           | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |  22841000000 | PA      | $1421778.64   | 0.18%             | 2033-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Cirsa Finance International Sarl                                          | Cirsa Finance International Sarl                                                | CUSIP: N/A<br>LEI: 254900KUJN6DHWH2K029       | Long             | DBT              | CORP              | LU        |       149000 | PA      | $177472.31    | 0.02%             | 2029-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 225401AP3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       974000 | PA      | $943899.52    | 0.12%             | 2031-04-01      | Variable      | 4.19%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |      1584000 | PA      | $1935746.41   | 0.25%             | 2028-02-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                            | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       308000 | PA      | $198264.16    | 0.03%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets plc                                                    | BP Capital Markets plc                                                          | CUSIP: N/A<br>LEI: 549300CRVT18MXX0AG93       | Long             | DBT              | CORP              | GB        |       200000 | PA      | $224453.49    | 0.03%             | 2029-03-22      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                                                    | Standard Chartered plc                                                          | CUSIP: 853254BS8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      1350000 | PA      | $1318275.00   | 0.17%             | 2031-04-01      | Variable      | 4.64%                 | Yes           |                  2 | On Loan: No      |
| Lottomatica Group Spa                                                     | Lottomatica Group Spa                                                           | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | DBT              | CORP              | IT        |       472000 | PA      | $548959.69    | 0.07%             | 2031-01-31      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Orange SA                                                                 | Orange SA                                                                       | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | DBT              | CORP              | FR        |      1100000 | PA      | $1180753.05   | 0.15%             | 2028-07-15      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Gray Oak Pipeline LLC                                                     | Gray Oak Pipeline LLC                                                           | CUSIP: 38937LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        50000 | PA      | $49374.82     | 0.01%             | 2025-10-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Crown Castle, Inc.                                                        | Crown Castle, Inc.                                                              | CUSIP: 22822VBB6<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |       190000 | PA      | $189958.09    | 0.02%             | 2028-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Iceland Bondco plc                                                        | Iceland Bondco plc                                                              | CUSIP: N/A<br>LEI: 2138002DRBYIA8QXHO36       | Long             | DBT              | CORP              | GB        |       400000 | PA      | $571276.94    | 0.07%             | 2027-12-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                                     | Gilead Sciences, Inc.                                                           | CUSIP: 375558CA9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |       119000 | PA      | $114106.83    | 0.01%             | 2053-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       800000 | PA      | $913351.20    | 0.12%             | 2033-11-13      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2012-124, Class UI                                          | CUSIP: 3136A9X60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        62431 | PA      | $11132.93     | 0.00%             | 2042-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Finance SA                                                 | Telecom Italia Finance SA                                                       | CUSIP: N/A<br>LEI: 549300O482B6CBF38D50       | Long             | DBT              | CORP              | LU        |       100000 | PA      | $142444.02    | 0.02%             | 2033-01-24      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087R97<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     22838000 | PA      | $16911120.05  | 2.18%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| iliad SA                                                                  | iliad SA                                                                        | CUSIP: N/A<br>LEI: 969500FZ9BTRZS3JNB97       | Long             | DBT              | CORP              | FR        |      2300000 | PA      | $2776375.09   | 0.36%             | 2030-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                       | CUSIP: N/A<br>LEI: 5493000PCHOG3B6S3Q85       | Long             | DBT              | NUSS              | TR        |     67952334 | PA      | $1531847.38   | 0.20%             | 2029-09-12      | Fixed         | 30.00%                | No            |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                         | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      1681000 | PA      | $1589217.40   | 0.20%             | 2036-03-26      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                | Prudential Financial, Inc.                                                      | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |       295000 | PA      | $299494.71    | 0.04%             | 2054-03-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | OIS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     14377000 | PA      | $-160921.59   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                             | UBS Commercial Mortgage Trust, Series 2017-C7, Class B                          | CUSIP: 90276WAW7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       106000 | PA      | $101299.25    | 0.01%             | 2050-12-15      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | OIS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     14714000 | PA      | $319742.08    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| PeopleCert Wisdom Issuer plc                                              | PeopleCert Wisdom Issuer plc                                                    | CUSIP: N/A<br>LEI: 213800PZ81RFLCN9GD51       | Long             | DBT              | CORP              | GB        |       600000 | PA      | $684403.84    | 0.09%             | 2026-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Finance US, Inc.                                               | Stellantis Finance US, Inc.                                                     | CUSIP: 85855CAK6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |       200000 | PA      | $200467.77    | 0.03%             | 2030-03-18      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                              | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      1395000 | PA      | $1261951.88   | 0.16%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nomad Foods Bondco plc                                                    | Nomad Foods Bondco plc                                                          | CUSIP: N/A<br>LEI: 213800BPK5X4TY4RZ619       | Long             | DBT              | CORP              | GB        |      1375000 | PA      | $1516420.44   | 0.20%             | 2028-06-24      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       790000 | PA      | $796230.80    | 0.10%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Valeo SE                                                                  | Valeo SE                                                                        | CUSIP: N/A<br>LEI: 5493006IH2N2WMIBB742       | Long             | DBT              | CORP              | FR        |       700000 | PA      | $788448.43    | 0.10%             | 2030-04-11      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | DBT              | CORP              | CH        |      1200000 | PA      | $1353795.22   | 0.17%             | 2030-02-12      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                                   | Hyundai Capital America                                                         | CUSIP: 44891ACV7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |       190000 | PA      | $191586.43    | 0.02%             | 2031-01-08      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| EDP SA                                                                    | EDP SA                                                                          | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |      1000000 | PA      | $1131714.37   | 0.15%             | 2080-07-20      | Variable      | 1.70%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                         | CUSIP: 05578QAF0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |       250000 | PA      | $214512.60    | 0.03%             | 2032-10-19      | Variable      | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corp.                                                             | Comcast Corp.                                                                   | CUSIP: 20030NDL2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |       130000 | PA      | $76130.34     | 0.01%             | 2051-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| CPUK Finance Ltd.                                                         | CPUK Finance Ltd.                                                               | CUSIP: N/A<br>LEI: 6354003CVDDPNXREIR29       | Long             | DBT              | CORP              | JE        |       390000 | PA      | $510146.71    | 0.07%             | 2027-08-28      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                           | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |        85000 | PA      | $85605.46     | 0.01%             | 2055-08-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux Sarl                                                  | JBS USA Holding Lux Sarl                                                        | CUSIP: 47214BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      1043000 | PA      | $1120592.94   | 0.14%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| South Eastern Power Networks plc                                          | South Eastern Power Networks plc                                                | CUSIP: N/A<br>LEI: 213800H7NWVLCWAVKA15       | Long             | DBT              | CORP              | GB        |       400000 | PA      | $553476.06    | 0.07%             | 2030-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                         | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |    118020000 | PA      | $5754159.54   | 0.74%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                               | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |       227000 | PA      | $39271.00     | 0.01%             | 2024-04-22      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-23169.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1                 | CUSIP: 20755AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       244601 | PA      | $250157.03    | 0.03%             | 2043-01-25      | Floating      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                              | Oracle Corp.                                                                    | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |       690000 | PA      | $611968.27    | 0.08%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | DBT              | CORP              | CH        |      1000000 | PA      | $921836.66    | 0.12%             | 2033-01-18      | Fixed         | 0.62%                 | Yes           |                  2 | On Loan: No      |
| Birkenstock Financing SARL                                                | Birkenstock Financing SARL                                                      | CUSIP: N/A<br>LEI: 5299004DSXRFOZZ5UG09       | Long             | DBT              | CORP              | LU        |      1800000 | PA      | $2071857.21   | 0.27%             | 2029-04-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| RAC Bond Co. plc                                                          | RAC Bond Co. plc                                                                | CUSIP: N/A<br>LEI: 2138008FCM2SUNLC7B21       | Long             | DBT              | CORP              | GB        |      1319000 | PA      | $1735799.49   | 0.22%             | 2027-11-04      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     18896361 | PA      | $-168872.25   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Agrifarma SpA                                                             | Agrifarma SpA                                                                   | CUSIP: N/A<br>LEI: 815600F89DA538E88804       | Long             | DBT              | CORP              | IT        |      1550000 | PA      | $1764406.48   | 0.23%             | 2028-10-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       870000 | PA      | $889880.61    | 0.11%             | 2029-07-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| Nidda Healthcare Holding GmbH                                             | Nidda Healthcare Holding GmbH                                                   | CUSIP: N/A<br>LEI: 549300Q89C4WAO6L0L19       | Long             | DBT              | CORP              | DE        |      1100000 | PA      | $1308322.26   | 0.17%             | 2030-02-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ASK Chemicals Deutschland Holding GmbH                                    | ASK Chemicals Deutschland Holding GmbH                                          | CUSIP: N/A<br>LEI: 529900793W6Y4S5VIK84       | Long             | DBT              | CORP              | DE        |       382000 | PA      | $425067.06    | 0.05%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                             | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      1050000 | PA      | $1055730.90   | 0.14%             | 2029-11-21      | Variable      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       317000 | PA      | $322023.82    | 0.04%             | 2030-05-01      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                               | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |       500000 | PA      | $506399.26    | 0.07%             | 2034-07-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: 29278GAX6<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      3600000 | PA      | $3558352.90   | 0.46%             | 2032-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc., Series B                                                 | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |        60000 | PA      | $63049.50     | 0.01%             | 2054-06-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                  | PNC Financial Services Group, Inc. (The)                                        | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |       110000 | PA      | $112214.32    | 0.01%             | 2035-01-22      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                                              | Trivium Packaging Finance BV                                                    | CUSIP: N/A<br>LEI: 724500GMZWW3PVYET548       | Long             | DBT              | CORP              | NL        |       620000 | PA      | $703627.01    | 0.09%             | 2026-08-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Mars, Inc.                                                                | Mars, Inc.                                                                      | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |       104000 | PA      | $102027.36    | 0.01%             | 2045-05-01      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-905379.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Note                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1028 | NC      | $1412858.01   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| EMRLD Borrower LP                                                         | EMRLD Borrower LP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      1250000 | PA      | $1488252.74   | 0.19%             | 2030-12-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Viridien                                                                  | Viridien                                                                        | CUSIP: N/A<br>LEI: 969500FCVQ5SLAAUJV59       | Long             | DBT              | CORP              | FR        |       300000 | PA      | $325397.47    | 0.04%             | 2030-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $77784.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $36925.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                    | CUSIP: 694308KJ5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |       460000 | PA      | $467776.53    | 0.06%             | 2033-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                          | Boeing Co. (The)                                                                | CUSIP: 097023CR4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |       377000 | PA      | $249922.91    | 0.03%             | 2059-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                   | Hyundai Capital America                                                         | CUSIP: 44891CBD4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |       150000 | PA      | $147166.64    | 0.02%             | 2026-11-02      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-22102.01    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |       100000 | PA      | $108814.20    | 0.01%             | 2027-10-04      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $2022.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Express Co.                                                      | American Express Co.                                                            | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |       250000 | PA      | $255267.79    | 0.03%             | 2036-04-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| IGT Lottery Holdings BV                                                   | IGT Lottery Holdings BV                                                         | CUSIP: N/A<br>LEI: 984500911D9B7B4D7533       | Long             | DBT              | CORP              | NL        |       300000 | PA      | $346371.29    | 0.04%             | 2030-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $22803.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                            | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      1849000 | PA      | $1904285.10   | 0.25%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                           | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |       741000 | PA      | $400047.38    | 0.05%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Verisure Holding AB                                                       | Verisure Holding AB                                                             | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |       365000 | PA      | $413849.51    | 0.05%             | 2026-07-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-36880.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Herens Midco SARL                                                         | Herens Midco SARL                                                               | CUSIP: N/A<br>LEI: 222100BJH5XPZD1JHF79       | Long             | DBT              | CORP              | LU        |      1303000 | PA      | $1117755.72   | 0.14%             | 2029-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       173000 | PA      | $148960.17    | 0.02%             | 2032-10-20      | Variable      | 2.51%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       170000 | PA      | $172437.12    | 0.02%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | OIS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     41810000 | PA      | $396999.42    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sempra                                                                    | Sempra                                                                          | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |       280000 | PA      | $272989.22    | 0.04%             | 2054-10-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                                            | Enbridge, Inc.                                                                  | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |       123000 | PA      | $133469.64    | 0.02%             | 2084-01-15      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| Lorca Telecom Bondco SA                                                   | Lorca Telecom Bondco SA                                                         | CUSIP: N/A<br>LEI: 9598004HFBAS82YM7X35       | Long             | DBT              | CORP              | ES        |       950000 | PA      | $1125907.39   | 0.14%             | 2029-04-30      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| KBC Group NV                                                              | KBC Group NV                                                                    | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | DBT              | CORP              | BE        |      1000000 | PA      | $1247848.20   | 0.16%             | 2028-09-05      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Veolia Environnement SA                                                   | Veolia Environnement SA                                                         | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | DBT              | CORP              | FR        |       900000 | PA      | $1090975.56   | 0.14%             | 2028-11-22      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       150000 | PA      | $149427.99    | 0.02%             | 2034-12-30      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                            | Commonwealth Bank of Australia                                                  | CUSIP: 202712BN4<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |      1250000 | PA      | $1095570.13   | 0.14%             | 2031-03-11      | Fixed         | 2.69%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |       500000 | PA      | $552850.61    | 0.07%             | 2027-10-12      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Heimstaden Bostad AB                                                      | Heimstaden Bostad AB                                                            | CUSIP: N/A<br>LEI: 549300TJR3PR8EXILG79       | Long             | DBT              | CORP              | SE        |      1100000 | PA      | $1224015.10   | 0.16%             | 2026-01-15      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-28137.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Europe BV                                                      | Telefonica Europe BV                                                            | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |      3400000 | PA      | $4094053.46   | 0.53%             | 2030-02-03      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia SpA                                                        | Telecom Italia SpA                                                              | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | DBT              | CORP              | IT        |      1760000 | PA      | $2250688.99   | 0.29%             | 2028-07-31      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                                             | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class B                        | CUSIP: 811304AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       378000 | PA      | $372448.13    | 0.05%             | 2039-05-15      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Euro-BTP                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          149 | NC      | $225783.18    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |       400000 | PA      | $454180.00    | 0.06%             | 2025-06-03      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| AES Corp. (The)                                                           | AES Corp. (The)                                                                 | CUSIP: 00130HCC7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |        42000 | PA      | $39196.61     | 0.01%             | 2030-07-15      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |       400000 | PA      | $470076.30    | 0.06%             | 2026-06-03      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Bimbo Bakeries USA, Inc.                                                  | Bimbo Bakeries USA, Inc.                                                        | CUSIP: 09031WAE3<br>LEI: 549300HOXXHHT7926W92 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $966000.00    | 0.12%             | 2036-01-09      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-19442.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cirsa Finance International SARL                                          | Cirsa Finance International SARL                                                | CUSIP: N/A<br>LEI: 254900KUJN6DHWH2K029       | Long             | DBT              | CORP              | LU        |       900000 | PA      | $1071980.39   | 0.14%             | 2029-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       460000 | PA      | $457001.01    | 0.06%             | 2035-07-19      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Waga Bondco Ltd.                                                          | Waga Bondco Ltd.                                                                | CUSIP: N/A<br>LEI: 254900PFB2C9WELUW795       | Long             | DBT              | CORP              | JE        |       220000 | PA      | $293082.31    | 0.04%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| TUI Cruises GmbH                                                          | TUI Cruises GmbH                                                                | CUSIP: N/A<br>LEI: 529900SVD83QUUIZYY18       | Long             | DBT              | CORP              | DE        |      1050000 | PA      | $1244382.23   | 0.16%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Loxam SAS                                                                 | Loxam SAS                                                                       | CUSIP: N/A<br>LEI: 969500BNA2YRNE1R5K91       | Long             | DBT              | CORP              | FR        |       388000 | PA      | $443334.50    | 0.06%             | 2027-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                             | CUSIP: 83370RAB4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |       400000 | PA      | $391316.64    | 0.05%             | 2026-05-26      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Enbridge, Inc.                                                            | Enbridge, Inc., Series NC5                                                      | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      1253000 | PA      | $1313493.59   | 0.17%             | 2084-01-15      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Ultra Bond                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -194 | NC      | $-511467.12   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Antolin-Irausa SA                                                   | Grupo Antolin-Irausa SA                                                         | CUSIP: N/A<br>LEI: 213800OILC5Q9AR63B63       | Long             | DBT              | CORP              | ES        |       650000 | PA      | $512386.01    | 0.07%             | 2028-04-30      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                                           | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |       285000 | PA      | $287597.13    | 0.04%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | OIS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |      9964000 | PA      | $-28482.05    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eutelsat SA                                                               | Eutelsat SA                                                                     | CUSIP: N/A<br>LEI: 549300MCOOY1V7P2PG30       | Long             | DBT              | CORP              | FR        |       700000 | PA      | $683831.86    | 0.09%             | 2028-10-13      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-23812.99    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                                  | Lloyds Banking Group plc                                                        | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |       410000 | PA      | $415720.60    | 0.05%             | 2027-08-07      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                                               | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      1715000 | PA      | $1721115.74   | 0.22%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Vodafone Group plc                                                        | Vodafone Group plc                                                              | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |       900000 | PA      | $1036996.49   | 0.13%             | 2078-10-03      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                             | CUSIP: 83368RCF7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      2527000 | PA      | $2599412.04   | 0.33%             | 2033-04-13      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Eni SpA                                                                   | Eni SpA                                                                         | CUSIP: 26874RAQ1<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |       290000 | PA      | $290402.58    | 0.04%             | 2035-05-19      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Germany                                               | Bundesschatzanweisungen                                                         | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |      2500000 | PA      | $2870258.64   | 0.37%             | 2026-06-18      | Fixed         | 2.90%                 | Yes           |                  2 | On Loan: No      |
| Czech Republic                                                            | Czech Republic                                                                  | CUSIP: N/A<br>LEI: 3157007EFDLQABN47912       | Long             | DBT              | NUSS              | CZ        |    176500000 | PA      | $7620005.35   | 0.98%             | 2035-05-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Accelerated Assets LLC                                                    | Accelerated Assets LLC, Series 2018-1, Class C                                  | CUSIP: 00436MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        35180 | PA      | $34410.77     | 0.00%             | 2033-12-02      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Enel SpA                                                                  | Enel SpA, Series 63.5                                                           | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | DBT              | CORP              | IT        |       800000 | PA      | $908313.28    | 0.12%             | 2026-08-24      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                        | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |      1400000 | PA      | $1750404.18   | 0.23%             | 2028-09-06      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-5510.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 225401AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       561000 | PA      | $502203.45    | 0.06%             | 2032-05-14      | Variable      | 3.09%                 | Yes           |                  2 | On Loan: No      |
| EDP SA                                                                    | EDP SA, Series NC5.                                                             | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |       400000 | PA      | $439986.88    | 0.06%             | 2082-03-14      | Variable      | 1.50%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 902613AE8<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |       280000 | PA      | $239372.37    | 0.03%             | 2032-02-11      | Variable      | 2.10%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                         | CUSIP: 05571ABA2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |       310000 | PA      | $321801.64    | 0.04%             | 2036-01-14      | Variable      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Finance US, Inc.                                               | Stellantis Finance US, Inc.                                                     | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |       410000 | PA      | $405346.27    | 0.05%             | 2035-03-18      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Lottomatica Group SpA                                                     | Lottomatica Group SpA                                                           | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | DBT              | CORP              | IT        |      1100000 | PA      | $1296665.89   | 0.17%             | 2030-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| BHMS                                                                      | BHMS, Series 2018-ATLS, Class A                                                 | CUSIP: 05549GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       130000 | PA      | $130010.24    | 0.02%             | 2035-07-15      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $1281.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The), Series X                                       | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       815000 | PA      | $848734.48    | 0.11%             | 2029-05-10      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                                          | ABN AMRO Bank NV                                                                | CUSIP: 00080QAF2<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |       200000 | PA      | $199869.53    | 0.03%             | 2025-07-28      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                                      | Columbia Pipelines Operating Co. LLC                                            | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       200000 | PA      | $205861.44    | 0.03%             | 2033-11-15      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                               | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |       350000 | PA      | $348869.08    | 0.04%             | 2025-12-29      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Schaeffler AG                                                             | Schaeffler AG                                                                   | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | DBT              | CORP              | DE        |      1300000 | PA      | $1444954.37   | 0.19%             | 2028-10-12      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| SELP Finance SARL                                                         | SELP Finance SARL                                                               | CUSIP: N/A<br>LEI: 549300Y4VYEJE1MH6D45       | Long             | DBT              | CORP              | LU        |      1400000 | PA      | $1449424.63   | 0.19%             | 2029-05-27      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                                           | Danske Bank A/S                                                                 | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | DBT              | CORP              | DK        |      1800000 | PA      | $2184792.01   | 0.28%             | 2030-06-21      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                      | Meta Platforms, Inc.                                                            | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |       495000 | PA      | $469905.96    | 0.06%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                               | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |       645000 | PA      | $662900.69    | 0.09%             | 2029-09-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                           | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      1317000 | PA      | $737520.00    | 0.09%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                                        | Credit Agricole SA                                                              | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |      1000000 | PA      | $976879.56    | 0.13%             | 2027-01-26      | Variable      | 1.25%                 | Yes           |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL                                                  | JBS USA Holding Lux SARL                                                        | CUSIP: 46590XAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       120000 | PA      | $90317.27     | 0.01%             | 2052-02-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                      | Meta Platforms, Inc.                                                            | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |       148000 | PA      | $122395.56    | 0.02%             | 2052-08-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Asmodee Group AB                                                          | Asmodee Group AB                                                                | CUSIP: N/A<br>LEI: 636700G5993BBAFDYD02       | Long             | DBT              | CORP              | SE        |       104000 | PA      | $123831.72    | 0.02%             | 2029-12-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BAT Capital Corp.                                                         | BAT Capital Corp.                                                               | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      1005000 | PA      | $1086765.92   | 0.14%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Punch Finance plc                                                         | Punch Finance plc                                                               | CUSIP: N/A<br>LEI: 2138006IJRIU1Q5DN388       | Long             | DBT              | CORP              | GB        |       571000 | PA      | $777014.99    | 0.10%             | 2030-12-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $2498.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                           | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |       926000 | PA      | $1055127.72   | 0.14%             | 2032-05-25      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| TUI Cruises GmbH                                                          | TUI Cruises GmbH                                                                | CUSIP: N/A<br>LEI: 529900SVD83QUUIZYY18       | Long             | DBT              | CORP              | DE        |       124000 | PA      | $146955.62    | 0.02%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Amber Finco plc                                                           | Amber Finco plc                                                                 | CUSIP: N/A<br>LEI: 9845004C0870D380O790       | Long             | DBT              | CORP              | GB        |      1400000 | PA      | $1663086.80   | 0.21%             | 2029-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                  | PNC Financial Services Group, Inc. (The), Series T                              | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |       611000 | PA      | $581591.35    | 0.07%             | 2026-09-15      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                       | Suzano Austria GmbH                                                             | CUSIP: N/A<br>LEI: 254900287ZNSGVP1R341       | Long             | DBT              | CORP              | AT        |       200000 | PA      | $205140.00    | 0.03%             | 2047-03-16      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Airbus SE                                                                 | Airbus SE                                                                       | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | DBT              | CORP              | NL        |      1100000 | PA      | $1187330.87   | 0.15%             | 2030-06-09      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $12542.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lottomatica Group SpA                                                     | Lottomatica Group SpA                                                           | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | DBT              | CORP              | IT        |       191000 | PA      | $225148.35    | 0.03%             | 2030-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Veolia Environnement SA                                                   | Veolia Environnement SA                                                         | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | DBT              | CORP              | FR        |       400000 | PA      | $444617.06    | 0.06%             | 2026-06-01      | Variable      | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                            | Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A         | CUSIP: 86359BWG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         7823 | PA      | $7689.96      | 0.00%             | 2034-07-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                                              | KazMunayGas National Co. JSC                                                    | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |       910000 | PA      | $763490.00    | 0.10%             | 2047-04-19      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |       200000 | PA      | $224683.98    | 0.03%             | 2032-01-15      | Variable      | 2.73%                 | Yes           |                  2 | On Loan: No      |
