# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0002071691-26-001807
**Filing Date:** 2026-1
**Character Count:** 471926
**Document Hash:** 678c33be016185dc56d85beea038ff04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001807.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001807

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust I
- **CENTRAL INDEX KEY:** 0001217286

**ORGANIZATION NAME:**
- **EIN:** 331043149
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 26571324

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JP MORGAN MUTUAL FUND SERIES
- **DATE OF NAME CHANGE:** 20030204

## Series and Classes Contracts Data

### JPMorgan Strategic Income Opportunities Fund (Series ID: S000022994)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000066701 | Class I      | JSOSX           |
| C000066702 | Class A      | JSOAX           |
| C000066703 | Class C      | JSOCX           |
| C000066704 | Class R5     | JSORX           |
| C000195119 | Class R6     | JSOZX           |

## Nport-Ex

**JPMorgan Strategic Income Opportunities Fund**

**Schedule of Portfolio Investments as of November 30, 2025**

**(Unaudited)** 

---

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

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 39.2%** | **Corporate Bonds — 39.2%** | **Corporate Bonds — 39.2%** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) 7.88%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; ICITII 6.00%, 1/31/2033 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 320 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc. 4.75%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1870 | &nbsp;&nbsp;&nbsp;&nbsp; 1867 |
| &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.50% (Cash), 3/31/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10324 | &nbsp;&nbsp;&nbsp;&nbsp; 10823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% (Cash), 5/15/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3029 | &nbsp;&nbsp;&nbsp;&nbsp; 2973 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15663 |
| **Automobiles — 3.2%** | **Automobiles — 3.2%** | **Automobiles — 3.2%** |
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany) | &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany) | &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.55%), 4.63%, 4/2/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23852 | &nbsp;&nbsp;&nbsp;&nbsp; 23872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.80%), 4.86%, 8/13/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15420 | &nbsp;&nbsp;&nbsp;&nbsp; 15465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.78%), 4.86%, 3/19/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24360 | &nbsp;&nbsp;&nbsp;&nbsp; 24437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%), 4.73%, 8/11/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.92%), 4.98%, 8/13/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23581 | &nbsp;&nbsp;&nbsp;&nbsp; 23707 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America (SOFR + 1.12%), 5.20%, 6/23/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18310 | &nbsp;&nbsp;&nbsp;&nbsp; 18405 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC (Germany) | &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC (Germany) | &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.67%), 4.62%, 1/9/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 33245 | &nbsp;&nbsp;&nbsp;&nbsp; 33261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.63%), 4.57%, 7/31/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 42801 | &nbsp;&nbsp;&nbsp;&nbsp; 42866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.78%), 4.86%, 4/1/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27930 | &nbsp;&nbsp;&nbsp;&nbsp; 28032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.85%), 4.91%, 11/15/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28405 | &nbsp;&nbsp;&nbsp;&nbsp; 28591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 5.01%, 3/31/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17540 | &nbsp;&nbsp;&nbsp;&nbsp; 17611 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany) | &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany) | &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.83%), 4.91%, 3/20/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22956 | &nbsp;&nbsp;&nbsp;&nbsp; 22986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%), 5.12%, 8/14/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13760 | &nbsp;&nbsp;&nbsp;&nbsp; 13801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 316091 |
| **Banks — 14.1%** | **Banks — 14.1%** | **Banks — 14.1%** |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.47%), 4.55%, 12/16/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18400 | &nbsp;&nbsp;&nbsp;&nbsp; 18425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.81%), 4.88%, 1/18/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp;&nbsp; 22601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.68%), 4.75%, 7/16/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13650 | &nbsp;&nbsp;&nbsp;&nbsp; 13726 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.02%), 5.06%, 9/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7174 | &nbsp;&nbsp;&nbsp;&nbsp; 7195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.97%), 5.04%, 7/22/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6740 | &nbsp;&nbsp;&nbsp;&nbsp; 6755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%), 5.43%, 9/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6591 | &nbsp;&nbsp;&nbsp;&nbsp; 6636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 5.11%, 2/4/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24282 | &nbsp;&nbsp;&nbsp;&nbsp; 24424 |
| &nbsp;&nbsp;&nbsp; Bank of America NA (SOFR + 1.02%), 5.08%, 8/18/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11950 | &nbsp;&nbsp;&nbsp;&nbsp; 12027 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) | &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) | &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.33%), 5.42%, 6/5/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp; 17587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.76%), 4.85%, 6/4/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13430 | &nbsp;&nbsp;&nbsp;&nbsp; 13500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.88%), 4.97%, 9/10/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24820 | &nbsp;&nbsp;&nbsp;&nbsp; 24893 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) | &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) | &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.55%), 4.60%, 3/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4652 | &nbsp;&nbsp;&nbsp;&nbsp; 4656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.78%), 4.87%, 6/4/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9100 | &nbsp;&nbsp;&nbsp;&nbsp; 9146 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.87%), 6.13%, <br> 12/15/2025 (c) (d) (e) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2945 | &nbsp;&nbsp;&nbsp;&nbsp; 2947 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) | &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) | &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 5.30%, 10/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13200 | &nbsp;&nbsp;&nbsp;&nbsp; 13296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.93%), 5.02%, 9/11/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18340 | &nbsp;&nbsp;&nbsp;&nbsp; 18398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 4.75%, 1/13/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9170 | &nbsp;&nbsp;&nbsp;&nbsp; 9184 |
| &nbsp;&nbsp;&nbsp; Citibank NA  | &nbsp;&nbsp;&nbsp; Citibank NA  | &nbsp;&nbsp;&nbsp; Citibank NA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.59%), 4.65%, 4/30/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27390 | &nbsp;&nbsp;&nbsp;&nbsp; 27416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%), 4.77%, 8/6/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18200 | &nbsp;&nbsp;&nbsp;&nbsp; 18249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.06%), 5.15%, 12/4/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2390 | &nbsp;&nbsp;&nbsp;&nbsp; 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.78%), 4.87%, 5/29/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8270 | &nbsp;&nbsp;&nbsp;&nbsp; 8311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%), 4.77%, 11/19/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27500 | &nbsp;&nbsp;&nbsp;&nbsp; 27556 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 4.86%, 6/9/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18370 | &nbsp;&nbsp;&nbsp;&nbsp; 18395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 5.20%, 5/7/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 30620 | &nbsp;&nbsp;&nbsp;&nbsp; 30801 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%), 4.84%, 3/13/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9250 | &nbsp;&nbsp;&nbsp;&nbsp; 9261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.46%), 4.51%, 11/27/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6140 | &nbsp;&nbsp;&nbsp;&nbsp; 6153 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.62%), 4.67%, 8/28/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.71%), 4.80%, 3/5/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.59%), 4.64%, 5/27/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20250 | &nbsp;&nbsp;&nbsp;&nbsp; 20307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%), 4.67%, 1/21/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14700 | &nbsp;&nbsp;&nbsp;&nbsp; 14761 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 6.19%), 8.13%, 12/23/2025 (a) (c) (d) (e) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 14160 | &nbsp;&nbsp;&nbsp;&nbsp; 14197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 6.19%), 8.13%, 12/23/2025 (c) (d) (e) (f) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 14673 | &nbsp;&nbsp;&nbsp;&nbsp; 14712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.37%, 7/5/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13125 | &nbsp;&nbsp;&nbsp;&nbsp; 13194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%), 4.96%, 3/11/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22360 | &nbsp;&nbsp;&nbsp;&nbsp; 22439 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) (SOFR + 1.57%), 5.51%, 8/14/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7320 | &nbsp;&nbsp;&nbsp;&nbsp; 7375 |
| &nbsp;&nbsp;&nbsp; HSBC USA, Inc.  | &nbsp;&nbsp;&nbsp; HSBC USA, Inc.  | &nbsp;&nbsp;&nbsp; HSBC USA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 5.05%, 3/4/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 31192 | &nbsp;&nbsp;&nbsp;&nbsp; 31365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.97%), 5.02%, 6/3/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13740 | &nbsp;&nbsp;&nbsp;&nbsp; 13839 |
| &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.01%), 4.97%, 4/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp;&nbsp;&nbsp; 2380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.56%), 5.65%, 9/11/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1534 | &nbsp;&nbsp;&nbsp;&nbsp; 1546 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) (SOFRINDX + 1.56%), 5.50%, 8/7/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4320 | &nbsp;&nbsp;&nbsp;&nbsp; 4352 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA  | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA  | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%), 5.19%, 10/30/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10150 | &nbsp;&nbsp;&nbsp;&nbsp; 10241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%), 4.72%, 10/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24400 | &nbsp;&nbsp;&nbsp;&nbsp; 24449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 5.15%, 1/14/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21535 | &nbsp;&nbsp;&nbsp;&nbsp; 21669 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank NA (SOFR + 0.77%), 4.84%, 7/6/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18400 | &nbsp;&nbsp;&nbsp;&nbsp; 18436 |
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.65%), 4.74%, 12/10/2025 (c) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%), 4.61%, 1/29/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.65%), 4.68%, 1/12/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3275 | &nbsp;&nbsp;&nbsp;&nbsp; 3285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.62%), 4.71%, 6/11/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13630 | &nbsp;&nbsp;&nbsp;&nbsp; 13693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%), 4.67%, 10/26/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27480 | &nbsp;&nbsp;&nbsp;&nbsp; 27601 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) (SOFRINDX + 0.90%), 4.98%, 3/25/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18050 | &nbsp;&nbsp;&nbsp;&nbsp; 18074 |
| &nbsp;&nbsp;&nbsp; National Securities Clearing Corp. (SOFR + 0.57%), 4.62%, 5/20/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 41310 | &nbsp;&nbsp;&nbsp;&nbsp; 41524 |
| &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.76%), 4.84%, 9/29/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9170 | &nbsp;&nbsp;&nbsp;&nbsp; 9202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.90%), 4.96%, 5/17/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9100 | &nbsp;&nbsp;&nbsp;&nbsp; 9150 |
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) (SOFR + 0.74%), 4.82%, 3/19/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18360 | &nbsp;&nbsp;&nbsp;&nbsp; 18447 |
| &nbsp;&nbsp;&nbsp; PNC Bank NA (SOFR + 0.50%), 4.53%, 1/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27500 | &nbsp;&nbsp;&nbsp;&nbsp; 27506 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.08%), 5.11%, 1/12/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20190 | &nbsp;&nbsp;&nbsp;&nbsp; 20211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.57%), 4.64%, 4/27/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 29911 | &nbsp;&nbsp;&nbsp;&nbsp; 29949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.08%), 5.15%, 7/20/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 36740 | &nbsp;&nbsp;&nbsp;&nbsp; 36964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.46%), 4.52%, 8/3/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18400 | &nbsp;&nbsp;&nbsp;&nbsp; 18428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.59%), 4.65%, 11/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13720 | &nbsp;&nbsp;&nbsp;&nbsp; 13747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.95%), 5.02%, 1/19/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11300 | &nbsp;&nbsp;&nbsp;&nbsp; 11371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.79%), 4.86%, 7/23/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25360 | &nbsp;&nbsp;&nbsp;&nbsp; 25424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.72%), 4.79%, 10/18/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9150 | &nbsp;&nbsp;&nbsp;&nbsp; 9174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.82%), 4.90%, 3/27/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9220 | &nbsp;&nbsp;&nbsp;&nbsp; 9254 |
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB (Sweden) (SOFR + 0.89%), 4.98%, 3/5/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8960 | &nbsp;&nbsp;&nbsp;&nbsp; 9014 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) (SOFR + 1.10%), 5.15%, 2/19/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13750 | &nbsp;&nbsp;&nbsp;&nbsp; 13793 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%), 5.38%, 1/13/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 26350 | &nbsp;&nbsp;&nbsp;&nbsp; 26390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.30%), 5.25%, 7/13/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17550 | &nbsp;&nbsp;&nbsp;&nbsp; 17663 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.12%), 5.09%, 3/9/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17650 | &nbsp;&nbsp;&nbsp;&nbsp; 17689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 5.11%, 9/14/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10540 | &nbsp;&nbsp;&nbsp;&nbsp; 10610 |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) | &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) | &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%), 5.34%, 6/15/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13125 | &nbsp;&nbsp;&nbsp;&nbsp; 13189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.66%), 4.71%, 5/28/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4700 | &nbsp;&nbsp;&nbsp;&nbsp; 4718 |
| &nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (SOFRINDX + 1.38%), 5.47%, 6/15/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp; 17597 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) | &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) | &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 5.15%, 7/17/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24160 | &nbsp;&nbsp;&nbsp;&nbsp; 24278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.62%), 4.70%, 12/17/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22900 | &nbsp;&nbsp;&nbsp;&nbsp; 22976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%), 4.81%, 4/5/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22620 | &nbsp;&nbsp;&nbsp;&nbsp; 22711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.82%), 4.88%, 1/31/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18400 | &nbsp;&nbsp;&nbsp;&nbsp; 18466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 4.96%, 6/2/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4580 | &nbsp;&nbsp;&nbsp;&nbsp; 4602 |
| &nbsp;&nbsp;&nbsp; US Bank NA (SOFR + 0.69%), 4.76%, 10/22/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18300 | &nbsp;&nbsp;&nbsp;&nbsp; 18350 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 0.76%), 4.67%, 1/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 29758 | &nbsp;&nbsp;&nbsp;&nbsp; 29654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.78%), 4.85%, 1/24/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 29148 | &nbsp;&nbsp;&nbsp;&nbsp; 29208 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA (SOFR + 1.06%), 5.12%, 8/7/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17560 | &nbsp;&nbsp;&nbsp;&nbsp; 17646 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%), 4.61%, 1/29/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13400 | &nbsp;&nbsp;&nbsp;&nbsp; 13408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.42%), 4.49%, 4/16/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18160 | &nbsp;&nbsp;&nbsp;&nbsp; 18175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.46%), 4.53%, 10/20/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1377183 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc.  | &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc.  | &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.58%), 4.64%, 11/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 55401 | &nbsp;&nbsp;&nbsp;&nbsp; 55387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.88%), 4.97%, 3/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 38100 | &nbsp;&nbsp;&nbsp;&nbsp; 38114 |