| SELP Finance Sarl                                                         | SELP Finance Sarl                                                               | CUSIP: N/A<br>LEI: 549300Y4VYEJE1MH6D45       | Long             | DBT              | CORP              | LU        |      1200000 | PA      | $1370487.16   | 0.18%             | 2032-01-16      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Eutelsat SA                                                               | Eutelsat SA                                                                     | CUSIP: N/A<br>LEI: 549300MCOOY1V7P2PG30       | Long             | DBT              | CORP              | FR        |      1100000 | PA      | $1307273.11   | 0.17%             | 2029-04-13      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                         | Enterprise Products Operating LLC                                               | CUSIP: 29379VCH4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |       310000 | PA      | $289252.28    | 0.04%             | 2055-02-16      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Dufry One BV                                                              | Dufry One BV                                                                    | CUSIP: N/A<br>LEI: 7245003K5MN9U7XW0808       | Long             | DBT              | CORP              | NL        |       300000 | PA      | $349150.88    | 0.04%             | 2031-04-18      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-24471.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                               | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |       200000 | PA      | $212053.66    | 0.03%             | 2033-11-10      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| eircom Finance DAC                                                        | eircom Finance DAC                                                              | CUSIP: N/A<br>LEI: 254900NA4DUH50UERM85       | Long             | DBT              | CORP              | IE        |       652183 | PA      | $739041.24    | 0.10%             | 2026-05-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: N/A<br>LEI: 0YQH6LCEF474UTUV4B96       | Long             | DBT              | CORP              | NL        |       200000 | PA      | $203569.49    | 0.03%             | 2030-06-17      | Variable      | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087Q80<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     17479000 | PA      | $12831306.71  | 1.65%             | 2025-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |       300000 | PA      | $316983.47    | 0.04%             | 2030-02-11      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |        70000 | PA      | $69301.90     | 0.01%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                          | CUSIP: 67091TAH8<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |       560000 | PA      | $559888.00    | 0.07%             | 2030-04-30      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Lorca Telecom Bondco SA                                                   | Lorca Telecom Bondco SA                                                         | CUSIP: N/A<br>LEI: 9598004HFBAS82YM7X35       | Long             | DBT              | CORP              | ES        |      1666000 | PA      | $1891659.70   | 0.24%             | 2027-09-18      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                          | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |      1585000 | PA      | $1423032.81   | 0.18%             | 2032-05-29      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Eni SpA                                                                   | Eni SpA                                                                         | CUSIP: 26874RAJ7<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |       250000 | PA      | $245529.83    | 0.03%             | 2029-05-09      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| TSMC Global Ltd.                                                          | TSMC Global Ltd.                                                                | CUSIP: 872882AH8<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |       700000 | PA      | $679980.00    | 0.09%             | 2026-04-23      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                           | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |       240000 | PA      | $243298.08    | 0.03%             | 2054-09-01      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Picard Groupe SAS                                                         | Picard Groupe SAS                                                               | CUSIP: N/A<br>LEI: 969500C0PA29TV19CT55       | Long             | DBT              | CORP              | FR        |       500000 | PA      | $591827.20    | 0.08%             | 2029-07-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                               | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |       475000 | PA      | $482073.33    | 0.06%             | 2031-01-24      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                                              | AbbVie, Inc.                                                                    | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |       897000 | PA      | $718649.77    | 0.09%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Banco de Sabadell SA                                                      | Banco de Sabadell SA                                                            | CUSIP: N/A<br>LEI: SI5RG2M0WQQLZCXKRM20       | Long             | DBT              | CORP              | ES        |       400000 | PA      | $511928.99    | 0.07%             | 2028-07-18      | Variable      | 9.38%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |       380000 | PA      | $383919.49    | 0.05%             | 2028-08-11      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2016-68, Class BI                                           | CUSIP: 3136ATQ80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       257716 | PA      | $14058.04     | 0.00%             | 2031-10-25      | Fixed         | 3.00%                 | 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        |          -81 | NC      | $-105964.64   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                  | Bristol-Myers Squibb Co.                                                        | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      1930000 | PA      | $1944765.97   | 0.25%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |       285000 | PA      | $295028.38    | 0.04%             | 2028-05-04      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Flora Food Management BV                                                  | Flora Food Management BV                                                        | CUSIP: N/A<br>LEI: 2549002VGA888UKFKS25       | Long             | DBT              | CORP              | NL        |       800000 | PA      | $934054.21    | 0.12%             | 2029-07-02      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| iliad SA                                                                  | iliad SA                                                                        | CUSIP: N/A<br>LEI: 969500FZ9BTRZS3JNB97       | Long             | DBT              | CORP              | FR        |      1000000 | PA      | $1091434.28   | 0.14%             | 2028-02-11      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MBC8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |       342000 | PA      | $351438.18    | 0.05%             | 2028-06-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Note                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          -70 | NC      | $-63961.71    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Schaeffler AG                                                             | Schaeffler AG                                                                   | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | DBT              | CORP              | DE        |      1700000 | PA      | $1949490.44   | 0.25%             | 2029-08-14      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-197.21      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                            | Broadcom, Inc.                                                                  | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |       490000 | PA      | $430395.15    | 0.06%             | 2034-04-15      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GMB2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       795000 | PA      | $778982.24    | 0.10%             | 2035-08-15      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Vonovia SE                                                                | Vonovia SE                                                                      | CUSIP: N/A<br>LEI: 5299005A2ZEP6AP7KM81       | Long             | DBT              | CORP              | DE        |      1000000 | PA      | $1172109.59   | 0.15%             | 2034-04-10      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HBS5<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |       680000 | PA      | $535897.05    | 0.07%             | 2042-06-01      | Variable      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Synopsys, Inc.                                                            | Synopsys, Inc.                                                                  | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |       123000 | PA      | $121572.51    | 0.02%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5022                                                       | CUSIP: 3137FXDW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       326655 | PA      | $55382.23     | 0.01%             | 2050-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                                        | Istanbul Metropolitan Municipality                                              | CUSIP: N/A<br>LEI: 213800T1VDQSNKA2MD76       | Long             | DBT              | NUSS              | TR        |       420000 | PA      | $418828.20    | 0.05%             | 2025-12-09      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Paprec Holding SA                                                         | Paprec Holding SA                                                               | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |       182000 | PA      | $217501.12    | 0.03%             | 2029-11-17      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ZF Europe Finance BV                                                      | ZF Europe Finance BV                                                            | CUSIP: N/A<br>LEI: 549300RI533US2G6G542       | Long             | DBT              | CORP              | NL        |      1000000 | PA      | $1120410.97   | 0.14%             | 2026-02-23      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $64101.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SES SA                                                                    | SES SA                                                                          | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | DBT              | CORP              | LU        |      1600000 | PA      | $1744266.01   | 0.22%             | 2026-05-27      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust, Series 2015-MS1, Class B                        | CUSIP: 61765DAX6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        28000 | PA      | $26834.30     | 0.00%             | 2048-05-15      | Variable      | 4.01%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                            | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |       450000 | PA      | $398852.27    | 0.05%             | 2031-04-27      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SASU                                                        | Iliad Holding SASU                                                              | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |       450000 | PA      | $519975.92    | 0.07%             | 2028-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119CC1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       370000 | PA      | $316518.82    | 0.04%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |       430000 | PA      | $578862.96    | 0.07%             | 2033-01-24      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2012-93, Class SE                                           | CUSIP: 3136A8EX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        60652 | PA      | $6535.76      | 0.00%             | 2042-09-25      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K739, Class X1 | CUSIP: 3137F64R5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1976947 | PA      | $38948.42     | 0.01%             | 2027-09-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-42386.93    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                                       | Take-Two Interactive Software, Inc.                                             | CUSIP: 874054AN9<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |       172000 | PA      | $174581.12    | 0.02%             | 2034-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $7598.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |       100000 | PA      | $129758.97    | 0.02%             | 2041-05-13      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                  | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | DBT              | CORP              | FR        |       400000 | PA      | $493353.03    | 0.06%             | 2030-06-11      | Variable      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $6059.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class C            | CUSIP: 46644UBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        62000 | PA      | $47918.19     | 0.01%             | 2048-07-15      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       355000 | PA      | $341928.47    | 0.04%             | 2027-10-21      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Paprec Holding SA                                                         | Paprec Holding SA                                                               | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |       900000 | PA      | $1075555.01   | 0.14%             | 2029-11-17      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp.                                                        | State Street Corp., Series J                                                    | CUSIP: 857477CM3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |       270000 | PA      | $275259.33    | 0.04%             | 2029-09-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280DQ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |       720000 | PA      | $727225.69    | 0.09%             | 2026-11-03      | Variable      | 7.34%                 | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                       | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |       305000 | PA      | $270592.19    | 0.03%             | 2033-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280EL9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |       450000 | PA      | $445928.67    | 0.06%             | 2035-11-18      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                        | General Motors Financial Co., Inc.                                              | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |       465000 | PA      | $396647.77    | 0.05%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| ZF Finance GmbH                                                           | ZF Finance GmbH                                                                 | CUSIP: N/A<br>LEI: 5493001N9T6QDCCXB426       | Long             | DBT              | CORP              | DE        |      1100000 | PA      | $1184504.64   | 0.15%             | 2028-09-21      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Punch Finance plc                                                         | Punch Finance plc                                                               | CUSIP: N/A<br>LEI: 2138006IJRIU1Q5DN388       | Long             | DBT              | CORP              | GB        |       838000 | PA      | $1129079.30   | 0.15%             | 2026-06-30      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                        | General Motors Financial Co., Inc.                                              | CUSIP: 37045XEY8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |       334000 | PA      | $335372.26    | 0.04%             | 2031-06-18      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                          | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |       791000 | PA      | $808402.00    | 0.10%             | 2054-11-13      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Edison International                                                      | Edison International                                                            | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |       344000 | PA      | $339846.58    | 0.04%             | 2053-06-15      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       720000 | PA      | $730199.52    | 0.09%             | 2034-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                                    | Freeport-McMoRan, Inc.                                                          | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |       203000 | PA      | $199302.80    | 0.03%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |      1102000 | PA      | $1163445.80   | 0.15%             | 2029-01-18      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Australia                                                 | Commonwealth of Australia                                                       | CUSIP: N/A<br>LEI: 213800J6B7JSBDETCB42       | Long             | DBT              | NUSS              | AU        |      2140000 | PA      | $1039217.93   | 0.13%             | 2047-03-21      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                         | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |     72630000 | PA      | $3441424.79   | 0.44%             | 2035-05-24      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                         | CUSIP: N/A<br>LEI: 9695005MSX1OYEMGDF46       | Long             | DBT              | CORP              | FR        |       400000 | PA      | $442534.82    | 0.06%             | 2027-09-15      | Variable      | 0.50%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                       | Exeter Automobile Receivables Trust, Series 2024-3A, Class D                    | CUSIP: 30165AAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       300000 | PA      | $303655.89    | 0.04%             | 2030-09-16      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Adler Pelzer Holding GmbH                                                 | Adler Pelzer Holding GmbH                                                       | CUSIP: N/A<br>LEI: 984500950ABB2CB7E742       | Long             | DBT              | CORP              | DE        |       578000 | PA      | $625034.28    | 0.08%             | 2027-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                           | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |       115000 | PA      | $115142.95    | 0.01%             | 2055-08-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       600000 | PA      | $608864.12    | 0.08%             | 2031-01-15      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| Azelis Finance NV                                                         | Azelis Finance NV                                                               | CUSIP: N/A<br>LEI: 699400J0P7A5VXKGK641       | Long             | DBT              | CORP              | BE        |      1300000 | PA      | $1524057.76   | 0.20%             | 2028-03-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                                        | Vodafone Group plc                                                              | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |      1100000 | PA      | $1359293.84   | 0.18%             | 2084-08-30      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                              | Oracle Corp.                                                                    | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |        53000 | PA      | $53245.05     | 0.01%             | 2035-08-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ZF Finance GmbH                                                           | ZF Finance GmbH                                                                 | CUSIP: N/A<br>LEI: 5493001N9T6QDCCXB426       | Long             | DBT              | CORP              | DE        |      1100000 | PA      | $1152591.32   | 0.15%             | 2028-05-03      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Bank of Ireland Group plc                                                 | Bank of Ireland Group plc                                                       | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | DBT              | CORP              | IE        |       600000 | PA      | $685153.24    | 0.09%             | 2025-09-01      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                          | Deutsche Bank AG                                                                | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      1160000 | PA      | $1132012.96   | 0.15%             | 2035-09-11      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |       200000 | PA      | $244412.43    | 0.03%             | 2028-02-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |       400000 | PA      | $450841.78    | 0.06%             | 2027-06-02      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | CUSIP: 71568QAC1<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | NUSS              | ID        |       200000 | PA      | $197025.00    | 0.03%             | 2027-05-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| INEOS Styrolution Ludwigshafen GmbH                                       | INEOS Styrolution Ludwigshafen GmbH                                             | CUSIP: N/A<br>LEI: 5299003M4PGUGL48LS74       | Long             | DBT              | CORP              | DE        |       400000 | PA      | $440127.67    | 0.06%             | 2027-01-16      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280CC1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |       374000 | PA      | $360639.08    | 0.05%             | 2030-05-22      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| Holcim Sterling Finance Netherlands BV                                    | Holcim Sterling Finance Netherlands BV                                          | CUSIP: N/A<br>LEI: 529900KU5LFL22MEGK07       | Long             | DBT              | CORP              | NL        |       300000 | PA      | $308520.10    | 0.04%             | 2034-04-04      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Cencora, Inc.                                                             | Cencora, Inc.                                                                   | CUSIP: 03073EAT2<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |      1839000 | PA      | $1640689.71   | 0.21%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Euro-Buxl 30 Year Bond                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          -54 | NC      | $-209662.45   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Danske Bank A/S                                                           | Danske Bank A/S                                                                 | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | DBT              | CORP              | DK        |       500000 | PA      | $534233.77    | 0.07%             | 2029-06-09      | Variable      | 0.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-16887.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                          | CUSIP: 89788MAK8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |        95000 | PA      | $99314.96     | 0.01%             | 2033-10-28      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $55050.21     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Waga Bondco Ltd.                                                          | Waga Bondco Ltd.                                                                | CUSIP: N/A<br>LEI: 254900PFB2C9WELUW795       | Long             | DBT              | CORP              | JE        |       700000 | PA      | $932534.62    | 0.12%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corp.                                                             | Comcast Corp.                                                                   | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |       290000 | PA      | $165821.80    | 0.02%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Euro-Schatz                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          178 | NC      | $90271.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alternative Loan Trust                                                    | Alternative Loan Trust, Series 2005-6CB, Class 1A6                              | CUSIP: 12667F5H4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        43716 | PA      | $37073.74     | 0.00%             | 2035-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                  | Diamondback Energy, Inc.                                                        | CUSIP: 25278XBA6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |       580000 | PA      | $519839.96    | 0.07%             | 2054-04-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                             | CUSIP: 83371GAA9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |       440000 | PA      | $478551.48    | 0.06%             | 2028-11-14      | Variable      | 10.00%                | Yes           |                  2 | On Loan: No      |
| Alfa Desarrollo SpA                                                       | Alfa Desarrollo SpA                                                             | CUSIP: 01538TAA3<br>LEI: 2549006BJAN34R520038 | Long             | DBT              | CORP              | CL        |       335936 | PA      | $242817.68    | 0.03%             | 2051-09-27      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Monitchem HoldCo 3 SA                                                     | Monitchem HoldCo 3 SA                                                           | CUSIP: N/A<br>LEI: 222100SJHJ1CNJMSW162       | Long             | DBT              | CORP              | LU        |       300000 | PA      | $343073.03    | 0.04%             | 2028-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                                                | Grifols SA                                                                      | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |       500000 | PA      | $543494.88    | 0.07%             | 2028-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc., Series A                                                 | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |       100000 | PA      | $103592.15    | 0.01%             | 2055-02-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $377.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mundys SpA                                                                | Mundys SpA                                                                      | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |      1700000 | PA      | $2007282.57   | 0.26%             | 2029-01-24      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                                            | Takeda Pharmaceutical Co. Ltd.                                                  | CUSIP: 874060AW6<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |      1110000 | PA      | $1125209.12   | 0.14%             | 2028-11-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Galaxy XV CLO Ltd.                                                        | Galaxy CLO Ltd., Series 2013-15A, Class ARR                                     | CUSIP: 36318WAK6<br>LEI: 549300MJK1HWQWCLYA68 | Long             | ABS-CBDO         | CORP              | KY        |         4464 | PA      | $4462.75      | 0.00%             | 2030-10-15      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Grupo Antolin-Irausa SA                                                   | Grupo Antolin-Irausa SA                                                         | CUSIP: N/A<br>LEI: 213800OILC5Q9AR63B63       | Long             | DBT              | CORP              | ES        |       298000 | PA      | $245060.20    | 0.03%             | 2030-01-30      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Flora Food Management BV                                                  | Flora Food Management BV                                                        | CUSIP: N/A<br>LEI: 2549002VGA888UKFKS25       | Long             | DBT              | CORP              | NL        |       492000 | PA      | $574443.33    | 0.07%             | 2029-07-02      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Lenzing AG                                                                | Lenzing AG                                                                      | CUSIP: N/A<br>LEI: 529900BKFJBI0QRDJH63       | Long             | DBT              | CORP              | AT        |       600000 | PA      | $676469.77    | 0.09%             | 2025-09-07      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Mundys SpA                                                                | Mundys SpA                                                                      | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |      1400000 | PA      | $1531036.24   | 0.20%             | 2028-02-12      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |       500000 | PA      | $567199.29    | 0.07%             | 2025-06-24      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series EE                                                      | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       290000 | PA      | $286888.04    | 0.04%             | 2030-02-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $164531.03    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TK Elevator Midco GmbH                                                    | TK Elevator Midco GmbH                                                          | CUSIP: N/A<br>LEI: 254900K869UN2ZWVB351       | Long             | DBT              | CORP              | DE        |       740000 | PA      | $839182.71    | 0.11%             | 2027-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $38012.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-23143.07    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                                       | Rakuten Group, Inc.                                                             | CUSIP: N/A<br>LEI: 529900IMXUCQKUL1H943       | Long             | DBT              | CORP              | JP        |      1200000 | PA      | $1267652.71   | 0.16%             | 2027-04-22      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $44541.44     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       312000 | PA      | $315263.13    | 0.04%             | 2035-01-23      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |       315000 | PA      | $315040.95    | 0.04%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                          | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |       336000 | PA      | $344225.06    | 0.04%             | 2034-06-08      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                               | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |       300000 | PA      | $302681.25    | 0.04%             | 2028-01-17      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| SPIE SA                                                                   | SPIE SA                                                                         | CUSIP: N/A<br>LEI: 969500TJNS5GSFWJ8X85       | Long             | DBT              | CORP              | FR        |       600000 | PA      | $682291.91    | 0.09%             | 2026-06-18      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                                        | Vodafone Group plc                                                              | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |      1325000 | PA      | $1416083.56   | 0.18%             | 2080-08-27      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| TeamSystem SpA                                                            | TeamSystem SpA                                                                  | CUSIP: N/A<br>LEI: 81560062081DF3AB7A90       | Long             | DBT              | CORP              | IT        |       185000 | PA      | $207695.09    | 0.03%             | 2028-02-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Rekeep SpA                                                                | Rekeep SpA                                                                      | CUSIP: N/A<br>LEI: 8156008737CA044FCB79       | Long             | DBT              | CORP              | IT        |       261000 | PA      | $292794.93    | 0.04%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                                     | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |      1265000 | PA      | $1182812.95   | 0.15%             | 2030-07-07      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia SpA                                                        | Telecom Italia SpA                                                              | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | DBT              | CORP              | IT        |      1096000 | PA      | $1353738.59   | 0.17%             | 2028-02-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                                  | Lloyds Banking Group plc                                                        | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |       200000 | PA      | $199609.07    | 0.03%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                            | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |       242000 | PA      | $198052.80    | 0.03%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: 29278GAN8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |       425000 | PA      | $394160.38    | 0.05%             | 2028-07-12      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series W                                                       | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       160000 | PA      | $158362.43    | 0.02%             | 2025-12-10      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NGG Finance plc                                                           | NGG Finance plc                                                                 | CUSIP: N/A<br>LEI: 549300MLDJ2T68G21W86       | Long             | DBT              | CORP              | GB        |      1530000 | PA      | $1690169.83   | 0.22%             | 2082-09-05      | Variable      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| AI Candelaria -spain- SA                                                  | AI Candelaria -spain- SA                                                        | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |       250000 | PA      | $208827.50    | 0.03%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                           | CUSIP: 65339KDL1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      1716000 | PA      | $1714941.54   | 0.22%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                            | CUSIP: 378272BG2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |       398000 | PA      | $343925.14    | 0.04%             | 2031-09-23      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                             | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |       600000 | PA      | $679785.96    | 0.09%             | 2027-02-11      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                            | CUSIP: 378272CA4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      2070000 | PA      | $2075580.55   | 0.27%             | 2035-04-01      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAX9<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      1840000 | PA      | $1831223.20   | 0.24%             | 2030-01-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Piedmont Natural Gas Co., Inc.                                            | Piedmont Natural Gas Co., Inc.                                                  | CUSIP: 720186AM7<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |        66000 | PA      | $42534.73     | 0.01%             | 2050-06-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                        | CUSIP: 28504DAC7<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | NUSS              | FR        |      1750000 | PA      | $1843280.13   | 0.24%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |       300000 | PA      | $289604.92    | 0.04%             | 2029-01-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Altice France Holding SA                                                  | Altice France Holding SA                                                        | CUSIP: N/A<br>LEI: 5299000JVHXKJPOE6H40       | Long             | DBT              | CORP              | LU        |       573000 | PA      | $234220.63    | 0.03%             | 2027-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                              | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | DBT              | CORP              | ES        |       400000 | PA      | $476321.28    | 0.06%             | 2029-11-20      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                        | Banco Bilbao Vizcaya Argentaria SA                                              | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |      1200000 | PA      | $1317073.20   | 0.17%             | 2029-03-19      | Variable      | 9.38%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                                    | Alternative Loan Trust, Series 2004-25CB, Class A1                              | CUSIP: 12667FWJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        62116 | PA      | $55407.54     | 0.01%             | 2034-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                            | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       282000 | PA      | $186138.90    | 0.02%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | DBT              | CORP              | GB        |       200000 | PA      | $274928.03    | 0.04%             | 2027-12-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-21630.14    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-1523.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Telenet Finance Luxembourg Notes SARL                                     | Telenet Finance Luxembourg Notes SARL                                           | CUSIP: N/A<br>LEI: 2138007RI9GLJPCC3E25       | Long             | DBT              | CORP              | LU        |       800000 | PA      | $901274.79    | 0.12%             | 2028-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-14532.52    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: 225401AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      1898000 | PA      | $1878083.81   | 0.24%             | 2028-01-09      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Leasing GmbH                                                   | Volkswagen Leasing GmbH                                                         | CUSIP: N/A<br>LEI: 5299004GLEUX88BSNB74       | Long             | DBT              | CORP              | DE        |       200000 | PA      | $233463.71    | 0.03%             | 2031-04-11      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Chase Funding Trust                                                       | Chase Funding Trust, Series 2003-6, Class 1A7                                   | CUSIP: 161546HC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        46119 | PA      | $45359.49     | 0.01%             | 2034-11-25      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                                           | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAT2<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |       665000 | PA      | $690450.35    | 0.09%             | 2029-01-10      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Rossini Sarl                                                              | Rossini Sarl                                                                    | CUSIP: N/A<br>LEI: 549300EC5JCCW6F83R11       | Long             | DBT              | CORP              | LU        |      1632000 | PA      | $1957218.29   | 0.25%             | 2029-12-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Airbus SE                                                                 | Airbus SE                                                                       | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | DBT              | CORP              | NL        |       300000 | PA      | $315071.37    | 0.04%             | 2031-05-13      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       249000 | PA      | $219911.10    | 0.03%             | 2032-04-22      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                       | Kinder Morgan, Inc.                                                             | CUSIP: 49456BAX9<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |       230000 | PA      | $226990.77    | 0.03%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       140000 | PA      | $138555.69    | 0.02%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Europe BV                                                      | Telefonica Europe BV                                                            | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |      1200000 | PA      | $1323843.86   | 0.17%             | 2028-02-24      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                | Flagship Credit Auto Trust, Series 2023-1, Class A3                             | CUSIP: 337955AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        50188 | PA      | $50198.01     | 0.01%             | 2027-08-16      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Berry Global, Inc.                                                        | Berry Global, Inc.                                                              | CUSIP: 08576BAB8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |       760000 | PA      | $788906.69    | 0.10%             | 2031-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |       635000 | PA      | $647481.19    | 0.08%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                                        | Credit Agricole SA                                                              | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | DBT              | CORP              | FR        |       200000 | PA      | $220147.18    | 0.03%             | 2029-03-25      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Accenture Capital, Inc.                                                   | Accenture Capital, Inc.                                                         | CUSIP: 00440KAC7<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |       170000 | PA      | $166922.49    | 0.02%             | 2031-10-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                         | CUSIP: 445545AT3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |       864000 | PA      | $863352.00    | 0.11%             | 2052-09-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc.                                                           | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |       630000 | PA      | $630736.58    | 0.08%             | 2055-05-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     18880536 | PA      | $-164451.24   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | IRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     10465000 | PA      | $42753.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $27501.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cellnex Finance Co. SA                                                    | Cellnex Finance Co. SA                                                          | CUSIP: N/A<br>LEI: 549300OUROMFTRFA7T23       | Long             | DBT              | CORP              | ES        |       500000 | PA      | $566927.28    | 0.07%             | 2026-04-12      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Europe BV                                                      | Telefonica Europe BV                                                            | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |       900000 | PA      | $1024459.76   | 0.13%             | 2026-06-22      | Variable      | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                                        | Istanbul Metropolitan Municipality                                              | CUSIP: N/A<br>LEI: 213800T1VDQSNKA2MD76       | Long             | DBT              | NUSS              | TR        |       380000 | PA      | $404320.00    | 0.05%             | 2028-12-06      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       500000 | PA      | $508085.64    | 0.07%             | 2029-04-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $30803.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $282074.01    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| eircom Finance DAC                                                        | eircom Finance DAC                                                              | CUSIP: N/A<br>LEI: 254900NA4DUH50UERM85       | Long             | DBT              | CORP              | IE        |      1210000 | PA      | $1435741.74   | 0.18%             | 2029-12-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-128268.12   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                              | Ardagh Packaging Finance plc                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IE        |      1700000 | PA      | $1775843.80   | 0.23%             | 2026-08-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-5756.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                  | Bristol-Myers Squibb Co.                                                        | CUSIP: 110122EL8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |       155000 | PA      | $146555.37    | 0.02%             | 2064-02-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       755000 | PA      | $745705.66    | 0.10%             | 2030-09-19      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Sovereign in right of New Zealand                                         | New Zealand Government Bond                                                     | CUSIP: N/A<br>LEI: 549300237GPHG2AI7C34       | Long             | DBT              | NUSS              | NZ        |       952000 | PA      | $579556.62    | 0.07%             | 2027-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                              | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |     24920000 | PA      | $5371077.06   | 0.69%             | 2032-04-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                                       | Take-Two Interactive Software, Inc.                                             | CUSIP: 874054AG4<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |       210000 | PA      | $206673.00    | 0.03%             | 2027-04-14      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Emera US Finance LP                                                       | Emera US Finance LP                                                             | CUSIP: 29103DAT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3272000 | PA      | $2817376.41   | 0.36%             | 2031-06-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Klabin Austria GmbH                                                       | Klabin Austria GmbH                                                             | CUSIP: N/A<br>LEI: 984500578YEA8DD41B09       | Long             | DBT              | CORP              | AT        |       200000 | PA      | $198500.00    | 0.03%             | 2049-04-03      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| DNB Bank ASA                                                              | DNB Bank ASA                                                                    | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | DBT              | CORP              | NO        |      1000000 | PA      | $1346743.69   | 0.17%             | 2026-06-10      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| TotalEnergies Capital International SA                                    | TotalEnergies Capital International SA                                          | CUSIP: 89153VAV1<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |      1240000 | PA      | $794976.77    | 0.10%             | 2050-05-29      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Commerzbank AG                                                            | Commerzbank AG                                                                  | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | DBT              | CORP              | DE        |      3700000 | PA      | $4296493.64   | 0.55%             | 2032-07-16      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen International Finance NV                                       | Volkswagen International Finance NV                                             | CUSIP: N/A<br>LEI: 5299004PWNHKYTR23649       | Long             | DBT              | CORP              | NL        |       300000 | PA      | $338889.54    | 0.04%             | 2028-06-27      | Variable      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       205000 | PA      | $206693.71    | 0.03%             | 2030-02-10      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| ZF Europe Finance BV                                                      | ZF Europe Finance BV                                                            | CUSIP: N/A<br>LEI: 549300RI533US2G6G542       | Long             | DBT              | CORP              | NL        |       800000 | PA      | $864072.91    | 0.11%             | 2027-10-23      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $28254.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux Sarl                                                  | JBS USA Holding Lux Sarl                                                        | CUSIP: 47214BAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       290000 | PA      | $319776.91    | 0.04%             | 2053-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Grifols SA                                                                | Grifols SA                                                                      | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |       765000 | PA      | $850045.20    | 0.11%             | 2027-11-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                                      | Infrastrutture Wireless Italiane SpA                                            | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | DBT              | CORP              | IT        |       100000 | PA      | $114358.89    | 0.01%             | 2030-04-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Entergy Mississippi LLC                                                   | Entergy Mississippi LLC                                                         | CUSIP: 29366WAG1<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |        49000 | PA      | $47378.03     | 0.01%             | 2055-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: 29278GAM0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      1010000 | PA      | $976293.30    | 0.13%             | 2026-07-12      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                                  | Duke Energy Progress LLC                                                        | CUSIP: 26442UAV6<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |        15000 | PA      | $14290.18     | 0.00%             | 2055-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The), Series T                                       | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       465000 | PA      | $457023.06    | 0.06%             | 2026-05-10      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                        | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class C    | CUSIP: 61765LAY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        36000 | PA      | $34902.90     | 0.00%             | 2048-05-15      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                            | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |       805000 | PA      | $798560.00    | 0.10%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Verisure Holding AB                                                       | Verisure Holding AB                                                             | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |       879000 | PA      | $1038444.08   | 0.13%             | 2030-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| eircom Finance DAC                                                        | eircom Finance DAC                                                              | CUSIP: N/A<br>LEI: 254900NA4DUH50UERM85       | Long             | DBT              | CORP              | IE        |       217394 | PA      | $246347.07    | 0.03%             | 2026-05-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                           | CUSIP: 401494AY5<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      1635000 | PA      | $1636635.00   | 0.21%             | 2031-08-06      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| TotalEnergies Capital SA                                                  | TotalEnergies Capital SA                                                        | CUSIP: 89157XAE1<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |      2008000 | PA      | $1823784.09   | 0.23%             | 2054-09-10      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                                     | Global Payments, Inc.                                                           | CUSIP: 37940XAH5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |       265000 | PA      | $230230.53    | 0.03%             | 2031-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                                             | Comcast Corp.                                                                   | CUSIP: 20030NEF4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      1365000 | PA      | $1235825.45   | 0.16%             | 2053-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                                   | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668CS9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |       200000 | PA      | $197712.29    | 0.03%             | 2035-03-27      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Bertrand Franchise Finance SAS                                            | Bertrand Franchise Finance SAS                                                  | CUSIP: N/A<br>LEI: 969500HGPPEHSTNJFW57       | Long             | DBT              | CORP              | FR        |      1450000 | PA      | $1661488.49   | 0.21%             | 2030-07-18      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| iliad SA                                                                  | iliad SA                                                                        | CUSIP: N/A<br>LEI: 969500FZ9BTRZS3JNB97       | Long             | DBT              | CORP              | FR        |       200000 | PA      | $238160.64    | 0.03%             | 2029-02-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HBZ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      1220000 | PA      | $1299252.08   | 0.17%             | 2033-06-20      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | CDI                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |     25355000 | PA      | $-648705.53   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Entergy Corp.                                                             | Entergy Corp.                                                                   | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |       170000 | PA      | $173804.94    | 0.02%             | 2054-12-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Amber Finco plc                                                           | Amber Finco plc                                                                 | CUSIP: N/A<br>LEI: 9845004C0870D380O790       | Long             | DBT              | CORP              | GB        |       215000 | PA      | $255402.62    | 0.03%             | 2029-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |       480000 | PA      | $484039.35    | 0.06%             | 2030-06-05      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                          | BP Capital Markets America, Inc.                                                | CUSIP: 10373QBT6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |       881000 | PA      | $774241.12    | 0.10%             | 2032-01-12      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       690000 | PA      | $670482.06    | 0.09%             | 2027-05-04      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| EDP Finance BV                                                            | EDP Finance BV                                                                  | CUSIP: N/A<br>LEI: 5299007L43AQDFOW5739       | Long             | DBT              | CORP              | NL        |       750000 | PA      | $832099.77    | 0.11%             | 2027-11-22      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       395000 | PA      | $401451.71    | 0.05%             | 2036-04-17      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |       800000 | PA      | $905351.67    | 0.12%             | 2025-10-12      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Bayer AG                                                                  | Bayer AG                                                                        | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | DBT              | CORP              | DE        |      2400000 | PA      | $2891991.15   | 0.37%             | 2083-09-25      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                              | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |       400000 | PA      | $459916.00    | 0.06%             | 2033-05-21      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| Enel SpA                                                                  | Enel SpA, Series 9.5Y                                                           | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | DBT              | CORP              | IT        |       300000 | PA      | $300312.33    | 0.04%             | 2030-06-08      | Variable      | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                                  | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |       890000 | PA      | $875068.35    | 0.11%             | 2028-04-06      | Variable      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Union Electric Co.                                                        | Union Electric Co.                                                              | CUSIP: 906548CU4<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |        80000 | PA      | $59035.43     | 0.01%             | 2052-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                           | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        | 102747000000 | PA      | $6267897.51   | 0.81%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-29889.41    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust, Series 2015-GC30, Class C                         | CUSIP: 36250GAW5<br>LEI: 549300L45M7638EL0H21 | Long             | ABS-MBS          | CORP              | US        |        36000 | PA      | $32058.72     | 0.00%             | 2050-05-10      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |      1595000 | PA      | $1995928.48   | 0.26%             | 2030-01-13      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Notas do Tesouro Nacional                                                       | CUSIP: N/A<br>LEI: 254900ZFY40OYEADAP90       | Long             | DBT              | NUSS              | BR        |    121900000 | PA      | $21025882.98  | 2.71%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                              | Oracle Corp.                                                                    | CUSIP: 68389XDB8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |       210000 | PA      | $203601.18    | 0.03%             | 2055-08-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                   | Uber Technologies, Inc.                                                         | CUSIP: 90353TAQ3<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |        70000 | PA      | $63573.26     | 0.01%             | 2054-09-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Paprec Holding SA                                                         | Paprec Holding SA                                                               | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |       723000 | PA      | $815618.93    | 0.11%             | 2028-07-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Verisure Holding AB                                                       | Verisure Holding AB                                                             | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |       450000 | PA      | $531626.66    | 0.07%             | 2030-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Sigma Holdco BV                                                           | Sigma Holdco BV                                                                 | CUSIP: N/A<br>LEI: 254900RAPCKVT00GAO59       | Long             | DBT              | CORP              | NL        |        81972 | PA      | $92736.94     | 0.01%             | 2026-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                                        | Energy Transfer LP                                                              | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |       490000 | PA      | $513612.61    | 0.07%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Vinci SA                                                                  | Vinci SA                                                                        | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | DBT              | CORP              | FR        |       100000 | PA      | $107483.53    | 0.01%             | 2030-09-26      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                                              | Barclays plc                                                                    | CUSIP: 06738ECK9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      2770000 | PA      | $2907097.27   | 0.37%             | 2029-09-13      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                                               | INEOS Quattro Finance 2 plc                                                     | CUSIP: N/A<br>LEI: 213800V48W4Y5MT5Q131       | Long             | DBT              | CORP              | GB        |       424000 | PA      | $458417.08    | 0.06%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Thames Water Utilities Finance plc                                        | Thames Water Utilities Finance plc                                              | CUSIP: N/A<br>LEI: 213800ESMPQ4RQ7G8351       | Long             | DBT              | CORP              | GB        |       400000 | PA      | $317556.00    | 0.04%             | 2033-01-18      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $16766.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Copper Corp.                                                     | Southern Copper Corp.                                                           | CUSIP: 84265VAJ4<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |       140000 | PA      | $132746.60    | 0.02%             | 2045-04-23      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust                       | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class C   | CUSIP: 46645UAZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        28000 | PA      | $24090.39     | 0.00%             | 2049-12-15      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, STRIPS, Series 409, Class 27                                              | CUSIP: 3136FLBC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        10386 | PA      | $119.84       | 0.00%             | 2027-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class C            | CUSIP: 46644YBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        23000 | PA      | $18400.08     | 0.00%             | 2048-08-15      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| 888 Acquisitions Ltd.                                                     | 888 Acquisitions Ltd.                                                           | CUSIP: N/A<br>LEI: 254900RFD0BP3JOPZU89       | Long             | DBT              | CORP              | GI        |       385000 | PA      | $437729.66    | 0.06%             | 2027-07-15      | Fixed         | 7.56%                 | Yes           |                  2 | On Loan: No      |