| &nbsp;&nbsp;&nbsp; Pepsico Singapore Financing I Pte. Ltd. (SOFRINDX + 0.56%), 4.62%, 2/16/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22350 | &nbsp;&nbsp;&nbsp;&nbsp; 22396 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. (SOFRINDX + 0.40%), 4.46%, 2/13/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 116397 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  | &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  | &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% (Cash), 10/1/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2753 | &nbsp;&nbsp;&nbsp;&nbsp; 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2930 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc. 4.88%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 773 |
| **Capital Markets — 2.9%** | **Capital Markets — 2.9%** | **Capital Markets — 2.9%** |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) (SOFRINDX + 0.68%), 4.77%, 6/9/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9150 | &nbsp;&nbsp;&nbsp;&nbsp; 9167 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA  | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA  | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 4.85%, 3/18/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22813 | &nbsp;&nbsp;&nbsp;&nbsp; 22842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%), 4.80%, 5/21/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 47953 | &nbsp;&nbsp;&nbsp;&nbsp; 48035 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%), 4.88%, 12/9/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3029 | &nbsp;&nbsp;&nbsp;&nbsp; 3029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.81%), 4.90%, 3/9/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9390 | &nbsp;&nbsp;&nbsp;&nbsp; 9402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.82%), 4.91%, 9/10/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10886 | &nbsp;&nbsp;&nbsp;&nbsp; 10903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.92%), 4.99%, 10/21/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4535 | &nbsp;&nbsp;&nbsp;&nbsp; 4547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 2.01%), 5.87%, 10/28/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24969 | &nbsp;&nbsp;&nbsp;&nbsp; 25301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.36%, 4/23/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13750 | &nbsp;&nbsp;&nbsp;&nbsp; 13863 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.24%), 5.33%, 6/15/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11056 | &nbsp;&nbsp;&nbsp;&nbsp; 11106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 5.29%, 12/7/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8900 | &nbsp;&nbsp;&nbsp;&nbsp; 8975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.92%), 5.00%, 7/2/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9100 | &nbsp;&nbsp;&nbsp;&nbsp; 9187 |
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP (Japan) (SOFR + 0.52%), 4.60%, 10/9/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18360 | &nbsp;&nbsp;&nbsp;&nbsp; 18372 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (SOFR + 1.02%), 5.09%, 4/13/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25244 | &nbsp;&nbsp;&nbsp;&nbsp; 25365 |
| &nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. (SOFR + 0.46%), 4.51%, 11/25/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8530 | &nbsp;&nbsp;&nbsp;&nbsp; 8554 |
| &nbsp;&nbsp;&nbsp; State Street Corp. (SOFR + 0.85%), 4.91%, 8/3/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18097 | &nbsp;&nbsp;&nbsp;&nbsp; 18152 |
| &nbsp;&nbsp;&nbsp; UBS AG (Switzerland) (SOFR + 0.50%), 4.56%, 5/17/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 36670 | &nbsp;&nbsp;&nbsp;&nbsp; 36682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 283482 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC 4.75%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) 5.25%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 499 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC 4.88%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp;&nbsp; 956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2185 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. 8.25%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp;&nbsp; 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp; CommScope Technologies LLC 5.00%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp; 874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2437 |
| **Consumer Finance — 8.0%** | **Consumer Finance — 8.0%** | **Consumer Finance — 8.0%** |
| &nbsp;&nbsp;&nbsp; American Express Co.  | &nbsp;&nbsp;&nbsp; American Express Co.  | &nbsp;&nbsp;&nbsp; American Express Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.76%), 4.82%, 2/13/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2651 | &nbsp;&nbsp;&nbsp;&nbsp; 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%), 4.82%, 4/23/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 32740 | &nbsp;&nbsp;&nbsp;&nbsp; 32789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.97%), 5.04%, 7/28/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.00%), 5.06%, 2/16/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 34583 | &nbsp;&nbsp;&nbsp;&nbsp; 34770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 5.00%, 7/26/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20704 | &nbsp;&nbsp;&nbsp;&nbsp; 20809 |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp.  | &nbsp;&nbsp;&nbsp; American Honda Finance Corp.  | &nbsp;&nbsp;&nbsp; American Honda Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%), 4.78%, 1/9/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13277 | &nbsp;&nbsp;&nbsp;&nbsp; 13284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.50%), 4.53%, 1/12/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16625 | &nbsp;&nbsp;&nbsp;&nbsp; 16630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%), 4.57%, 5/11/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 32905 | &nbsp;&nbsp;&nbsp;&nbsp; 32940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, (SOFR + 0.65%), 4.66%, 5/20/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21980 | &nbsp;&nbsp;&nbsp;&nbsp; 22011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%), 4.60%, 5/21/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17380 | &nbsp;&nbsp;&nbsp;&nbsp; 17402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.65%), 4.68%, 7/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22900 | &nbsp;&nbsp;&nbsp;&nbsp; 22940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.72%), 4.80%, 10/5/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13408 | &nbsp;&nbsp;&nbsp;&nbsp; 13439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%), 4.68%, 10/6/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16540 | &nbsp;&nbsp;&nbsp;&nbsp; 16570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%), 4.78%, 1/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15862 | &nbsp;&nbsp;&nbsp;&nbsp; 15908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%), 4.82%, 3/8/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 33350 | &nbsp;&nbsp;&nbsp;&nbsp; 33433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 4.86%, 3/12/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13450 | &nbsp;&nbsp;&nbsp;&nbsp; 13478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%), 4.78%, 7/9/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11950 | &nbsp;&nbsp;&nbsp;&nbsp; 11952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%), 4.94%, 7/9/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17131 | &nbsp;&nbsp;&nbsp;&nbsp; 17207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 4.79%, 10/22/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13750 | &nbsp;&nbsp;&nbsp;&nbsp; 13761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.82%), 4.87%, 3/3/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5496 | &nbsp;&nbsp;&nbsp;&nbsp; 5507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.90%), 5.09%, 9/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18830 | &nbsp;&nbsp;&nbsp;&nbsp; 18880 |
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp.  | &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp.  | &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.46%), 4.51%, 2/27/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21890 | &nbsp;&nbsp;&nbsp;&nbsp; 21904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%), 4.76%, 10/16/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27300 | &nbsp;&nbsp;&nbsp;&nbsp; 27417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.38%), 4.45%, 1/7/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17010 | &nbsp;&nbsp;&nbsp;&nbsp; 17036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.52%), 4.58%, 5/14/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22659 | &nbsp;&nbsp;&nbsp;&nbsp; 22726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.53%), 4.60%, 7/7/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13770 | &nbsp;&nbsp;&nbsp;&nbsp; 13830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.56%), 4.62%, 11/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.52%), 4.57%, 3/3/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9764 | &nbsp;&nbsp;&nbsp;&nbsp; 9777 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC 3.82%, 11/2/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2695 | &nbsp;&nbsp;&nbsp;&nbsp; 2645 |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp.  | &nbsp;&nbsp;&nbsp; John Deere Capital Corp.  | &nbsp;&nbsp;&nbsp; John Deere Capital Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.57%), 4.54%, 3/3/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11086 | &nbsp;&nbsp;&nbsp;&nbsp; 11100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%), 4.74%, 6/8/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10761 | &nbsp;&nbsp;&nbsp;&nbsp; 10799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.40%), 4.35%, 1/5/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23720 | &nbsp;&nbsp;&nbsp;&nbsp; 23762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%), 4.53%, 4/19/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14532 | &nbsp;&nbsp;&nbsp;&nbsp; 14592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%), 4.57%, 6/11/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13966 | &nbsp;&nbsp;&nbsp;&nbsp; 14031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.68%), 4.63%, 7/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23650 | &nbsp;&nbsp;&nbsp;&nbsp; 23808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.50%), 4.45%, 3/6/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18400 | &nbsp;&nbsp;&nbsp;&nbsp; 18420 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp.  | &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp.  | &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.65%), 4.73%, 1/5/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20535 | &nbsp;&nbsp;&nbsp;&nbsp; 20542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.89%), 4.95%, 5/18/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 29808 | &nbsp;&nbsp;&nbsp;&nbsp; 29898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 4.83%, 8/7/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2862 | &nbsp;&nbsp;&nbsp;&nbsp; 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.47%), 4.54%, 1/8/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18330 | &nbsp;&nbsp;&nbsp;&nbsp; 18344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.65%), 4.73%, 3/19/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%), 4.77%, 5/14/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.50%), 4.50%, 8/25/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 4.81%, 9/5/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9190 | &nbsp;&nbsp;&nbsp;&nbsp; 9284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 781686 |
| **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |
| &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/1/2025 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 818 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 7.00%), 11.32%, 8/30/2031 ‡ (a) (c) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 15.00%, 8/30/2031 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 15.00%, 8/30/2031 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp; Rite Aid Corp., Escrow 8.00%, 10/18/2025 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp; Walmart, Inc. (SOFRINDX + 0.43%), 4.50%, 4/28/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 41400 | &nbsp;&nbsp;&nbsp;&nbsp; 41538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 41538 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co. 7.88%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp;&nbsp;&nbsp; 863 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4140 | &nbsp;&nbsp;&nbsp;&nbsp; 4105 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  | &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  | &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2865 | &nbsp;&nbsp;&nbsp;&nbsp; 2869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. (SOFRINDX + 0.79%), 4.87%, 3/20/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2567 | &nbsp;&nbsp;&nbsp;&nbsp; 2570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10342 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| &nbsp;&nbsp;&nbsp; Georgia Power Co. (SOFRINDX + 0.28%), 4.37%, 9/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 33293 | &nbsp;&nbsp;&nbsp;&nbsp; 33293 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.76%), 4.82%, 1/29/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 31500 | &nbsp;&nbsp;&nbsp;&nbsp; 31531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9190 | &nbsp;&nbsp;&nbsp;&nbsp; 9287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.80%), 4.86%, 2/4/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23011 | &nbsp;&nbsp;&nbsp;&nbsp; 23167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 97278 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3255 | &nbsp;&nbsp;&nbsp;&nbsp; 3287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3690 | &nbsp;&nbsp;&nbsp;&nbsp; 3684 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6971 |
| **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc. (SOFRINDX + 0.44%), 4.53%, 3/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9869 | &nbsp;&nbsp;&nbsp;&nbsp; 9891 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp.  | &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp.  | &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.40%), 4.45%, 12/3/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 36600 | &nbsp;&nbsp;&nbsp;&nbsp; 36600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.33%), 4.39%, 10/30/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18400 | &nbsp;&nbsp;&nbsp;&nbsp; 18398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.58%), 4.63%, 11/22/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 36240 | &nbsp;&nbsp;&nbsp;&nbsp; 36348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 4.86%, 2/5/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24035 | &nbsp;&nbsp;&nbsp;&nbsp; 24158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.82%), 4.90%, 9/16/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22800 | &nbsp;&nbsp;&nbsp;&nbsp; 22915 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. (SOFR + 0.67%), 4.76%, 3/6/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25917 | &nbsp;&nbsp;&nbsp;&nbsp; 25981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 174291 |
| **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC 5.75%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 759 | &nbsp;&nbsp;&nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The), Escrow 5.50%, 10/15/2024 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1753 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 850 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; HCA, Inc. (SOFR + 0.87%), 4.92%, 3/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15822 | &nbsp;&nbsp;&nbsp;&nbsp; 15908 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. 5.13%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6530 | &nbsp;&nbsp;&nbsp;&nbsp; 6530 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. (SOFR + 0.50%), 4.53%, 7/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 36855 | &nbsp;&nbsp;&nbsp;&nbsp; 36899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 59337 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc.  | &nbsp;&nbsp;&nbsp; IQVIA, Inc.  | &nbsp;&nbsp;&nbsp; IQVIA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3935 | &nbsp;&nbsp;&nbsp;&nbsp; 3930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4205 |
| **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP 4.75%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2825 | &nbsp;&nbsp;&nbsp;&nbsp; 2818 |
| **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| &nbsp;&nbsp;&nbsp; Siemens Funding BV (Germany) (SOFR + 0.64%), 4.69%, 5/26/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20040 | &nbsp;&nbsp;&nbsp;&nbsp; 20122 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I (SOFRINDX + 0.57%), 4.64%, 4/9/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13900 | &nbsp;&nbsp;&nbsp;&nbsp; 13916 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. (SOFR + 0.52%), 4.58%, 11/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18350 | &nbsp;&nbsp;&nbsp;&nbsp; 18451 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 903 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC (Germany) | &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC (Germany) | &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 4.92%, 9/25/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9560 | &nbsp;&nbsp;&nbsp;&nbsp; 9587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.84%), 4.87%, 1/13/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13750 | &nbsp;&nbsp;&nbsp;&nbsp; 13754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23341 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1595 | &nbsp;&nbsp;&nbsp;&nbsp; 589 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1820 | &nbsp;&nbsp;&nbsp;&nbsp; 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2296 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2601 | &nbsp;&nbsp;&nbsp;&nbsp; 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 741 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  | &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  | &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp;&nbsp; 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12278 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) | &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) | &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.75%), 4.83%, 10/1/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13850 | &nbsp;&nbsp;&nbsp;&nbsp; 13864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.06%), 5.14%, 4/4/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13390 | &nbsp;&nbsp;&nbsp;&nbsp; 13445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27309 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc. (SOFRINDX + 0.52%), 4.58%, 11/18/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24585 | &nbsp;&nbsp;&nbsp;&nbsp; 24635 |
| **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** |
| &nbsp;&nbsp;&nbsp; Chevron USA, Inc.  | &nbsp;&nbsp;&nbsp; Chevron USA, Inc.  | &nbsp;&nbsp;&nbsp; Chevron USA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.36%), 4.41%, 2/26/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27600 | &nbsp;&nbsp;&nbsp;&nbsp; 27652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.47%), 4.52%, 2/26/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19210 | &nbsp;&nbsp;&nbsp;&nbsp; 19245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.57%), 4.63%, 8/13/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22980 | &nbsp;&nbsp;&nbsp;&nbsp; 23081 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC 9.25%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp; 759 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., Escrow 5.50%, 9/15/2026 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 5690 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP 6.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp;&nbsp; 847 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp;&nbsp; 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 7/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp;&nbsp; 839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 74026 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; ESC SANCHEZ 8.88%, 3/15/2070 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2860 | &nbsp;&nbsp;&nbsp;&nbsp; 2957 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. (SOFR + 0.49%), 4.54%, 2/20/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12518 | &nbsp;&nbsp;&nbsp;&nbsp; 12527 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. (SOFR + 0.53%), 4.63%, 10/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 33817 | &nbsp;&nbsp;&nbsp;&nbsp; 34029 |
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital plc (United Kingdom) (SOFR + 0.50%), 4.59%, 3/12/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 36800 | &nbsp;&nbsp;&nbsp;&nbsp; 36931 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. (SOFR + 0.46%), 4.55%, 9/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 31684 | &nbsp;&nbsp;&nbsp;&nbsp; 31860 |
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp. (SOFR + 0.52%), 4.58%, 11/5/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15130 | &nbsp;&nbsp;&nbsp;&nbsp; 15252 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. (SOFR + 0.50%), 4.55%, 11/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6426 | &nbsp;&nbsp;&nbsp;&nbsp; 6442 |
| &nbsp;&nbsp;&nbsp; Roche Holdings, Inc. (SOFR + 0.74%), 4.80%, 11/13/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24806 | &nbsp;&nbsp;&nbsp;&nbsp; 24933 |
| &nbsp;&nbsp;&nbsp; Sanofi SA (SOFR + 0.46%), 4.52%, 11/3/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 169550 |
| **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. 5.88%, 10/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp; 468 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp. (SOFR + 0.76%), 4.82%, 8/3/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 44560 | &nbsp;&nbsp;&nbsp;&nbsp; 44674 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc. 5.50%, 9/30/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44964 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co. (SOFRINDX + 0.70%), 4.77%, 4/16/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 48082 | &nbsp;&nbsp;&nbsp;&nbsp; 48216 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Escrow Rite Aid 0.00%, 12/31/2049 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) (SOFR + 0.33%), 4.29%, 12/24/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23008 | &nbsp;&nbsp;&nbsp;&nbsp; 23011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23011 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. (SOFR + 0.96%), 5.05%, 9/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18340 | &nbsp;&nbsp;&nbsp;&nbsp; 18403 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. (SOFR + 0.83%), 4.89%, 4/28/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10065 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc. 5.50%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $3,820,694)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 3829426 |
| **Mortgage-Backed Securities — 7.7%** | **Mortgage-Backed Securities — 7.7%** | **Mortgage-Backed Securities — 7.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA / FHLMC UMBS, Single Family, 30 Year TBA, 6.00%, 12/25/2055 (j) <br>(Cost $752,531)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 736000 | &nbsp;&nbsp;&nbsp;&nbsp; 753553 |
| **Collateralized Mortgage Obligations — 4.7%** | **Collateralized Mortgage Obligations — 4.7%** | **Collateralized Mortgage Obligations — 4.7%** |
| &nbsp;&nbsp;&nbsp; Adjustable Rate Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5, Class 5A1, 5.69%, 9/25/2035 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-10, Class 1A21, 5.55%, 1/25/2036 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5CB, Class 2A1, 5.00%, 5/25/2019 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J11, Class 5A1, 5.50%, 11/25/2020 | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J3, Class 2A1, 4.75%, 12/25/2020 | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J6, Class 2A1, 5.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A23, 6.00%, 8/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A17, 6.00%, 10/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 2A17, 6.00%, 1/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5CB, Class 1A31, 5.50%, 4/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp; American Home Mortgage Assets Trust Series 2006-2, Class 2A1, 4.45%, 9/25/2046 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.47%, 12/25/2059 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp; 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class B1, 3.76%, 12/25/2059 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2907 | &nbsp;&nbsp;&nbsp;&nbsp; 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.69%, 4/25/2065 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 6994 | &nbsp;&nbsp;&nbsp;&nbsp; 6692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 3.35%, 1/25/2067 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 6538 | &nbsp;&nbsp;&nbsp;&nbsp; 6291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 4.00%, 1/25/2067 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8743 | &nbsp;&nbsp;&nbsp;&nbsp; 8601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 5.21%, 8/25/2068 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 5794 | &nbsp;&nbsp;&nbsp;&nbsp; 5797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11, Class A3, 6.06%, 8/25/2069 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 1853 | &nbsp;&nbsp;&nbsp;&nbsp; 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9, Class A1, 5.14%, 9/25/2069 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 7617 | &nbsp;&nbsp;&nbsp;&nbsp; 7615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10, Class A1, 5.35%, 10/25/2069 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 1755 | &nbsp;&nbsp;&nbsp;&nbsp; 1761 |
| &nbsp;&nbsp;&nbsp; AOMT Series 2024-6, Class A1, 4.65%, 11/25/2067 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 4310 | &nbsp;&nbsp;&nbsp;&nbsp; 4285 |
| &nbsp;&nbsp;&nbsp; Banc of America Alternative Loan Trust Series 2006-4, Class 2A1, 6.00%, 3/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp; Banc of America Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1, Class 2A1, 5.50%, 1/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-D, Class 5A2, 5.26%, 5/20/2036 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust Series 2007-3, Class 1A1, 6.00%, 9/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust Series 2021-NQM1, Class A1, 1.75%, 9/25/2051 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3612 | &nbsp;&nbsp;&nbsp;&nbsp; 3265 |
| &nbsp;&nbsp;&nbsp; Bear Stearns ARM Trust Series 2005-12, Class 22A1, 6.33%, 2/25/2036 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Bravo Residential Funding Trust Series 2025-NQM3, Class A1, 5.57%, 3/25/2065 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 8617 | &nbsp;&nbsp;&nbsp;&nbsp; 8678 |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM1, Class A1, 5.76%, 1/25/2063 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 5869 | &nbsp;&nbsp;&nbsp;&nbsp; 5854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM1, Class A2, 6.35%, 1/25/2063 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 1546 | &nbsp;&nbsp;&nbsp;&nbsp; 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM5, Class A1, 6.50%, 6/25/2063 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 10804 | &nbsp;&nbsp;&nbsp;&nbsp; 10865 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust Series 2005-S1, Class 1A15, 6.00%, 5/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-21, Class A2, 5.50%, 10/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-15, Class A1, 6.25%, 10/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20, Class 1A36, 5.75%, 2/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5, Class A6, 4.42%, 5/25/2037 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust Series 2014-10, Class 4A1, 4.27%, 2/25/2037 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust Series 2023-3, Class A1, 7.18%, 9/25/2068 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 6110 | &nbsp;&nbsp;&nbsp;&nbsp; 6180 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R07, Class 1B1, 7.59%, 10/25/2039 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 10927 | &nbsp;&nbsp;&nbsp;&nbsp; 11105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 5.62%, 10/25/2041 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 7323 | &nbsp;&nbsp;&nbsp;&nbsp; 7334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1, 5.07%, 12/25/2041 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2147 | &nbsp;&nbsp;&nbsp;&nbsp; 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M2, 5.72%, 12/25/2041 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 12412 | &nbsp;&nbsp;&nbsp;&nbsp; 12463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1, 5.27%, 1/25/2042 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M2, 7.07%, 1/25/2042 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 10400 | &nbsp;&nbsp;&nbsp;&nbsp; 10597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 7.17%, 3/25/2042 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 12435 | &nbsp;&nbsp;&nbsp;&nbsp; 12751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M1, 5.97%, 4/25/2042 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp;&nbsp; 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 6.47%, 12/25/2042 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 6830 | &nbsp;&nbsp;&nbsp;&nbsp; 6975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 6.37%, 1/25/2043 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 8068 | &nbsp;&nbsp;&nbsp;&nbsp; 8228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M1, 6.37%, 5/25/2043 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 7084 | &nbsp;&nbsp;&nbsp;&nbsp; 7222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 5.57%, 10/25/2043 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3728 | &nbsp;&nbsp;&nbsp;&nbsp; 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class 1M1, 5.12%, 1/25/2044 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1, 5.17%, 2/25/2044 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 5628 | &nbsp;&nbsp;&nbsp;&nbsp; 5635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R04, Class 1M1, 5.17%, 5/25/2044 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 5204 | &nbsp;&nbsp;&nbsp;&nbsp; 5202 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M1, 5.07%, 7/25/2044 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 5577 | &nbsp;&nbsp;&nbsp;&nbsp; 5573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1M1, 5.12%, 9/25/2044 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1222 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp; Credit Suisse First Boston Mortgage Securities Corp. (Switzerland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7, Class 3A1, 5.00%, 8/25/2020 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5, Class 4A1, 6.00%, 9/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust Series 2021-3, Class A1, 1.19%, 8/25/2066 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 11016 | &nbsp;&nbsp;&nbsp;&nbsp; 9762 |
| &nbsp;&nbsp;&nbsp; Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-AR2, Class A1, 4.37%, 3/25/2037 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1, Class 2A1, 3.41%, 2/25/2020 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1, Class 1A1, 4.57%, 2/25/2035 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; EFMT Series 2025-NQM1, Class A1, 5.67%, 1/25/2070 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 7064 | &nbsp;&nbsp;&nbsp;&nbsp; 7112 |
| &nbsp;&nbsp;&nbsp; FHLMC STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2, 5.72%, 1/25/2034 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2, 5.57%, 10/25/2041 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 16450 | &nbsp;&nbsp;&nbsp;&nbsp; 16513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1A, 5.37%, 2/25/2042 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4431 | &nbsp;&nbsp;&nbsp;&nbsp; 4432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1B, 6.47%, 2/25/2042 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3510 | &nbsp;&nbsp;&nbsp;&nbsp; 3569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1A, 6.17%, 3/25/2042 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3463 | &nbsp;&nbsp;&nbsp;&nbsp; 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, 6.97%, 4/25/2042 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 16894 | &nbsp;&nbsp;&nbsp;&nbsp; 17341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1A, 6.14%, 3/25/2043 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1533 | &nbsp;&nbsp;&nbsp;&nbsp; 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1A, 6.07%, 5/25/2043 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2099 | &nbsp;&nbsp;&nbsp;&nbsp; 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M1, 5.42%, 2/25/2044 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2268 | &nbsp;&nbsp;&nbsp;&nbsp; 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M1, 5.32%, 3/25/2044 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 8301 | &nbsp;&nbsp;&nbsp;&nbsp; 8301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA2, Class M1, 5.27%, 5/25/2044 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 13790 | &nbsp;&nbsp;&nbsp;&nbsp; 13824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA1, Class M1, 5.12%, 1/25/2045 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 8736 | &nbsp;&nbsp;&nbsp;&nbsp; 8743 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC Series 2021-47, Class QI, IO, 2.50%, 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 34517 | &nbsp;&nbsp;&nbsp;&nbsp; 4106 |
| &nbsp;&nbsp;&nbsp; GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM3, Class A1, 3.69%, 11/25/2059 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1821 | &nbsp;&nbsp;&nbsp;&nbsp; 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, 3.25%, 1/25/2060 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 1577 | &nbsp;&nbsp;&nbsp;&nbsp; 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.37%, 11/25/2069 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 4648 | &nbsp;&nbsp;&nbsp;&nbsp; 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1, 4.98%, 8/25/2070 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 14587 | &nbsp;&nbsp;&nbsp;&nbsp; 14578 |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust Series 2006-3F, Class 2A7, 5.75%, 3/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust Series 2007-1, Class 2A1A, 4.33%, 3/19/2037 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Homeward Opportunities Fund Trust Series 2022-1, Class A1, 5.08%, 7/25/2067 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 2780 | &nbsp;&nbsp;&nbsp;&nbsp; 2773 |
| &nbsp;&nbsp;&nbsp; Impac CMB Trust Series 2004-6, Class 1A2, 4.85%, 10/25/2034 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Seasoned Mortgage Trust Series 2014-1, Class A2, 4.57%, 5/25/2033 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp;&nbsp; 1837 |
| &nbsp;&nbsp;&nbsp; Lehman Mortgage Trust Series 2006-4, Class 3A1, 5.00%, 8/25/2021 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; MASTR Alternative Loan Trust Series 2005-5, Class 3A1, 5.75%, 8/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; MFA Trust Series 2023-INV2, Class A1, 6.77%, 10/25/2058 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 3866 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 |
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Loan Trust Series 2023-NQM1, Class A1, 6.05%, 10/25/2067 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 6591 | &nbsp;&nbsp;&nbsp;&nbsp; 6587 |
| &nbsp;&nbsp;&nbsp; NACC Reperforming Loan REMIC Trust Series 2004-R1, Class A1, 6.50%, 3/25/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 662 | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2018-RPL1, Class A1, 3.50%, 12/25/2057 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 7729 | &nbsp;&nbsp;&nbsp;&nbsp; 7548 |