| Banco de Sabadell SA                                                      | Banco de Sabadell SA                                                            | CUSIP: N/A<br>LEI: SI5RG2M0WQQLZCXKRM20       | Long             | DBT              | CORP              | ES        |       200000 | PA      | $224671.04    | 0.03%             | 2033-02-18      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-151612.87   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group plc                                                        | Vodafone Group plc                                                              | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |       429000 | PA      | $441282.27    | 0.06%             | 2079-04-04      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      2030000 | PA      | $2066875.50   | 0.27%             | 2029-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Pass-Through Trust                                                | JetBlue Pass-Through Trust, Series 2019-1, Class A                              | CUSIP: 477143AJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        37197 | PA      | $33917.69     | 0.00%             | 2028-05-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-26847.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Virgin Media Finance plc                                                  | Virgin Media Finance plc                                                        | CUSIP: N/A<br>LEI: 2138001LVYC87DDHT482       | Long             | DBT              | CORP              | GB        |       670000 | PA      | $718910.17    | 0.09%             | 2030-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| AT&T, Inc.                                                                | AT&T, Inc.                                                                      | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |        99000 | PA      | $65447.12     | 0.01%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Swiss Re Finance Luxembourg SA                                            | Swiss Re Finance Luxembourg SA                                                  | CUSIP: 87089NAA8<br>LEI: 549300CLQZ6TM98LW631 | Long             | DBT              | CORP              | LU        |       200000 | PA      | $197269.00    | 0.03%             | 2049-04-02      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                       | Suzano Austria GmbH                                                             | CUSIP: 86964WAJ1<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |        48000 | PA      | $43419.60     | 0.01%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                                          | ABN AMRO Bank NV                                                                | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | DBT              | CORP              | NL        |       200000 | PA      | $227317.09    | 0.03%             | 2025-09-22      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Evonik Industries AG                                                      | Evonik Industries AG                                                            | CUSIP: N/A<br>LEI: 41GUOJQTALQHLF39XJ34       | Long             | DBT              | CORP              | DE        |      1000000 | PA      | $1099115.60   | 0.14%             | 2081-09-02      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Commerzbank AG                                                            | Commerzbank AG                                                                  | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | DBT              | CORP              | DE        |       800000 | PA      | $991247.85    | 0.13%             | 2031-10-09      | Variable      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       320000 | PA      | $279509.42    | 0.04%             | 2032-05-01      | Variable      | 2.56%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Japan 10 Year Bond                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | JP        |          -36 | NC      | $-12801.35    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Cooperatieve Rabobank UA                                                  | Cooperatieve Rabobank UA                                                        | CUSIP: N/A<br>LEI: DG3RU1DBUFHT4ZF9WN62       | Long             | DBT              | CORP              | NL        |      1000000 | PA      | $1125150.33   | 0.14%             | 2027-06-29      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Chrome Holdco SAS                                                         | Chrome Holdco SAS                                                               | CUSIP: N/A<br>LEI: 9845000E49865VT3N679       | Long             | DBT              | CORP              | FR        |       280000 | PA      | $67472.70     | 0.01%             | 2029-05-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Alstom SA                                                                 | Alstom SA                                                                       | CUSIP: N/A<br>LEI: 96950032TUYMW11FB530       | Long             | DBT              | CORP              | FR        |      1500000 | PA      | $1757356.40   | 0.23%             | 2029-05-29      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Huntington Bancshares, Inc.                                               | Huntington Bancshares, Inc.                                                     | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |       512000 | PA      | $515116.17    | 0.07%             | 2035-02-02      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                     | Foundry JV Holdco LLC                                                           | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |       260000 | PA      | $263360.66    | 0.03%             | 2031-01-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                             | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |       721000 | PA      | $687682.59    | 0.09%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $7111.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-53622.12    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomad Foods Bondco plc                                                    | Nomad Foods Bondco plc                                                          | CUSIP: N/A<br>LEI: 213800BPK5X4TY4RZ619       | Long             | DBT              | CORP              | GB        |       100000 | PA      | $110285.12    | 0.01%             | 2028-06-24      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Czech Republic                                                            | Czech Republic                                                                  | CUSIP: N/A<br>LEI: 3157007EFDLQABN47912       | Long             | DBT              | NUSS              | CZ        |     68550000 | PA      | $3322827.12   | 0.43%             | 2034-04-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                      | American Express Co.                                                            | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |       104000 | PA      | $100573.57    | 0.01%             | 2026-09-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| PG&E Corp.                                                                | PG&E Corp.                                                                      | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |       747000 | PA      | $731473.68    | 0.09%             | 2055-03-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                            | Braskem Netherlands Finance BV                                                  | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |       350000 | PA      | $304675.00    | 0.04%             | 2033-02-13      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust                                              | Chase Mortgage Finance Trust, Series 2007-A1, Class 1A5                         | CUSIP: 161630AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |         5964 | PA      | $5894.76      | 0.00%             | 2037-02-25      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                        | CUSIP: N/A<br>LEI: 378900AAFB4F17004C49       | Long             | DBT              | NUSS              | ZA        |     96800000 | PA      | $4541651.98   | 0.58%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PPL Capital Funding, Inc.                                                 | PPL Capital Funding, Inc.                                                       | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |        45000 | PA      | $44548.75     | 0.01%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                             | CUSIP: 83370RAA6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |       525000 | PA      | $468350.30    | 0.06%             | 2030-11-18      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Petronas Capital Ltd.                                                     | Petronas Capital Ltd.                                                           | CUSIP: 71675CAE8<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |      1246000 | PA      | $781740.40    | 0.10%             | 2061-04-28      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       315000 | PA      | $312630.96    | 0.04%             | 2028-04-20      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund                                | JPMorgan U.S. Government Money Market Fund, Class IM                            | CUSIP: 4812C2270<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | STIV             | RF                | US        |     30613171 | NS      | $30613171.35  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple          | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |       925647 | PA      | $910721.01    | 0.12%             | 2041-01-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                                      | Infrastrutture Wireless Italiane SpA                                            | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | DBT              | CORP              | IT        |       800000 | PA      | $873932.02    | 0.11%             | 2028-10-21      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| SES SA                                                                    | SES SA                                                                          | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | DBT              | CORP              | LU        |       700000 | PA      | $757383.79    | 0.10%             | 2054-09-12      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $21202.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cirsa Finance International SARL                                          | Cirsa Finance International SARL                                                | CUSIP: N/A<br>LEI: 254900KUJN6DHWH2K029       | Long             | DBT              | CORP              | LU        |       900000 | PA      | $1070445.49   | 0.14%             | 2028-07-31      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 5 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -249 | NC      | $-157047.93   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087R55<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     13162000 | PA      | $9711692.50   | 1.25%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Healthpeak OP LLC                                                         | Healthpeak OP LLC                                                               | CUSIP: 42250PAE3<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |       367000 | PA      | $366512.97    | 0.05%             | 2032-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ziggo Bond Co. BV                                                         | Ziggo Bond Co. BV                                                               | CUSIP: N/A<br>LEI: 213800JYI4P7V5QDOG59       | Long             | DBT              | CORP              | NL        |      2530000 | PA      | $2471718.64   | 0.32%             | 2030-02-28      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4839, Class WS                                             | CUSIP: 3137FJK99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1534679 | PA      | $209902.84    | 0.03%             | 2056-08-15      | Floating      | 1.65%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2015-40, Class LS                                           | CUSIP: 3136AN4Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       160825 | PA      | $17864.24     | 0.00%             | 2045-06-25      | Floating      | 1.73%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K088, Class X3 | CUSIP: 3137FL6H2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       880000 | PA      | $66562.32     | 0.01%             | 2047-02-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Iberdrola International BV                                                | Iberdrola International BV, Series NC5                                          | CUSIP: N/A<br>LEI: 549300ZMLFJKWC63XN87       | Long             | DBT              | CORP              | NL        |       300000 | PA      | $336965.34    | 0.04%             | 2026-01-28      | Variable      | 1.87%                 | Yes           |                  2 | On Loan: No      |
| Texas Instruments, Inc.                                                   | Texas Instruments, Inc.                                                         | CUSIP: 882508CC6<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |        90000 | PA      | $80476.69     | 0.01%             | 2053-03-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coterra Energy, Inc.                                                      | Coterra Energy, Inc.                                                            | CUSIP: 127097AM5<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |       338000 | PA      | $327757.71    | 0.04%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico       | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |       200000 | PA      | $189750.00    | 0.02%             | 2033-01-18      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ProGroup AG                                                               | ProGroup AG                                                                     | CUSIP: N/A<br>LEI: 529900YI5W5TQ8F2FP82       | Long             | DBT              | CORP              | DE        |       510000 | PA      | $577670.60    | 0.07%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-44607.57    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                               | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |       958000 | PA      | $873696.00    | 0.11%             | 2036-03-05      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Autostrade per l'Italia SpA                                               | Autostrade per l'Italia SpA                                                     | CUSIP: N/A<br>LEI: 815600149448CEB9B230       | Long             | DBT              | CORP              | IT        |      1650000 | PA      | $2021502.16   | 0.26%             | 2033-06-14      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 2 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -213 | NC      | $-68586.44    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                 | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       410000 | PA      | $408948.51    | 0.05%             | 2035-02-13      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280CN7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |       695000 | PA      | $625442.80    | 0.08%             | 2030-12-17      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       168000 | PA      | $162584.06    | 0.02%             | 2035-10-23      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Republic of Senegal                                                       | Republic of Senegal                                                             | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |       423000 | PA      | $303240.24    | 0.04%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                           | CUSIP: 401494AZ2<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |       525000 | PA      | $525000.00    | 0.07%             | 2037-02-06      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| 888 Acquisitions Ltd.                                                     | 888 Acquisitions Ltd.                                                           | CUSIP: N/A<br>LEI: 254900RFD0BP3JOPZU89       | Long             | DBT              | CORP              | GI        |       230000 | PA      | $261832.50    | 0.03%             | 2027-07-15      | Fixed         | 7.56%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |        60000 | PA      | $59370.00     | 0.01%             | 2026-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Mundys SpA                                                                | Mundys SpA                                                                      | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |       550000 | PA      | $612274.84    | 0.08%             | 2027-07-13      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GKA6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       470000 | PA      | $403249.91    | 0.05%             | 2032-07-21      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                             | Netflix, Inc.                                                                   | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |       357000 | PA      | $369945.83    | 0.05%             | 2029-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                                          | Boeing Co. (The)                                                                | CUSIP: 097023CP8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |        50000 | PA      | $41150.02     | 0.01%             | 2035-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                               | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |      1110000 | PA      | $1160094.30   | 0.15%             | 2031-01-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Kaixo Bondco Telecom SA                                                   | Kaixo Bondco Telecom SA                                                         | CUSIP: N/A<br>LEI: 959800ULWB3MZHZ69055       | Long             | DBT              | CORP              | ES        |      1142000 | PA      | $1316134.16   | 0.17%             | 2029-09-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                              | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |     24851811 | PA      | $5909327.06   | 0.76%             | 2036-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Telefonica Europe BV                                                      | Telefonica Europe BV                                                            | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |       700000 | PA      | $867333.92    | 0.11%             | 2031-06-07      | Variable      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                                            | Broadcom, Inc.                                                                  | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |       608000 | PA      | $503554.68    | 0.06%             | 2035-11-15      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                                       | Expand Energy Corp.                                                             | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |       855000 | PA      | $850354.61    | 0.11%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |       600000 | PA      | $700424.59    | 0.09%             | 2034-06-11      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| VZ Vendor Financing II BV                                                 | VZ Vendor Financing II BV                                                       | CUSIP: N/A<br>LEI: 724500DRKUUR3GFOSK76       | Long             | DBT              | CORP              | NL        |      1100000 | PA      | $1130340.48   | 0.15%             | 2029-01-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Commerzbank AG                                                            | Commerzbank AG                                                                  | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | DBT              | CORP              | DE        |       300000 | PA      | $341619.44    | 0.04%             | 2030-12-05      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                  | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |       200000 | PA      | $208048.60    | 0.03%             | 2029-08-16      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                       | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |       234000 | PA      | $267601.66    | 0.03%             | 2030-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                  | PNC Financial Services Group, Inc. (The)                                        | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |       260000 | PA      | $256757.11    | 0.03%             | 2032-10-21      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| Verisure Midholding AB                                                    | Verisure Midholding AB                                                          | CUSIP: N/A<br>LEI: 549300496LYEZ55X1M49       | Long             | DBT              | CORP              | SE        |      1450000 | PA      | $1658750.52   | 0.21%             | 2029-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                          | BP Capital Markets America, Inc.                                                | CUSIP: 10373QBU3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |      1600000 | PA      | $1570426.16   | 0.20%             | 2033-02-13      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                          | CUSIP: N/A<br>LEI: 213800D26TAPVTCVWG40       | Long             | DBT              | NUSS              | MA        |       200000 | PA      | $186906.00    | 0.02%             | 2044-04-25      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $17050.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                       | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |       678000 | PA      | $639052.29    | 0.08%             | 2036-04-01      | Fixed         | 8.07%                 | Yes           |                  2 | On Loan: No      |