| &nbsp;&nbsp;&nbsp; Nomura Resecuritization Trust Series 2015-2R, Class 4A1, 4.21%, 12/26/2036 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp; NYMT Loan Trust Series 2024-INV1, Class A1, 5.38%, 6/25/2069 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4458 | &nbsp;&nbsp;&nbsp;&nbsp; 4477 |
| &nbsp;&nbsp;&nbsp; OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM7, Class A1, 5.11%, 8/25/2062 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 6263 | &nbsp;&nbsp;&nbsp;&nbsp; 6254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A1, 5.95%, 2/25/2063 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 7240 | &nbsp;&nbsp;&nbsp;&nbsp; 7242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM5, Class A1A, 6.57%, 6/25/2063 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 3198 | &nbsp;&nbsp;&nbsp;&nbsp; 3216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM10, Class A1, 6.46%, 10/25/2063 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 1437 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM11, Class A3, 6.23%, 6/25/2064 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 7058 | &nbsp;&nbsp;&nbsp;&nbsp; 7131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM12, Class A1, 5.47%, 7/25/2064 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 5531 | &nbsp;&nbsp;&nbsp;&nbsp; 5558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1F, 5.27%, 7/25/2065 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4680 | &nbsp;&nbsp;&nbsp;&nbsp; 4686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM15, Class A1F, 5.22%, 7/27/2065 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 5754 | &nbsp;&nbsp;&nbsp;&nbsp; 5756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM16, Class A1F, 5.22%, 8/25/2065 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3510 | &nbsp;&nbsp;&nbsp;&nbsp; 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM18, Class A1, 5.06%, 9/25/2065 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3168 | &nbsp;&nbsp;&nbsp;&nbsp; 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 1.07%, 2/25/2066 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 8043 | &nbsp;&nbsp;&nbsp;&nbsp; 7086 |
| &nbsp;&nbsp;&nbsp; PRPM Trust Series 2024-NQM1, Class A1, 6.27%, 12/25/2068 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2072 |
| &nbsp;&nbsp;&nbsp; RALI Trust Series 2006-QS18, Class 3A3, 5.75%, 12/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Residential Asset Securitization Trust Series 2006-R1, Class A2, 4.47%, 1/25/2046 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; RFMSI Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S10, Class 1A1, 6.00%, 10/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SA4, Class 2A1, 5.43%, 11/25/2036 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp; SG Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 5.35%, 8/25/2062 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 14314 | &nbsp;&nbsp;&nbsp;&nbsp; 14310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A2, 5.35%, 8/25/2062 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4210 | &nbsp;&nbsp;&nbsp;&nbsp; 4204 |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV1, Class A3, 2.92%, 9/27/2049 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, 3.17%, 2/25/2067 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3454 | &nbsp;&nbsp;&nbsp;&nbsp; 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A1, 5.19%, 5/25/2067 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 9606 | &nbsp;&nbsp;&nbsp;&nbsp; 9585 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2019-HY2, Class A1, 5.07%, 5/25/2058 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3107 | &nbsp;&nbsp;&nbsp;&nbsp; 3168 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.63%, 10/25/2066 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 7632 | &nbsp;&nbsp;&nbsp;&nbsp; 6763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-INV1, Class A1, 6.00%, 2/25/2068 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 3135 | &nbsp;&nbsp;&nbsp;&nbsp; 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.10%, 9/25/2069 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 7453 | &nbsp;&nbsp;&nbsp;&nbsp; 7457 |
| &nbsp;&nbsp;&nbsp; Visio Trust Series 2022-1, Class A1, 5.76%, 8/25/2057 (a) (l) | &nbsp;&nbsp;&nbsp;&nbsp; 1134 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 |
| &nbsp;&nbsp;&nbsp; Vista Point Securitization Trust Series 2020-2, Class A1, 1.47%, 4/25/2065 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp;&nbsp; 1725 |
| &nbsp;&nbsp;&nbsp; Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-8, Class 1A8, 5.50%, 10/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $451,420)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 454360 |
| **Convertible Bonds — 3.3%** | **Convertible Bonds — 3.3%** | **Convertible Bonds — 3.3%** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) Series MTX, 0.05%, 3/18/2027 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 3585 |
| **Air Freight & Logistics — 0.0% ^** | **Air Freight & Logistics — 0.0% ^** | **Air Freight & Logistics — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; ZTO Express Cayman, Inc. (China) 1.50%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 | &nbsp;&nbsp;&nbsp;&nbsp; 1342 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. Zero Coupon, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9331 | &nbsp;&nbsp;&nbsp;&nbsp; 9830 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan) 1.00%, 7/15/2031 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 4079 |
| &nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. 3.25%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15153 |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| &nbsp;&nbsp;&nbsp; Barclays Bank plc (United Kingdom) Series MSFT, 1.00%, 2/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11518 | &nbsp;&nbsp;&nbsp;&nbsp; 12686 |
| &nbsp;&nbsp;&nbsp; BofA Finance LLC 0.60%, 5/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7885 | &nbsp;&nbsp;&nbsp;&nbsp; 8492 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Finance LLC Series 0001, Zero Coupon, 3/21/2028 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24970 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Convertible Bonds — continued** | **Convertible Bonds — continued** | **Convertible Bonds — continued** |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. 1.25%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6774 | &nbsp;&nbsp;&nbsp;&nbsp; 6470 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp. 0.38%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4466 | &nbsp;&nbsp;&nbsp;&nbsp; 4574 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. 0.25%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7239 | &nbsp;&nbsp;&nbsp;&nbsp; 7994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19038 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; JD.com, Inc. (China) 0.25%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 793 | &nbsp;&nbsp;&nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp; Match Group Financeco 3, Inc. 2.00%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9042 | &nbsp;&nbsp;&nbsp;&nbsp; 8056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8864 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cara Obligations SAS (France) 1.50%, 12/1/2030 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 2502 |
| &nbsp;&nbsp;&nbsp; Orpar SA (France) 2.00%, 2/7/2031 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4700 | &nbsp;&nbsp;&nbsp;&nbsp; 5184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7686 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Kansai Paint Co. Ltd. (Japan) Zero Coupon, 3/8/2029 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 5473 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc. 0.50%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4103 | &nbsp;&nbsp;&nbsp;&nbsp; 10243 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp; Vinci SA (France) 0.70%, 2/18/2030 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 5102 |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Cellnex Telecom SA (Spain) 0.50%, 7/5/2028 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp; 4597 |
| **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Legrand SA (France) 1.50%, 6/23/2033 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp;&nbsp; 7890 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE Series SUFP, 1.63%, 6/28/2031 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 10029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17919 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ibiden Co. Ltd. (Japan) Zero Coupon, 3/14/2031 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1826 |
| &nbsp;&nbsp;&nbsp; Itron, Inc. Zero Coupon, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2965 | &nbsp;&nbsp;&nbsp;&nbsp; 2948 |
| &nbsp;&nbsp;&nbsp; Taiyo Yuden Co. Ltd. (Japan) Zero Coupon, 10/18/2030 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 5014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9788 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. 2.88%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7792 | &nbsp;&nbsp;&nbsp;&nbsp; 7870 |
| **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. 0.75%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4459 | &nbsp;&nbsp;&nbsp;&nbsp; 4774 |
| &nbsp;&nbsp;&nbsp; Block, Inc. Zero Coupon, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5295 | &nbsp;&nbsp;&nbsp;&nbsp; 5163 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Funding Luxembourg SCA Zero Coupon, 3/15/2028 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 5700 | &nbsp;&nbsp;&nbsp;&nbsp; 6987 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 4/9/2029 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 2/5/2030 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 10122 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. 1.50%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1645 | &nbsp;&nbsp;&nbsp;&nbsp; 1472 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. 0.50%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1278 | &nbsp;&nbsp;&nbsp;&nbsp; 1257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34432 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. 0.38%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8714 | &nbsp;&nbsp;&nbsp;&nbsp; 7947 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Convertible Bonds — continued** | **Convertible Bonds — continued** | **Convertible Bonds — continued** |
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Envista Holdings Corp. 1.75%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4201 | &nbsp;&nbsp;&nbsp;&nbsp; 3996 |
| &nbsp;&nbsp;&nbsp; Integer Holdings Corp. 2.13%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2309 | &nbsp;&nbsp;&nbsp;&nbsp; 2478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14421 |
| **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) 0.00%, 3/11/2028 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2992 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. Zero Coupon, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7571 | &nbsp;&nbsp;&nbsp;&nbsp; 7446 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. Zero Coupon, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6201 | &nbsp;&nbsp;&nbsp;&nbsp; 6112 |
| &nbsp;&nbsp;&nbsp; DraftKings Holdings, Inc. Zero Coupon, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5066 | &nbsp;&nbsp;&nbsp;&nbsp; 4559 |
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd. (Macau) 4.50%, 3/7/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2305 | &nbsp;&nbsp;&nbsp;&nbsp; 2410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20527 |
| **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. 1.75%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 | &nbsp;&nbsp;&nbsp;&nbsp; 1563 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty LP 4.13%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4984 | &nbsp;&nbsp;&nbsp;&nbsp; 5029 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Snap, Inc.  | &nbsp;&nbsp;&nbsp; Snap, Inc.  | &nbsp;&nbsp;&nbsp; Snap, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3508 | &nbsp;&nbsp;&nbsp;&nbsp; 3385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2659 | &nbsp;&nbsp;&nbsp;&nbsp; 2317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5702 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. 1.13%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5594 | &nbsp;&nbsp;&nbsp;&nbsp; 5582 |
| &nbsp;&nbsp;&nbsp; Wix.com Ltd. (Israel) Zero Coupon, 9/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5866 | &nbsp;&nbsp;&nbsp;&nbsp; 5015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10597 |
| **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; QIAGEN NV 2.50%, 9/10/2031 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3169 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. (Japan) Series 2028, Zero Coupon, 9/14/2028 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1311 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. 3.88% (PIK), 11/30/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp;&nbsp; 559 |
| **Metals & Mining — 0.0% ^** | **Metals & Mining — 0.0% ^** | **Metals & Mining — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) Zero Coupon, 9/28/2028 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 4801 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp; Eni SpA (Italy) 2.95%, 9/14/2030 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 8044 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; ANA Holdings, Inc. (Japan) Zero Coupon, 12/10/2031 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2855 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Jazz Investments I Ltd. 2.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2595 | &nbsp;&nbsp;&nbsp;&nbsp; 3070 |
| **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) 0.40%, 6/30/2028 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 756 |
| **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Federal Realty OP LP 3.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1560 | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Convertible Bonds — continued** | **Convertible Bonds — continued** | **Convertible Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. 0.75%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8573 | &nbsp;&nbsp;&nbsp;&nbsp; 8251 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. 1.25%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1647 | &nbsp;&nbsp;&nbsp;&nbsp; 2073 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. 0.50%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9143 | &nbsp;&nbsp;&nbsp;&nbsp; 8487 |
| &nbsp;&nbsp;&nbsp; Rohm Co. Ltd. (Japan) Zero Coupon, 4/24/2029 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3949 |
| &nbsp;&nbsp;&nbsp; STMicroelectronics NV (Singapore) Series B, Zero Coupon, 8/4/2027 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp;&nbsp; 5155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27915 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| &nbsp;&nbsp;&nbsp; BILL Holdings, Inc. Zero Coupon, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4141 | &nbsp;&nbsp;&nbsp;&nbsp; 3747 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. Zero Coupon, 12/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6987 | &nbsp;&nbsp;&nbsp;&nbsp; 7393 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc.  | &nbsp;&nbsp;&nbsp; Dropbox, Inc.  | &nbsp;&nbsp;&nbsp; Dropbox, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2842 | &nbsp;&nbsp;&nbsp;&nbsp; 2804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3241 | &nbsp;&nbsp;&nbsp;&nbsp; 3346 |
| &nbsp;&nbsp;&nbsp; Unity Software, Inc. Zero Coupon, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3768 | &nbsp;&nbsp;&nbsp;&nbsp; 3606 |
| &nbsp;&nbsp;&nbsp; Workiva, Inc. 1.25%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1338 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc. Zero Coupon, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1634 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23795 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Anllian Capital 2 Ltd. (China) Zero Coupon, 12/5/2029 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 8846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds <br>(Cost $305,288)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 323583 |
| **Loan Assignments — 0.5% (m)** | **Loan Assignments — 0.5% (m)** | **Loan Assignments — 0.5% (m)** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.50%), 8.34%, 1/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., 1st Lien Term Loan J (3-MONTH CME TERM SOFR + 2.50%), 6.50%, 2/28/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 658 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.17%, 1/31/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
| &nbsp;&nbsp;&nbsp; DexKo Global, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 7.78%, 10/4/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp;&nbsp; 980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1549 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.25%, 3/31/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 6.00%), 9.84%, 10/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC, 2nd Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 8.82%, 10/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.17%, 3/19/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 809 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ecovyst Catalyst Technologies LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.00%), 5.84%, 6/12/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp;&nbsp; 1470 |
| &nbsp;&nbsp;&nbsp; INEOS US Finance LLC, 1st Lien Term Loan (Luxembourg) (1-MONTH CME TERM SOFR + 3.25%), 7.17%, 2/18/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp;&nbsp; 1504 |
| &nbsp;&nbsp;&nbsp; Venator Materials LLC, 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 2.00%), 13.89%, 1/16/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 8.00% (PIK) + 2.00%), 5.90%, 10/12/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venator Materials LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 8.00% (PIK) + 2.00%), 6.00%, 7/16/2026 (b) <br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3983 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; APi Group DE, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 1.75%), 5.67%, 1/3/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; Conservice Midco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.72%, 5/13/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp; Enviri Corp., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 6.33%, 6/9/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., 1st Lien Term Loan (Canada) (1-MONTH CME TERM SOFR + 3.00%), 6.95%, 2/1/2029 (c) (n) | &nbsp;&nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp; Guardian US Holdco LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.50%), 7.50%, 1/31/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, 1st Lien Term Loan (6-MONTH CME TERM SOFR + 2.50%), 6.70%, 6/21/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2644 | &nbsp;&nbsp;&nbsp;&nbsp; 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC, 1st Lien Term Loan B-1 (6-MONTH CME TERM SOFR + 2.00%), 6.13%, <br> 10/15/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp; 434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5073 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Pike Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.03%, 1/21/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 806 | &nbsp;&nbsp;&nbsp;&nbsp; 808 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien PIK Term Loan (3-MONTH CME TERM SOFR + 9.35% (PIK) + 2.00%), 2.00%, 6/30/2026 ‡ (b) <br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp;&nbsp; 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Super Senior Delayed Draw Term Loan (3-MONTH CME TERM SOFR + 15.83% (PIK) + 11.50%), <br> 15.44%, 6/30/2026 ‡ (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 12.81% (PIK) + 8.50%), 12.34%, 1/2/2029 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 731 | &nbsp;&nbsp;&nbsp;&nbsp; 694 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Term Loan A (3-MONTH CME TERM SOFR + 6.81% (PIK) + 2.50%), 6.34%, 1/2/2029 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moran Foods LLC, 2nd Lien PIK Term Loan (3-MONTH CME TERM SOFR + 9.35% (PIK) + 2.00%), 2.00%, 6/30/2026 ‡ (b) <br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4088 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Utz Quality Foods LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 6.50%, 1/29/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2481 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.42%, 8/4/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 984 | &nbsp;&nbsp;&nbsp;&nbsp; 986 |
| &nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., 1st Lien Term Loan B-7 (3-MONTH CME TERM SOFR + 3.75%), 7.75%, 9/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1549 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. George's University Scholastic Services LLC, 1st Lien Term Loan (Canada) (1-MONTH CME TERM SOFR + 2.75%), 6.67%, <br> 2/12/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 719 | &nbsp;&nbsp;&nbsp;&nbsp; 704 |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, 1st Lien Term Loan (Luxembourg) (3-MONTH CME TERM SOFR + 5.00%), 8.90%, 10/29/2027 (c) (n) | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; Altice France SA, 1st Lien Term Loan B-14 (France) (3-MONTH CME TERM SOFR + 6.88%), 10.86%, 5/30/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 2.35%), 6.38%, 4/16/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 742 | &nbsp;&nbsp;&nbsp;&nbsp; 737 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.35%), 6.38%, 4/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp;&nbsp; 319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1400 |
| **Electric Utilities — 0.0% ^** | **Electric Utilities — 0.0% ^** | **Electric Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Constellation Renewables LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.00%), 5.82%, 12/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 788 | &nbsp;&nbsp;&nbsp;&nbsp; 790 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., 1st Lien Term Loan B-4 (1-MONTH CME TERM SOFR + 1.75%), 5.73%, 8/12/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp; 1149 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Finance US, Inc., 1st Lien Term Loan (United Kingdom) (1-MONTH CME TERM SOFR + 4.50%), 8.48%, <br> 12/2/2031 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp;&nbsp; 994 |
| &nbsp;&nbsp;&nbsp; WMG Acquisition Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 1.75%), 5.57%, 1/24/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1178 | &nbsp;&nbsp;&nbsp;&nbsp; 1177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2171 |
| **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 6.42%, 8/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 636 | &nbsp;&nbsp;&nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 2.50%), 6.42%, 8/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The), 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 7.53%, 6/30/2028 (c) (n) | &nbsp;&nbsp;&nbsp;&nbsp; 1054 | &nbsp;&nbsp;&nbsp;&nbsp; 871 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The), 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.50%), 7.53%, 6/30/2028 (c) (n) | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1875 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.25%), 8.17%, 1/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp;&nbsp; 719 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.00%), 5.96%, 10/23/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1087 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; ICON Luxembourg SARL, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.00%), 6.00%, 7/3/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp; MED ParentCo LP, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 7.17%, 4/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp; Phoenix Newco, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.17%, 11/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp;&nbsp; 974 |
| &nbsp;&nbsp;&nbsp; PRA Health Sciences, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.00%), 6.00%, 7/3/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; US Renal Care, Inc., 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 5.00%), 9.03%, 6/28/2028 (c) (n) | &nbsp;&nbsp;&nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp;&nbsp; 1047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2570 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Whatabrands LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 6.42%, 8/3/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 914 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
| **Insurance — 0.0% ^** | **Insurance — 0.0% ^** | **Insurance — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Asurion LLC, 1st Lien Term Loan B-11 (1-MONTH CME TERM SOFR + 4.25%), 8.27%, 8/21/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 611 | &nbsp;&nbsp;&nbsp;&nbsp; 609 |
| &nbsp;&nbsp;&nbsp; Asurion LLC, 1st Lien Term Loan B-9 (1-MONTH CME TERM SOFR + 3.25%), 7.28%, 7/30/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp; Asurion LLC, 2nd Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 5.25%), 9.28%, 1/31/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.12%, 6/20/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp; USI, Inc., 1st Lien Term Loan D (3-MONTH CME TERM SOFR + 2.25%), 6.25%, 11/21/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp;&nbsp; 412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2413 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.27%, 12/6/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp; Indy US Holdco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.47%, 10/31/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp; Virtusa Corp., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 3.25%), 7.17%, 2/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 828 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; FGI Operating Co. LLC, 1st Lien Term Loan, 0.00%, 12/31/2025 ‡ (h) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2243 | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, 1st Lien Term Loan B-1 (Germany) (6-MONTH CME TERM SOFR + 3.00%), 7.20%, 4/30/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 8.03%, 8/23/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 9.10%, 8/2/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp; EW Scripps Co. (The), 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 3.35%), 7.42%, 11/30/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.78%), 9.81%, 5/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1683 | &nbsp;&nbsp;&nbsp;&nbsp; 1497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2248 |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP, 1st Lien Term Loan B-7 (1-MONTH CME TERM SOFR + 1.75%), 5.67%, 11/22/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp; Whitewater Whistler Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 1.75%), 5.81%, 2/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 557 | &nbsp;&nbsp;&nbsp;&nbsp; 555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Conair Holdings LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 7.78%, 5/17/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 588 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knowlton Development Corp., Inc., 1st Lien Term Loan (Canada) (1-MONTH CME TERM SOFR + 3.50%), 7.42%, <br> 8/15/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; 330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 619 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Jazz Financing Lux SARL, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.17%, 5/5/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Ensemble RCM LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 6.84%, 8/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp; WEC US Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.00%), 5.98%, 1/27/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1512 | &nbsp;&nbsp;&nbsp;&nbsp; 1514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2539 |
| **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 2nd Lien Term Loan (12-MONTH CME TERM SOFR + 5.60%), 9.28%, 2/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.67%, 2/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp; DCert Buyer, Inc., 2nd Lien Term Loan (1-MONTH CME TERM SOFR + 7.00%), 10.92%, 2/16/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; Project Boost Purchaser LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.67%, 7/16/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp;&nbsp; 745 |
| &nbsp;&nbsp;&nbsp; Proofpoint, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 6.92%, 8/31/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp; RealPage, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 7.26%, 4/24/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp; Skopima Consilio Parent LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 7.67%, 5/12/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp; 849 |
| &nbsp;&nbsp;&nbsp; Thoughtworks, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 6.53%, 3/24/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; UKG, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.34%, 2/10/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1164 | &nbsp;&nbsp;&nbsp;&nbsp; 1163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4212 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; AWS Claire's LLC, 1st Lien Term Loan, 10.00%, 9/18/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.51%, 3/3/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1378 | &nbsp;&nbsp;&nbsp;&nbsp; 1354 |
| &nbsp;&nbsp;&nbsp; Serta Simmons Bedding LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 7.50%), 11.62%, 6/29/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; Staples, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 5.75%), 9.60%, 8/23/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1141 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| &nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%), 7.21%, 10/19/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 647 | &nbsp;&nbsp;&nbsp;&nbsp; 648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments <br>(Cost $57,759)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 49392 |
| **Asset-Backed Securities — 0.3%** | **Asset-Backed Securities — 0.3%** | **Asset-Backed Securities — 0.3%** |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities Trust Series 2004-SD1, Class M2, 5.82%, 12/25/2042 (l) | &nbsp;&nbsp;&nbsp;&nbsp; 783 | &nbsp;&nbsp;&nbsp;&nbsp; 711 |
| &nbsp;&nbsp;&nbsp; Carrington Mortgage Loan Trust Series 2006-NC1, Class M2, 4.70%, 1/25/2036 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 18441 | &nbsp;&nbsp;&nbsp;&nbsp; 16706 |
| &nbsp;&nbsp;&nbsp; Fremont Home Loan Trust Series 2006-1, Class 1A1, 4.38%, 4/25/2036 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; GSAMP Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FM3, Class A1, 4.35%, 11/25/2036 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1, Class A2C, 4.37%, 3/25/2047 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 8032 | &nbsp;&nbsp;&nbsp;&nbsp; 7597 |
| &nbsp;&nbsp;&nbsp; Home Equity Mortgage Loan Asset-Backed Trust Series 2004-B, Class M2, 4.94%, 11/25/2034 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp; New Century Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-5, Class AI7, 4.85%, 11/25/2033 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1, Class M6, 5.27%, 3/25/2035 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3955 | &nbsp;&nbsp;&nbsp;&nbsp; 3907 |
| &nbsp;&nbsp;&nbsp; Option One Mortgage Loan Trust Series 2004-3, Class M2, 4.92%, 11/25/2034 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
| &nbsp;&nbsp;&nbsp; RAMP Trust Series 2005-EFC6, Class M4, 4.95%, 11/25/2035 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2540 | &nbsp;&nbsp;&nbsp;&nbsp; 2484 |
| &nbsp;&nbsp;&nbsp; Saxon Asset Securities Trust Series 2002-3, Class AF6, 5.41%, 5/25/2031 (l) | &nbsp;&nbsp;&nbsp;&nbsp; 472 | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp; Securitized Asset-Backed Receivables LLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NC3, Class A1, 4.35%, 9/25/2036 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-WM2, Class A2A, 4.39%, 9/25/2036 (k) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Terwin Mortgage Trust Series 2006-3, Class 2A2, 4.49%, 4/25/2037 (a) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $32,270)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 33094 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Incora Top Holdco LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Moran Foods Backstop Equity ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 21191575 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; MYT Holding LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 1412 | &nbsp;&nbsp;&nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp; NMG Parent LLC, Escrow ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 960 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Venator Materials plc ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Remington LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 10426 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Incora Intermediate LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; New Evhc Physical Equity \* | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 546 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; International Oncology Care, Inc. ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; 2438 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; SSB Equipment Co., Inc. ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp; SES SA (Luxembourg) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 2024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2301 |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 461 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Mallinckrodt \* | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 489 |
| &nbsp;&nbsp;&nbsp; Mallinckrodt plc ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 218251 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 489 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Neiman Marcus ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp; Rite Aid ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp; Serta Simmons Bedding LLC \* | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $3,326)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 8280 |
|  | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Commercial Mortgage-Backed Securities — 0.0% ^** | **Commercial Mortgage-Backed Securities — 0.0% ^** | **Commercial Mortgage-Backed Securities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvest Commercial Capital Loan Trust Series 2019-1, Class M4, 4.64%, 9/25/2046 (a) (k) <br>(Cost $3,553)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3555 | &nbsp;&nbsp;&nbsp;&nbsp; 3486 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ <br>(Cost $2,134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2224 | &nbsp;&nbsp;&nbsp;&nbsp; 2724 |
|  | &nbsp;&nbsp;&nbsp; **NO. OF** <br> **WARRANTS** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. expiring 2/9/2026, price 29.99 USD (United States) \* <br>(Cost $— (i))<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments — 52.3%** | **Short-Term Investments — 52.3%** | **Short-Term Investments — 52.3%** |
| **Investment Companies — 51.5%** | **Investment Companies — 51.5%** | **Investment Companies — 51.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, 4.06% (o) (p) <br>(Cost $5,037,164)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5036008 | &nbsp;&nbsp;&nbsp;&nbsp; 5038022 |
|  | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Repurchase Agreements — 0.7%** | **Repurchase Agreements — 0.7%** | **Repurchase Agreements — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc., 4.47%, dated 11/28/2025, due 3/20/2026, repurchase price $65,904, collateralized by <br> Asset-Backed Securities, 0.00% - 9.77%, due 7/20/2027 - 7/15/2055, Collateralized Mortgage Obligations, 0.00% - <br> 2.57%, due 5/25/2035 - 9/25/2063, Corporate Notes & Bonds, 0.00%, due 11/24/2028 - 8/1/2034 and FNMA, <br> 4.75% - 9.44%, due 6/27/2039 - 3/25/2058, with the value of $71,314. <br>(Cost $65,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 3.79%, 1/22/2026 (q) (r) <br>(Cost $6,301)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6335 | &nbsp;&nbsp;&nbsp;&nbsp; 6300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $5,108,465)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 5109322 |
| **Total Investments — 108.1%** <br>**(Cost $10,537,440)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **10567220** |
| **Liabilities in Excess of Other Assets — (8.1)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(788879)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **9778341** |

---

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

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CME | Chicago Mercantile Exchange |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| 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>|
| PIK | Payment In Kind |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SCA | Limited partnership with share capital |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2025. |
| (d) | 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 November 30, 2025 is $31,856 or 0.33% of the Fund's net <br> assets as of November 30, 2025.<br>|
| (e) | Security is an interest bearing note with preferred security characteristics. |
| (f) | 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 November 30, 2025.<br>|
| (g) | 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>|
| (h) | Defaulted security. |
| (i) | Value is zero. |
| (j) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (k) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (l) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (m) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) All or a portion of this security is unsettled as of November 30, 2025. Unless otherwise
 indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) All or a portion of this security is deposited with the broker as initial margin for
 futures contracts.

**TBA Short Commitments**

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| FNMA / FHLMC UMBS, Single Family, 30 Year  |  |  |
| TBA, 5.50%, 12/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (368000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (372639)<br>|
| TBA, 6.50%, 12/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (368000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (381213)<br>|
| (Proceeds received of $752,594) |  | &nbsp;&nbsp;&nbsp;&nbsp; (753852)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |

---

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

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

**Futures contracts outstanding as of November 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 134505 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1531 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 168051 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| 3 Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 4583 | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1107883 | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 380 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (5441)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (367)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (44384)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1207)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| 3 Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; (4583)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1109258)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (705)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (745)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (365)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Forward foreign currency exchange contracts outstanding as of November 30, 2025 (amounts in thousands):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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; 70953 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 82149 | Barclays Bank plc | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 4578613 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 29293 | HSBC Bank, NA | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 74506 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 64019 | HSBC Bank, NA | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1436 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1234 | Standard Chartered Bank | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 30815 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 4695313 | Barclays Bank plc | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 750 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1104 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 167756 | Goldman Sachs International | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1071 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 164604 | HSBC Bank, NA | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1055 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | State Street Corp. | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 1232 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2281 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2655 | Barclays Bank plc | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1514 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1758 | HSBC Bank, NA | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 294570 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1943 | BNP Paribas | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>|
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 154491 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1006 | Merrill Lynch International | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10983 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 9496 | HSBC Bank, NA | 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 82297 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 70953 | Barclays Bank plc | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (192)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 29392 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 4578613 | HSBC Bank, NA | 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (344)<br>|
| Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 888 |

---

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

---

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

---

**Over-the-Counter ("OTC") Credit default swap contracts outstanding — buy protection** <sup>(\*)</sup> **as of November 30, 2025 (amounts in thousands):**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| **PAYMENT** <br>**FREQUENCY**<br>| **COUNTERPARTY** | **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| ABX.HE.AAA.06-2 | 0.11 | Monthly | Bank of America NA | 5/25/2046 | 0.58 | USD14,170 | 2771 | (2588)<br>| 183 |
| ABX.HE.AAA.06-2 | 0.11 | Monthly | Bank of America NA | 5/25/2046 | 0.58 | USD6,970 | 1309 | (1219)<br>| 90 |
| ABX.HE.AAA.06-2 | 0.11 | Monthly | Barclays Bank plc | 5/25/2046 | 0.58 | USD13,370 | 3974 | (3801)<br>| 173 |
| ABX.HE.AAA.06-2 | 0.11 | Monthly | Credit Suisse International | 5/25/2046 | 0.58 | USD6,600 | 1840 | (1755)<br>| 85 |
| ABX.HE.AAA.06-2 | 0.11 | Monthly | Credit Suisse International | 5/25/2046 | 0.58 | USD13,230 | 3366 | (3195)<br>| 171 |
|  |  |  |  |  |  |  | 13260 | (12558)<br>| 702 |

---

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

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium <br> to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to <br> an underlying reference 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** |  |
| ABX | Asset-Backed Securities Index |
| USD | United States Dollar |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of November 30, 2025 (amounts in thousands):**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| CDX.NA.HY.45-V1 | 5.00 | Quarterly | 12/20/2030 | 3.23 | USD 37,000 | &nbsp;&nbsp; (2704)<br>| &nbsp;&nbsp; (405)<br>| &nbsp;&nbsp; (3109)<br>|
| CDX.NA.HY.45-V1 | 5.00 | Quarterly | 12/20/2030 | 3.23 | USD 44,200 | &nbsp;&nbsp; (3217)<br>| &nbsp;&nbsp; (497)<br>| &nbsp;&nbsp; (3714)<br>|
| CDX.NA.IG.45-V1 | 1.00 | Quarterly | 12/20/2030 | 0.51 | USD 549,850 | &nbsp;&nbsp; (12037)<br>| &nbsp;&nbsp; (1361)<br>| &nbsp;&nbsp; (13398)<br>|
| iTraxx.Europe.Crossover.44-V1 | 5.00 | Quarterly | 12/20/2030 | 2.56 | EUR 68,750 | &nbsp;&nbsp; (8195)<br>| &nbsp;&nbsp; (1079)<br>| &nbsp;&nbsp; (9274)<br>|
| iTraxx.Europe.Main.44-V1 | 1.00 | Quarterly | 12/20/2030 | 0.53 | EUR 115,000 | &nbsp;&nbsp; (2808)<br>| &nbsp;&nbsp; (437)<br>| &nbsp;&nbsp; (3245)<br>|
| iTraxx.Europe.Sub.Financials.44-V1 | 1.00 | Quarterly | 12/20/2030 | 0.97 | EUR 114,570 | &nbsp;&nbsp; (57)<br>| &nbsp;&nbsp; (378)<br>| &nbsp;&nbsp; (435)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (29018)<br>| &nbsp;&nbsp; (4157)<br>| &nbsp;&nbsp; (33175)<br>|

---

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

---

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

---

**Summary of total OTC swap contracts outstanding as of November 30, 2025 (amounts in thousands):**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **NET UPFRONT** <br>**PAYMENTS** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(RECEIPTS)** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($)**<br>|
| **Assets** |  |  |
| OTC Credit default swap contracts outstanding - buy protection | &nbsp;&nbsp;&nbsp;&nbsp; 13260 | &nbsp;&nbsp;&nbsp;&nbsp; 702 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Fund are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.

Certain short term investments may be valued using the amortized cost method, provided it approximates the fair market value of the investment. The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the security. The market value of securities in the Fund can generally be expected to vary inversely with changes in prevailing interest rates.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's NAV 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.

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $33094 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $33094 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 454360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 454360 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3486 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3486 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp; 960 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 546 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 546 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2438 | &nbsp;&nbsp;&nbsp;&nbsp; 2438 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp; 2301 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 489 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp; 649 | &nbsp;&nbsp;&nbsp;&nbsp; 842 |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 738 | &nbsp;&nbsp;&nbsp;&nbsp; 1228 | &nbsp;&nbsp;&nbsp;&nbsp; 6314 | &nbsp;&nbsp;&nbsp;&nbsp; 8280 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 323583 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 323583 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15663 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15663 |
| &nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316091 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316091 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1377183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1377183 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116397 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116397 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2930 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2930 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 773 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283482 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283482 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2185 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2185 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1069 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2437 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2437 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 781686 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 781686 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41538 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41538 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 863 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10342 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10342 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97278 |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6971 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6971 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $174291 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $174291 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 758 | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59337 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59337 |
| &nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4205 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4205 |
| &nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2818 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2818 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20122 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20122 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13916 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13916 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18451 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 903 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 903 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23341 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23341 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12278 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27309 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27309 |
| &nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24635 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24635 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74008 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 74026 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —(a)<br>|
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169550 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44964 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44964 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48216 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48216 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23011 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23011 |
| &nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18403 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18403 |
| &nbsp;&nbsp;&nbsp; Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10065 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10065 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3829124 | &nbsp;&nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp; 3829426 |
| Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 658 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1549 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 851 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3983 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3983 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5073 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 2271 | &nbsp;&nbsp;&nbsp;&nbsp; 2481 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1549 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1400 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 790 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1149 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2171 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1875 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1087 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2570 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2570 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2413 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2413 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 828 |

---

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22 | &nbsp;&nbsp;&nbsp;&nbsp; $22 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2248 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2248 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 992 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 619 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 619 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 368 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2539 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4212 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4212 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3156 | &nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp; 3812 |
| &nbsp;&nbsp;&nbsp; Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46443 | &nbsp;&nbsp;&nbsp;&nbsp; 2949 | &nbsp;&nbsp;&nbsp;&nbsp; 49392 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 753553 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 753553 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2724 | &nbsp;&nbsp;&nbsp;&nbsp; 2724 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 5038022 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5038022 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6300 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 5038022 | &nbsp;&nbsp;&nbsp;&nbsp; 71300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5109322 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $5038760 | &nbsp;&nbsp;&nbsp;&nbsp; $5516171 | &nbsp;&nbsp;&nbsp;&nbsp; $12289 | &nbsp;&nbsp;&nbsp;&nbsp; $10567220 |
| **Liabilities** |  |  |  |  |
| TBA Short Commitment | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(753852)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(753852)<br>|
| **Total Liabilities in Securities Sold Short** | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(753852)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(753852)<br>|
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1232 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1232 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 380 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(344)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (745)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (745)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16715)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16715)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(365)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(15827)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(16192)<br>|

---

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

(a) Amount rounds to less than one thousand.

(b) Value is zero.

There were no significant transfers into or out of level 3 for the period ended November 30, 2025.

As of November 30, 2025, the Fund held restricted securities, other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act, as follows:

**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.

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** |
| **Security 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>**November 30,** <br>**2025**<br>| **Shares at** <br>**November 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.06% (a) (b)<br>| $4990276 | $6013986 | $5965962 | $(178)<br>| $(100)<br>| $5038022 | 5036008 | $149676 | $— |

---

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

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

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

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

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

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

Notes (1) — (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

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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 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.

------

**JPMorgan Strategic Income Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** JPMorgan Trust I

- **b. Investment Company Act file number:** 811-21295

- **c. CIK number of Registrant:** 0001217286

- **d. LEI of Registrant:** 549300DM5WZMCZZ70R78

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 800-480-4111

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

- **a. Name of Series:** JPMorgan Strategic Income Opportunities Fund

- **b. EDGAR series identifier (if any):** S000022994

- **c. LEI of Series:** 7D65K6RFGRT1E0TUOV35

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

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

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $13653700434.10

**Total Liabilities:** $3774947109.74

**Net Assets:** $9878753324.36

**Cash Not Reported:** $1862496.66

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -423469.24628000 | **1-Year:** 341796.80045000 | **5-Year:** 208198.67101000 | **10-Year:** 5262.60628000 | **30-Year:** 0.00000000

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

- **3-Month:** -16339.64732000 | **1-Year:** 23799.62005000 | **5-Year:** 50266.60565000 | **10-Year:** 3492.79001000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000066701 | 0.18%                | 0.35%                | 0.31%                |
| Class ID C000066702 | 0.16%                | 0.41%                | 0.20%                |
| Class ID C000066703 | 0.11%                | 0.29%                | 0.25%                |
| Class ID C000066704 | 0.19%                | 0.45%                | 0.23%                |
| Class ID C000195119 | 0.20%                | 0.45%                | 0.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6217442.18              | $-6941882.58                               |
| Month 2  | $3818740.64              | $-1462192.43                               |
| Month 3  | $-15071579.81            | $15235498.41                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adjustable Rate Mortgage Trust                                   | Adjustable Rate Mortgage Trust, Series 2005-5, Class 5A1                                   | CUSIP: 007036LS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           3 | PA      | $2.37          | 0.00%             | 2035-09-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Adjustable Rate Mortgage Trust                                   | Adjustable Rate Mortgage Trust, Series 2005-10, Class 1A21                                 | CUSIP: 007036TB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      339367 | PA      | $322745.18     | 0.00%             | 2036-01-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Affirm Holdings, Inc.                                            | Affirm Holdings, Inc.                                                                      | CUSIP: 00827BAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4459000 | PA      | $4773394.24    | 0.05%             | 2029-12-15      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                                            | Ahead DB Holdings LLC                                                                      | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |      900000 | PA      | $902978.10     | 0.01%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Airbnb, Inc.                                                     | Airbnb, Inc.                                                                               | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |     7571000 | PA      | $7446080.09    | 0.08%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Akamai Technologies, Inc.                                        | Akamai Technologies, Inc.                                                                  | CUSIP: 00971TAN1<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |     5594000 | PA      | $5581811.29    | 0.06%             | 2029-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                       | Allison Transmission, Inc.                                                                 | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     1870000 | PA      | $1866726.00    | 0.02%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA/FHLMC                                                       | FNMA/FHLMC UMBS, Single Family, 30 Year                                                    | CUSIP: 01F0526C1<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -368000000 | PA      | $-372639019.04 | -3.77%            | 2055-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                                       | FNMA/FHLMC UMBS, Single Family, 30 Year                                                    | CUSIP: 01F0606C4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   736000000 | PA      | $753552974.40  | 7.63%             | 2055-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                                       | FNMA/FHLMC UMBS, Single Family, 30 Year                                                    | CUSIP: 01F0626C0<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -368000000 | PA      | $-381213183.52 | -3.86%            | 2055-12-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Alphabet, Inc.                                                   | Alphabet, Inc.                                                                             | CUSIP: 02079KAU1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    18350000 | PA      | $18451090.15   | 0.19%             | 2028-11-15      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2006-J3, Class 2A1                                          | CUSIP: 021469AJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      152545 | PA      | $139781.91     | 0.00%             | 2020-12-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2006-24CB, Class A1                                         | CUSIP: 02146TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           0 | PA      | $0.00          | 0.00%             | 2036-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2006-24CB, Class A23                                        | CUSIP: 02146TAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           2 | PA      | $0.80          | 0.00%             | 2036-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2006-28CB, Class A17                                        | CUSIP: 02147TAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           2 | PA      | $1.02          | 0.00%             | 2036-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2006-25CB, Class A9                                         | CUSIP: 02147VAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           0 | PA      | $0.00          | 0.00%             | 2036-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2006-31CB, Class A3                                         | CUSIP: 02148HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           0 | PA      | $0.00          | 0.00%             | 2036-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2006-41CB, Class 2A17                                       | CUSIP: 02149CBH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      286640 | PA      | $144118.88     | 0.00%             | 2037-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2007-5CB, Class 1A31                                        | CUSIP: 02150EBG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           1 | PA      | $0.66          | 0.00%             | 2037-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                             | American Express Co.                                                                       | CUSIP: 025816DD8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     2651000 | PA      | $2652799.07    | 0.03%             | 2026-02-13      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                             | American Express Co.                                                                       | CUSIP: 025816DJ5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      196000 | PA      | $196685.18     | 0.00%             | 2027-07-28      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                             | American Express Co.                                                                       | CUSIP: 025816DQ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    34583000 | PA      | $34770034.89   | 0.35%             | 2028-02-16      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                             | American Express Co.                                                                       | CUSIP: 025816DS5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    32740000 | PA      | $32789360.79   | 0.33%             | 2027-04-23      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                             | American Express Co.                                                                       | CUSIP: 025816DX4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    20704000 | PA      | $20809176.32   | 0.21%             | 2028-07-26      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Assets Trust                              | American Home Mortgage Assets Trust, Series 2006-2, Class 2A1                              | CUSIP: 02660XAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           1 | PA      | $1.29          | 0.00%             | 2046-09-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WEX5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    13277000 | PA      | $13283891.56   | 0.13%             | 2026-01-09      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WFC0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    13450000 | PA      | $13478319.78   | 0.14%             | 2027-03-12      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WFJ5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    11950000 | PA      | $11951665.71   | 0.12%             | 2027-07-09      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WFM8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    16625000 | PA      | $16629772.71   | 0.17%             | 2026-01-12      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WFN6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    13408000 | PA      | $13438809.98   | 0.14%             | 2026-10-05      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WFR7<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    32905000 | PA      | $32939571.31   | 0.33%             | 2026-05-11      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WFS5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    13750000 | PA      | $13760789.63   | 0.14%             | 2027-10-22      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WFV8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    17380000 | PA      | $17402410.64   | 0.18%             | 2026-05-21      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WFW6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     5496000 | PA      | $5506682.90    | 0.06%             | 2028-03-03      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp., Series A                                                     | CUSIP: 02665WGB1<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    21980000 | PA      | $22011044.33   | 0.22%             | 2026-05-20      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WGC9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    22900000 | PA      | $22940286.14   | 0.23%             | 2026-07-15      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WGE5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    17131000 | PA      | $17207267.73   | 0.17%             | 2027-07-09      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WGG0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    15862000 | PA      | $15908027.88   | 0.16%             | 2027-01-15      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WGJ4<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    18830000 | PA      | $18879804.22   | 0.19%             | 2028-09-01      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WGM7<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    33350000 | PA      | $33432927.11   | 0.34%             | 2027-03-08      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                                     | American Honda Finance Corp.                                                               | CUSIP: 02665WGN5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    16540000 | PA      | $16569757.11   | 0.17%             | 2026-10-06      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                           | Amkor Technology, Inc.                                                                     | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |      460000 | PA      | $468289.20     | 0.00%             | 2033-10-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2024-11, Class A3                                         | CUSIP: 03463QAC0<br>LEI: 2549009VFCBSE99NTJ29 | Long             | ABS-MBS          | CORP              | US        |     1853362 | PA      | $1866453.36    | 0.02%             | 2069-08-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2022-2, Class A1                                          | CUSIP: 03464PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6537638 | PA      | $6290915.21    | 0.06%             | 2067-01-25      | Variable      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2020-1, Class A1                                          | CUSIP: 03464RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      940171 | PA      | $918446.10     | 0.01%             | 2059-12-25      | Variable      | 2.47%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2020-1, Class B1                                          | CUSIP: 03464RAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2907000 | PA      | $2683310.42    | 0.03%             | 2059-12-25      | Variable      | 3.76%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2022-3, Class A1                                          | CUSIP: 03464TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     8743479 | PA      | $8601111.88    | 0.09%             | 2067-01-25      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2020-3, Class A1                                          | CUSIP: 03465LAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6994173 | PA      | $6692314.97    | 0.07%             | 2065-04-25      | Variable      | 1.69%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2024-1, Class A1                                          | CUSIP: 03465XAA7<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |     5794306 | PA      | $5796584.37    | 0.06%             | 2068-08-25      | Variable      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2024-9, Class A1                                          | CUSIP: 03466JAA7<br>LEI: 254900O3R79X1AD55F36 | Long             | ABS-MBS          | CORP              | US        |     7617233 | PA      | $7614532.26    | 0.08%             | 2069-09-25      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2024-10, Class A1                                         | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-MBS          | CORP              | US        |     1754717 | PA      | $1760651.39    | 0.02%             | 2069-10-25      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| AOMT                                                             | AOMT, Series 2024-6, Class A1                                                              | CUSIP: 034944AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4310366 | PA      | $4284919.69    | 0.04%             | 2067-11-25      | Variable      | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.                       | Australia & New Zealand Banking Group Ltd.                                                 | CUSIP: 05252ADJ7<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    22500000 | PA      | $22601199.83   | 0.23%             | 2027-01-18      | Floating      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.                       | Australia & New Zealand Banking Group Ltd.                                                 | CUSIP: 05252ADL2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    13650000 | PA      | $13725920.62   | 0.14%             | 2027-07-16      | Floating      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.                       | Australia & New Zealand Banking Group Ltd.                                                 | CUSIP: 05252ADP3<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    18400000 | PA      | $18424594.54   | 0.19%             | 2026-12-16      | Floating      | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                       | Avis Budget Car Rental LLC                                                                 | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      759000 | PA      | $757740.74     | 0.01%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                                       | Axalta Coating Systems LLC                                                                 | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      730000 | PA      | $729963.28     | 0.01%             | 2027-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BMW US Capital LLC                                               | BMW US Capital LLC                                                                         | CUSIP: 05565ECL7<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    23852000 | PA      | $23872320.23   | 0.24%             | 2026-04-02      | Floating      | 4.63%                 | Yes           |                  2 | On Loan: No      |
| BMW US Capital LLC                                               | BMW US Capital LLC                                                                         | CUSIP: 05565ECN3<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    15420000 | PA      | $15464713.07   | 0.16%             | 2026-08-13      | Floating      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| BMW US Capital LLC                                               | BMW US Capital LLC                                                                         | CUSIP: 05565ECT0<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    23581000 | PA      | $23706610.56   | 0.24%             | 2027-08-13      | Floating      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| BMW US Capital LLC                                               | BMW US Capital LLC                                                                         | CUSIP: 05565ECV5<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    24360000 | PA      | $24437196.11   | 0.25%             | 2027-03-19      | Floating      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| BMW US Capital LLC                                               | BMW US Capital LLC                                                                         | CUSIP: 05565EDE2<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    23000000 | PA      | $23057445.72   | 0.23%             | 2027-08-11      | Floating      | 4.73%                 | Yes           |                  2 | On Loan: No      |
| Banc of America Funding Trust                                    | Banc of America Funding Trust, Series 2006-D, Class 5A2                                    | CUSIP: 058933AP7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      262069 | PA      | $225167.10     | 0.00%             | 2036-05-20      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Trust                                    | Banc of America Funding Trust, Series 2006-1, Class 2A1                                    | CUSIP: 05949TBD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      153310 | PA      | $136738.17     | 0.00%             | 2036-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Loan Trust                           | Banc of America Alternative Loan Trust, Series 2006-4, Class 2A1                           | CUSIP: 05950AAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      208367 | PA      | $190877.94     | 0.00%             | 2029-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Mortgage Trust                                   | Banc of America Mortgage Trust, Series 2007-3, Class 1A1                                   | CUSIP: 05954CAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           1 | PA      | $1.09          | 0.00%             | 2037-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                                      | CUSIP: 06051GJV2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     6740000 | PA      | $6755228.63    | 0.07%             | 2027-07-22      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                                      | CUSIP: 06051GKH1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    24282000 | PA      | $24423600.73   | 0.25%             | 2028-02-04      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                                      | CUSIP: 06051GLX5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     6591000 | PA      | $6635978.70    | 0.07%             | 2027-09-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                 | Bank of Montreal                                                                           | CUSIP: 06368L3M6<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    13430000 | PA      | $13499625.82   | 0.14%             | 2027-06-04      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                 | Bank of Montreal                                                                           | CUSIP: 06368L8M1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    24820000 | PA      | $24892540.92   | 0.25%             | 2027-09-10      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                 | Bank of Montreal                                                                           | CUSIP: 06368LNU6<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    17500000 | PA      | $17587202.33   | 0.18%             | 2026-06-05      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp. (The)                              | Bank of New York Mellon Corp. (The)                                                        | CUSIP: 06406RCD7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     9150000 | PA      | $9166646.60    | 0.09%             | 2028-06-09      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                        | Bank of Nova Scotia (The)                                                                  | CUSIP: 0641593V6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     4652000 | PA      | $4656294.17    | 0.05%             | 2026-03-02      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                        | Bank of Nova Scotia (The)                                                                  | CUSIP: 06418GAG2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     9100000 | PA      | $9145824.51    | 0.09%             | 2027-06-04      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                                               | Bank of America NA                                                                         | CUSIP: 06428CAB0<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DBT              | CORP              | US        |    11950000 | PA      | $12027212.42   | 0.12%             | 2026-08-18      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                     | Barclays plc                                                                               | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     2945000 | PA      | $2947220.53    | 0.03%             | 2025-12-15      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc                                                | Barclays Bank plc, Series MSFT                                                             | CUSIP: 06744EDH7<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |    11518000 | PA      | $12686124.93   | 0.13%             | 2029-02-16      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                     | Barclays Mortgage Loan Trust, Series 2021-NQM1, Class A1                                   | CUSIP: 06744UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3612440 | PA      | $3264736.45    | 0.03%             | 2051-09-25      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Asset-Backed Securities Trust                       | Bear Stearns Asset-Backed Securities Trust, Series 2004-SD1, Class M2                      | CUSIP: 07384YSG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      783562 | PA      | $710551.57     | 0.01%             | 2042-12-25      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Bear Stearns ARM Trust                                           | Bear Stearns ARM Trust, Series 2005-12, Class 22A1                                         | CUSIP: 07387AGC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           1 | PA      | $1.43          | 0.00%             | 2036-02-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | CDSABX                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | GB        |     6600000 | PA      | $-1754608.19   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | CDSABX                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | GB        |    13370000 | PA      | $-3800627.32   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | CDSABX                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | GB        |    13230000 | PA      | $-3195001.94   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BILL Holdings, Inc.                                              | BILL Holdings, Inc.                                                                        | CUSIP: 090043AE0<br>LEI: 549300IBF9VZZIGOZW63 | Long             | DBT              | CORP              | US        |     4141000 | PA      | $3747021.41    | 0.04%             | 2030-04-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BioMarin Pharmaceutical, Inc.                                    | BioMarin Pharmaceutical, Inc.                                                              | CUSIP: 09061GAK7<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |     6774000 | PA      | $6469847.40    | 0.07%             | 2027-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | CDSABX                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    14170000 | PA      | $-2588271.40   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | CDSABX                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |     6970000 | PA      | $-1219406.03   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BofA Finance LLC                                                 | BofA Finance LLC                                                                           | CUSIP: 09709UV70<br>LEI: 549300CGZYSEY3ZSIW16 | Long             | DBT              | CORP              | US        |     7885000 | PA      | $8492145.00    | 0.09%             | 2027-05-25      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| Bombardier, Inc.                                                 | Bombardier, Inc.                                                                           | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      128000 | PA      | $128378.62     | 0.00%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| BofA Securities, Inc.                                            | BofA Securities, Inc.                                                                      | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |    65000000 | PA      | $65000000.00   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                  | BRAVO Residential Funding Trust, Series 2023-NQM1, Class A1                                | CUSIP: 10568MAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5869022 | PA      | $5854281.11    | 0.06%             | 2063-01-25      | Variable      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                  | BRAVO Residential Funding Trust, Series 2023-NQM1, Class A2                                | CUSIP: 10568MAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1546107 | PA      | $1543077.43    | 0.02%             | 2063-01-25      | Variable      | 6.35%                 | Yes           |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                  | BRAVO Residential Funding Trust, Series 2023-NQM5, Class A1                                | CUSIP: 10569UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    10804231 | PA      | $10864723.09   | 0.11%             | 2063-06-25      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Bravo Residential Funding Trust                                  | Bravo Residential Funding Trust, Series 2025-NQM3, Class A1                                | CUSIP: 105927AC1<br>LEI: 254900KREJHICFBDC014 | Long             | ABS-MBS          | CORP              | US        |     8616687 | PA      | $8677628.02    | 0.09%             | 2065-03-25      | Variable      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                         | Bristol-Myers Squibb Co.                                                                   | CUSIP: 110122EM6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    12518000 | PA      | $12526967.02   | 0.13%             | 2026-02-20      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                                 | CCO Holdings LLC                                                                           | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      285000 | PA      | $284598.04     | 0.00%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                 | CCO Holdings LLC                                                                           | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4140000 | PA      | $4105427.69    | 0.04%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CD&R Smokey Buyer, Inc.                                          | CD&R Smokey Buyer, Inc.                                                                    | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      450000 | PA      | $304557.98     | 0.00%             | 2029-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                  | CHL Mortgage Pass-Through Trust, Series 2006-15, Class A1                                  | CUSIP: 12543UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           4 | PA      | $1.68          | 0.00%             | 2036-10-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                  | CHL Mortgage Pass-Through Trust, Series 2006-20, Class 1A36                                | CUSIP: 12544ABM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      350952 | PA      | $147541.06     | 0.00%             | 2037-02-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                  | CHL Mortgage Pass-Through Trust, Series 2007-5, Class A6                                   | CUSIP: 12544VAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           2 | PA      | $0.65          | 0.00%             | 2037-05-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                 | CSC Holdings LLC                                                                           | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     1075000 | PA      | $675149.34     | 0.01%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                                 | CSC Holdings LLC                                                                           | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     1595000 | PA      | $589211.82     | 0.01%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2004-5CB, Class 2A1                                         | CUSIP: 12667FDC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       35256 | PA      | $34918.62      | 0.00%             | 2019-05-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2005-J6, Class 2A1                                          | CUSIP: 12667GVN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       13791 | PA      | $13433.73      | 0.00%             | 2025-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2005-J11, Class 5A1                                         | CUSIP: 12668AJT3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      167870 | PA      | $138751.63     | 0.00%             | 2020-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2005-50CB, Class 4A1                                        | CUSIP: 12668ALL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       13770 | PA      | $13419.56      | 0.00%             | 2020-11-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                  | CHL Mortgage Pass-Through Trust, Series 2005-21, Class A2                                  | CUSIP: 126694CE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      235853 | PA      | $125290.63     | 0.00%             | 2035-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                               | Canadian Imperial Bank of Commerce                                                         | CUSIP: 13607LWU3<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    13200000 | PA      | $13296323.17   | 0.13%             | 2026-10-02      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                               | Canadian Imperial Bank of Commerce                                                         | CUSIP: 13607PHU1<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    18340000 | PA      | $18398124.41   | 0.19%             | 2027-09-11      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                               | Canadian Imperial Bank of Commerce                                                         | CUSIP: 13607PVR2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |     9170000 | PA      | $9183520.52    | 0.09%             | 2028-01-13      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Carrington Mortgage Loan Trust                                   | Carrington Mortgage Loan Trust, Series 2006-NC1, Class M2                                  | CUSIP: 144531EZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    18441000 | PA      | $16705742.47   | 0.17%             | 2036-01-25      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                             | Caterpillar Financial Services Corp.                                                       | CUSIP: 14913UAK6<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    21890000 | PA      | $21904115.11   | 0.22%             | 2026-02-27      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                             | Caterpillar Financial Services Corp.                                                       | CUSIP: 14913UAM2<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    22659000 | PA      | $22726240.36   | 0.23%             | 2027-05-14      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                             | Caterpillar Financial Services Corp.                                                       | CUSIP: 14913UAP5<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    27300000 | PA      | $27416497.29   | 0.28%             | 2026-10-16      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                             | Caterpillar Financial Services Corp.                                                       | CUSIP: 14913UAT7<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    23000000 | PA      | $23149195.71   | 0.23%             | 2027-11-15      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                             | Caterpillar Financial Services Corp.                                                       | CUSIP: 14913UAW0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    17010000 | PA      | $17036267.18   | 0.17%             | 2027-01-07      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                             | Caterpillar Financial Services Corp.                                                       | CUSIP: 14913UAZ3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     9764000 | PA      | $9776844.35    | 0.10%             | 2028-03-03      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                             | Caterpillar Financial Services Corp.                                                       | CUSIP: 14913UBA7<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    13770000 | PA      | $13829861.63   | 0.14%             | 2027-07-07      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust                                     | Chase Mortgage Finance Trust, Series 2005-S1, Class 1A15                                   | CUSIP: 16162WKV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           1 | PA      | $1.04          | 0.00%             | 2035-05-25      | Fixed         | 6.00%                 | 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      | $4205.97       | 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      | $-1213.87      | -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      | $29508.80      | 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      | $750456.17     | 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      | $213966.21     | 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      | $-4700.71      | -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      | $-4196.17      | -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      | $-56616.42     | -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      | $16885.42      | 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      | $-23972.04     | -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      | $-11967.01     | -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      | $-16450.33     | -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      | $1718.59       | 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      | $-191699.96    | -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      | $-32891.82     | -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      | $190263.61     | 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      | $24870.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | Expand Energy Corp.                                                                        | CUSIP: 165167180<br>LEI: N/A                  | N/A              | DO               |  | US        |           1 | NS      | $111.68        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp.                                              | Expand Energy Corp., Escrow                                                                | CUSIP: 165ESCAC8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     5690000 | PA      | $18208.00      | 0.00%             | 2026-09-15      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Chevron USA, Inc.                                                | Chevron USA, Inc.                                                                          | CUSIP: 166756BA3<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    27600000 | PA      | $27651868.68   | 0.28%             | 2027-02-26      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Chevron USA, Inc.                                                | Chevron USA, Inc.                                                                          | CUSIP: 166756BC9<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    19210000 | PA      | $19244463.12   | 0.19%             | 2028-02-26      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Chevron USA, Inc.                                                | Chevron USA, Inc.                                                                          | CUSIP: 166756BM7<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    22980000 | PA      | $23081180.02   | 0.23%             | 2028-08-13      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                  | Citigroup, Inc.                                                                            | CUSIP: 172967MZ1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    18370000 | PA      | $18394651.44   | 0.19%             | 2027-06-09      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                  | Citigroup, Inc.                                                                            | CUSIP: 172967PY1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    30620000 | PA      | $30801350.62   | 0.31%             | 2028-05-07      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                    | Citigroup Mortgage Loan Trust, Series 2014-10, Class 4A1                                   | CUSIP: 17323FAH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      406352 | PA      | $405186.01     | 0.00%             | 2037-02-25      | Floating      | 4.27%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                                      | Citibank NA                                                                                | CUSIP: 17325FBD9<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |     2390000 | PA      | $2406273.37    | 0.02%             | 2026-12-04      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                      | Citibank NA                                                                                | CUSIP: 17325FBE7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    27390000 | PA      | $27415872.87   | 0.28%             | 2026-04-30      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                      | Citibank NA                                                                                | CUSIP: 17325FBH0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    18200000 | PA      | $18248709.75   | 0.18%             | 2026-08-06      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                      | Citibank NA                                                                                | CUSIP: 17325FBM9<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    27500000 | PA      | $27556424.50   | 0.28%             | 2027-11-19      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                      | Citibank NA                                                                                | CUSIP: 17325FBQ0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |     8270000 | PA      | $8310713.04    | 0.08%             | 2027-05-29      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                                         | COLT Mortgage Loan Trust, Series 2023-3, Class A1                                          | CUSIP: 19688RAA7<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