| Autoroutes du Sud de la France SA                                         | Autoroutes du Sud de la France SA                                               | CUSIP: N/A<br>LEI: 213800U12KWYZEECZ934       | Long             | DBT              | CORP              | FR        |       800000 | PA      | $899504.40    | 0.12%             | 2026-04-20      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Neopharmed Gentili SpA                                                    | Neopharmed Gentili SpA                                                          | CUSIP: N/A<br>LEI: 815600C8FD3DCB866E50       | Long             | DBT              | CORP              | IT        |      1428000 | PA      | $1695713.57   | 0.22%             | 2030-04-08      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $16878.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $209.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 674 mbH                                    | Techem Verwaltungsgesellschaft 674 mbH                                          | CUSIP: N/A<br>LEI: 549300W2QKB8BC676O97       | Long             | DBT              | CORP              | DE        |       879198 | PA      | $998289.21    | 0.13%             | 2026-07-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                       | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |      2055000 | PA      | $1909700.93   | 0.25%             | 2040-10-17      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                                  | Svenska Handelsbanken AB                                                        | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | DBT              | CORP              | SE        |      1000000 | PA      | $907524.00    | 0.12%             | 2031-03-01      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                                               | INEOS Quattro Finance 2 plc                                                     | CUSIP: N/A<br>LEI: 213800V48W4Y5MT5Q131       | Long             | DBT              | CORP              | GB        |       200000 | PA      | $216234.47    | 0.03%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Pertamina Persero PT                                                      | Pertamina Persero PT                                                            | CUSIP: 69370PAD3<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |       400000 | PA      | $381000.00    | 0.05%             | 2029-07-30      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                                      | Columbia Pipelines Operating Co. LLC                                            | CUSIP: 19828TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       800000 | PA      | $831195.86    | 0.11%             | 2030-08-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                               | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |       390000 | PA      | $392212.94    | 0.05%             | 2035-01-23      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| INEOS Finance plc                                                         | INEOS Finance plc                                                               | CUSIP: N/A<br>LEI: 2138002D68XDR4LZCG32       | Long             | DBT              | CORP              | GB        |      1198000 | PA      | $1376646.74   | 0.18%             | 2029-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $131429.62    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2019-B11, Class C                              | CUSIP: 08162BBL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       315000 | PA      | $241522.66    | 0.03%             | 2052-05-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |       400000 | PA      | $536766.44    | 0.07%             | 2032-03-05      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Ultra Note                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          127 | NC      | $175239.53    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |      1000000 | PA      | $1017130.10   | 0.13%             | 2030-10-08      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| KeyCorp                                                                   | KeyCorp                                                                         | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |       996000 | PA      | $1045201.78   | 0.13%             | 2035-03-06      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       125000 | PA      | $126105.08    | 0.02%             | 2038-01-19      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Q-Park Holding I BV                                                       | Q-Park Holding I BV                                                             | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |       400000 | PA      | $444796.64    | 0.06%             | 2027-03-01      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Roper Technologies, Inc.                                                  | Roper Technologies, Inc.                                                        | CUSIP: 776743AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |       160000 | PA      | $149675.48    | 0.02%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2017-39, Class ST                                           | CUSIP: 3136AWHF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       151177 | PA      | $17100.17     | 0.00%             | 2047-05-25      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| EDP SA                                                                    | EDP SA                                                                          | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |      3400000 | PA      | $4082510.48   | 0.53%             | 2083-04-23      | Variable      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| Phoenix PIB Dutch Finance BV                                              | Phoenix PIB Dutch Finance BV                                                    | CUSIP: N/A<br>LEI: 529900UUYBCBB7HMVI56       | Long             | DBT              | CORP              | NL        |      1200000 | PA      | $1418124.82   | 0.18%             | 2029-07-10      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                               | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |       226000 | PA      | $39098.00     | 0.01%             | 2028-11-03      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                            | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |       500000 | PA      | $596234.57    | 0.08%             | 2031-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Orsted A/S                                                                | Orsted A/S                                                                      | CUSIP: N/A<br>LEI: W9NG6WMZIYEU8VEDOG48       | Long             | DBT              | NUSS              | DK        |      1250000 | PA      | $1439598.73   | 0.19%             | 3022-12-08      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Volvo Car AB                                                              | Volvo Car AB                                                                    | CUSIP: N/A<br>LEI: 5299000EAMGGBEYP7J33       | Long             | DBT              | CORP              | SE        |       740000 | PA      | $823939.02    | 0.11%             | 2027-10-07      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Sovereign in right of New Zealand                                         | New Zealand Government Bond                                                     | CUSIP: N/A<br>LEI: 549300237GPHG2AI7C34       | Long             | DBT              | NUSS              | NZ        |      3201000 | PA      | $1563851.44   | 0.20%             | 2037-04-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1080000 | PA      | $1118911.60   | 0.14%             | 2029-09-15      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series CC                                                      | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       670000 | PA      | $677514.05    | 0.09%             | 2029-08-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                              | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      2002000 | PA      | $2009007.00   | 0.26%             | 2037-03-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MBL8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |       150000 | PA      | $148842.49    | 0.02%             | 2029-09-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                           | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |       220000 | PA      | $224940.54    | 0.03%             | 2054-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Vmed O2 UK Financing I plc                                                | Vmed O2 UK Financing I plc                                                      | CUSIP: N/A<br>LEI: 213800MRR46ECNGZ7L69       | Long             | DBT              | CORP              | GB        |      1400000 | PA      | $1508209.15   | 0.19%             | 2031-01-31      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $162547.05    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $59012.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Elis SA                                                                   | Elis SA                                                                         | CUSIP: N/A<br>LEI: 969500UX71LCE8MAY492       | Long             | DBT              | CORP              | FR        |      1200000 | PA      | $1316213.64   | 0.17%             | 2028-04-03      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                               | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | DBT              | CORP              | GB        |      2500000 | PA      | $2650059.15   | 0.34%             | 2029-09-14      | Variable      | 0.67%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     16812211 | PA      | $88573.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |       800000 | PA      | $934475.35    | 0.12%             | 2027-10-09      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                               | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |       750000 | PA      | $758761.10    | 0.10%             | 2036-04-23      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Germany                                               | Bundesobligation                                                                | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |      2500000 | PA      | $2851864.35   | 0.37%             | 2029-04-12      | Fixed         | 2.10%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       390000 | PA      | $395684.25    | 0.05%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $5402.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials Finance Luxembourg SA                                | Heidelberg Materials Finance Luxembourg SA                                      | CUSIP: N/A<br>LEI: 529900RYHTCF5X9DD509       | Long             | DBT              | CORP              | LU        |      1250000 | PA      | $1551492.86   | 0.20%             | 2033-11-21      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                    | CUSIP: 12803RAC8<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      2175000 | PA      | $2355870.04   | 0.30%             | 2034-09-13      | Variable      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| EC Finance plc                                                            | EC Finance plc                                                                  | CUSIP: N/A<br>LEI: 213800NKPB53RHYDQE45       | Long             | DBT              | CORP              | GB        |      1099000 | PA      | $1232261.31   | 0.16%             | 2026-10-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                                               | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAQ4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |       540000 | PA      | $552525.63    | 0.07%             | 2033-06-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $1928.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunrise HoldCo IV BV                                                      | Sunrise HoldCo IV BV                                                            | CUSIP: N/A<br>LEI: 213800G1DU7LKI6ZCD69       | Long             | DBT              | CORP              | NL        |      1300000 | PA      | $1462066.62   | 0.19%             | 2029-06-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                             | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |      1000000 | PA      | $1116493.44   | 0.14%             | 2028-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                                            | Takeda Pharmaceutical Co. Ltd.                                                  | CUSIP: 874060BK1<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |       525000 | PA      | $524869.56    | 0.07%             | 2034-07-05      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Duke Energy Ohio, Inc.                                                    | Duke Energy Ohio, Inc.                                                          | CUSIP: 26442EAK6<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |        15000 | PA      | $14247.92     | 0.00%             | 2053-04-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                    | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |       200000 | PA      | $226599.49    | 0.03%             | 2026-01-28      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| US Auto Funding                                                           | US Auto Funding, Series 2021-1A, Class C                                        | CUSIP: 90355EAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       385264 | PA      | $359488.47    | 0.05%             | 2026-05-15      | Fixed         | 2.20%                 | Yes           |                  2 | On Loan: No      |
| Bankinter SA                                                              | Bankinter SA                                                                    | CUSIP: N/A<br>LEI: VWMYAEQSTOPNV0SUGU82       | Long             | DBT              | CORP              | ES        |       800000 | PA      | $919818.96    | 0.12%             | 2032-09-10      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                                              | Trivium Packaging Finance BV                                                    | CUSIP: N/A<br>LEI: 724500GMZWW3PVYET548       | Long             | DBT              | CORP              | NL        |       307000 | PA      | $358134.33    | 0.05%             | 2030-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Marriott International, Inc.                                              | Marriott International, Inc.                                                    | CUSIP: 571903BS1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |       220000 | PA      | $217023.37    | 0.03%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                        | T-Mobile USA, Inc.                                                              | CUSIP: 87264ABS3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |        34000 | PA      | $31627.55     | 0.00%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                      | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |      1700000 | PA      | $1849841.47   | 0.24%             | 2027-10-04      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| US Bancorp                                                                | US Bancorp                                                                      | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |       110000 | PA      | $112060.41    | 0.01%             | 2035-01-23      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-43861.13    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       300000 | PA      | $260449.46    | 0.03%             | 2032-10-21      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Guara Norte SARL                                                          | Guara Norte SARL                                                                | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |       259561 | PA      | $242105.76    | 0.03%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                  | CUSIP: 09659W3A0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      1730000 | PA      | $1772023.86   | 0.23%             | 2033-01-13      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Anglo American Capital plc                                                | Anglo American Capital plc                                                      | CUSIP: 034863BD1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |      1170000 | PA      | $1164079.80   | 0.15%             | 2033-05-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       500000 | PA      | $432441.37    | 0.06%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                                | AT&T, Inc.                                                                      | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |       130000 | PA      | $86382.97     | 0.01%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                 | Duke Energy Carolinas LLC                                                       | CUSIP: 26442CBL7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |        49000 | PA      | $45655.35     | 0.01%             | 2054-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Jaguar Land Rover Automotive plc                                          | Jaguar Land Rover Automotive plc                                                | CUSIP: N/A<br>LEI: 529900L73GEWN1O5NH84       | Long             | DBT              | CORP              | GB        |       280000 | PA      | $319515.63    | 0.04%             | 2026-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland                      | United Kingdom of Great Britain and Northern Ireland                            | CUSIP: N/A<br>LEI: ECTRVYYCEF89VWYS6K36       | Long             | DBT              | NUSS              | GB        |      3456938 | PA      | $4466506.04   | 0.58%             | 2036-03-07      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series FF                                                      | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       413000 | PA      | $416516.70    | 0.05%             | 2030-02-15      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                           | CHL Mortgage Pass-Through Trust, Series 2007-16, Class A1                       | CUSIP: 12544MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        39689 | PA      | $16165.04     | 0.00%             | 2037-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Loxam SAS                                                                 | Loxam SAS                                                                       | CUSIP: N/A<br>LEI: 969500BNA2YRNE1R5K91       | Long             | DBT              | CORP              | FR        |       300000 | PA      | $339652.27    | 0.04%             | 2026-04-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                                              | Barclays plc                                                                    | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | DBT              | CORP              | GB        |      2000000 | PA      | $2663372.60   | 0.34%             | 2035-03-21      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                                 | Bank of Nova Scotia (The)                                                       | CUSIP: 06417XAE1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |       420000 | PA      | $359891.53    | 0.05%             | 2032-02-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| TSMC Arizona Corp.                                                        | TSMC Arizona Corp.                                                              | CUSIP: 872898AH4<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |       380000 | PA      | $368964.80    | 0.05%             | 2032-04-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing and Securitization LLC                       | Credit-Based Asset Servicing and Securitization LLC, Series 2004-CB5, Class M1  | CUSIP: 04542BHY1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        59247 | PA      | $63685.18     | 0.01%             | 2034-01-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                           | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |       824000 | PA      | $814524.00    | 0.10%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                                                | Baxter International, Inc.                                                      | CUSIP: 071813CS6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |       605000 | PA      | $518815.20    | 0.07%             | 2032-02-01      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      3758000 | PA      | $3336946.46   | 0.43%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Zurich Insurance Co. Ltd.                                                 | Zurich Insurance Co. Ltd.                                                       | CUSIP: N/A<br>LEI: 50ZCTKCMUDIABGHX3R52       | Long             | DBT              | CORP              | NL        |       700000 | PA      | $800950.97    | 0.10%             | 2046-10-01      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Rexel SA                                                                  | Rexel SA                                                                        | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | DBT              | CORP              | FR        |      1800000 | PA      | $1976928.36   | 0.25%             | 2028-06-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                   | CUSIP: 29278GAF5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |       200000 | PA      | $193988.06    | 0.02%             | 2028-04-06      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                          | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |        75000 | PA      | $76208.68     | 0.01%             | 2035-01-24      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                         | CD Mortgage Trust, Series 2016-CD2, Class C                                     | CUSIP: 12515ABJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        21000 | PA      | $12336.66     | 0.00%             | 2049-11-10      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                           | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       196000 | PA      | $197549.09    | 0.03%             | 2036-01-24      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| KBC Group NV                                                              | KBC Group NV                                                                    | CUSIP: 48241FAB0<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |       200000 | PA      | $205448.14    | 0.03%             | 2029-01-19      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                       | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |      1650000 | PA      | $1843329.27   | 0.24%             | 2028-06-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                                    | Freeport-McMoRan, Inc.                                                          | CUSIP: 35671DCF0<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |       159000 | PA      | $153938.33    | 0.02%             | 2030-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pinnacle Bidco plc                                                        | Pinnacle Bidco plc                                                              | CUSIP: N/A<br>LEI: 2138006Z5V8OBL2A2Q06       | Long             | DBT              | CORP              | GB        |       987000 | PA      | $1182327.05   | 0.15%             | 2028-10-11      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                       | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      2135000 | PA      | $2097744.25   | 0.27%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Duke Energy Indiana LLC                                                   | Duke Energy Indiana LLC                                                         | CUSIP: 26443TAD8<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |        35000 | PA      | $32293.55     | 0.00%             | 2053-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co. Ltd.                                            | Takeda Pharmaceutical Co. Ltd.                                                  | CUSIP: 874060BB1<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |       363000 | PA      | $383205.28    | 0.05%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                       | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |      1300000 | PA      | $1468704.58   | 0.19%             | 2031-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                                           | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAQ8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |       900000 | PA      | $869503.08    | 0.11%             | 2027-06-14      | Variable      | 1.67%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: 904678AY5<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |       410000 | PA      | $366434.13    | 0.05%             | 2032-06-03      | Variable      | 3.13%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                             | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |       800000 | PA      | $917443.60    | 0.12%             | 2030-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| APA Infrastructure Ltd.                                                   | APA Infrastructure Ltd.                                                         | CUSIP: N/A<br>LEI: 261700SS8OEHDOCOUJ33       | Long             | DBT              | CORP              | AU        |       150000 | PA      | $160640.75    | 0.02%             | 2030-07-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Marvell Technology, Inc.                                                  | Marvell Technology, Inc.                                                        | CUSIP: 573874AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       320000 | PA      | $286132.05    | 0.04%             | 2031-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Australia                                                 | Commonwealth of Australia                                                       | CUSIP: N/A<br>LEI: 213800J6B7JSBDETCB42       | Long             | DBT              | NUSS              | AU        |     19398000 | PA      | $10495191.11  | 1.35%             | 2032-05-21      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                          | Boeing Co. (The)                                                                | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |       205000 | PA      | $191968.21    | 0.02%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                                              | ING Groep NV                                                                    | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | DBT              | CORP              | NL        |       400000 | PA      | $422035.20    | 0.05%             | 2030-05-16      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                       | CUSIP: 404119BV0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |        91000 | PA      | $82353.01     | 0.01%             | 2047-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087L51<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     16062000 | PA      | $11502000.13  | 1.48%             | 2026-03-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                    | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | DBT              | CORP              | CH        |       400000 | PA      | $511930.03    | 0.07%             | 2029-03-01      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                          | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |       410000 | PA      | $401960.75    | 0.05%             | 2034-01-26      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| AIB Group plc                                                             | AIB Group plc                                                                   | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | DBT              | CORP              | IE        |       300000 | PA      | $357815.95    | 0.05%             | 2029-07-23      | Variable      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       290000 | PA      | $292614.52    | 0.04%             | 2034-07-21      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                  | Diamondback Energy, Inc.                                                        | CUSIP: 25278XAR0<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |       277000 | PA      | $249999.52    | 0.03%             | 2031-03-24      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $375.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $16424.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Asmodee Group AB                                                          | Asmodee Group AB                                                                | CUSIP: N/A<br>LEI: 636700G5993BBAFDYD02       | Long             | DBT              | CORP              | SE        |       906667 | PA      | $1079558.61   | 0.14%             | 2029-12-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| National Grid plc                                                         | National Grid plc                                                               | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | DBT              | CORP              | GB        |       900000 | PA      | $1018446.87   | 0.13%             | 2026-06-30      | Fixed         | 2.18%                 | Yes           |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                  | Bristol-Myers Squibb Co.                                                        | CUSIP: 110122EK0<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |       230000 | PA      | $218412.89    | 0.03%             | 2054-02-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $4486.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                            | CUSIP: 161175CK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       165000 | PA      | $136011.40    | 0.02%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Israel                                                           | State of Israel Government Bond                                                 | CUSIP: 46513JXN6<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |      1360000 | PA      | $842775.00    | 0.11%             | 2050-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                           | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |       300000 | PA      | $414564.37    | 0.05%             | 2026-12-03      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance plc                                                         | INEOS Finance plc                                                               | CUSIP: N/A<br>LEI: 2138002D68XDR4LZCG32       | Long             | DBT              | CORP              | GB        |       500000 | PA      | $583278.98    | 0.08%             | 2028-05-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Duquesne Light Holdings, Inc.                                             | Duquesne Light Holdings, Inc.                                                   | CUSIP: 266233AJ4<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |       140000 | PA      | $119385.13    | 0.02%             | 2032-01-07      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| eDreams ODIGEO SA                                                         | eDreams ODIGEO SA                                                               | CUSIP: N/A<br>LEI: 959800Y8LQ5MR2YZ4N96       | Long             | DBT              | CORP              | ES        |      1007000 | PA      | $1154877.87   | 0.15%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 674 mbH                                    | Techem Verwaltungsgesellschaft 674 mbH                                          | CUSIP: N/A<br>LEI: 549300W2QKB8BC676O97       | Long             | DBT              | CORP              | DE        |       219799 | PA      | $249572.31    | 0.03%             | 2026-07-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Dryden 68 CLO Ltd.                                                        | Dryden CLO Ltd., Series 2019-68A, Class ARR                                     | CUSIP: 26252QAS1<br>LEI: 254900MX6QAMC9XBAB53 | Long             | ABS-CBDO         | CORP              | KY        |       330000 | PA      | $329902.65    | 0.04%             | 2035-07-15      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                                        | Credit Agricole SA                                                              | CUSIP: 22535WAN7<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |       250000 | PA      | $253980.36    | 0.03%             | 2036-01-09      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                                        | Credit Agricole SA                                                              | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | DBT              | CORP              | FR        |       500000 | PA      | $681121.70    | 0.09%             | 2027-11-29      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |       600000 | PA      | $664089.73    | 0.09%             | 2028-01-18      | Variable      | 0.93%                 | Yes           |                  2 | On Loan: No      |
| Entergy Texas, Inc.                                                       | Entergy Texas, Inc.                                                             | CUSIP: 29365TAK0<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |       115000 | PA      | $97913.63     | 0.01%             | 2031-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2017-31, Class SG                                           | CUSIP: 3136AWKF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       552367 | PA      | $61522.79     | 0.01%             | 2047-05-25      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific, Inc.                                            | Thermo Fisher Scientific, Inc.                                                  | CUSIP: 883556CC4<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |       100000 | PA      | $99632.33     | 0.01%             | 2031-10-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Long Gilt                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |          300 | NC      | $493005.92    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K089, Class X3 | CUSIP: 3137FL6S8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       850000 | PA      | $63506.56     | 0.01%             | 2046-01-25      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: 904678AW9<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |       200000 | PA      | $194216.23    | 0.03%             | 2027-06-03      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Canada                                                                    | Canada Government Bond                                                          | CUSIP: 135087S54<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |     13022000 | PA      | $9551743.99   | 1.23%             | 2027-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Synopsys, Inc.                                                            | Synopsys, Inc.                                                                  | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |       220000 | PA      | $210027.93    | 0.03%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |       380000 | PA      | $376779.50    | 0.05%             | 2035-07-23      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| FREMF                                                                     | FREMF, Series 2018-KF46, Class B                                                | CUSIP: 302955AC3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        18152 | PA      | $17434.23     | 0.00%             | 2028-03-25      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| CT Investment GmbH                                                        | CT Investment GmbH                                                              | CUSIP: N/A<br>LEI: 529900VYBTC7HKBCNB72       | Long             | DBT              | CORP              | DE        |       197000 | PA      | $230953.37    | 0.03%             | 2030-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                                             | AIB Group plc                                                                   | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | DBT              | CORP              | IE        |       700000 | PA      | $796261.56    | 0.10%             | 2025-06-23      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Generali                                                                  | Generali                                                                        | CUSIP: N/A<br>LEI: 549300X5UKJVE386ZB61       | Long             | DBT              | CORP              | IT        |       200000 | PA      | $238752.21    | 0.03%             | 2047-10-27      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Autoroutes du Sud de la France SA                                         | Autoroutes du Sud de la France SA                                               | CUSIP: N/A<br>LEI: 213800U12KWYZEECZ934       | Long             | DBT              | CORP              | FR        |       600000 | PA      | $680132.28    | 0.09%             | 2033-01-19      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Ventas Realty LP                                                          | Ventas Realty LP                                                                | CUSIP: 92277GBA4<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |       325000 | PA      | $312512.51    | 0.04%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                        | CUSIP: 836205AU8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      1175000 | PA      | $1123593.75   | 0.14%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                              | CUSIP: 25714PEG9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |       375000 | PA      | $315937.50    | 0.04%             | 2041-01-21      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 675 mbH                                    | Techem Verwaltungsgesellschaft 675 mbH                                          | CUSIP: N/A<br>LEI: 529900N0M7FQHNAV1A41       | Long             | DBT              | CORP              | DE        |      1200000 | PA      | $1394761.35   | 0.18%             | 2029-07-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Synthomer plc                                                             | Synthomer plc                                                                   | CUSIP: N/A<br>LEI: 213800EHT3TI1KPQQJ56       | Long             | DBT              | CORP              | GB        |       250000 | PA      | $282408.75    | 0.04%             | 2029-05-02      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CFAMC III Co. Ltd.                                                        | CFAMC III Co. Ltd.                                                              | CUSIP: N/A<br>LEI: 5493006V07LYI3HE6G83       | Long             | DBT              | CORP              | VG        |       200000 | PA      | $194950.00    | 0.03%             | 2027-11-07      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                               | CUSIP: 404280CY3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |       440000 | PA      | $383174.63    | 0.05%             | 2032-11-22      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| United Arab Emirates Government Bond                                      | United Arab Emirates Government Bond                                            | CUSIP: 38381CAB8<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |      2245000 | PA      | $1403125.00   | 0.18%             | 2050-07-28      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-150974.66   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer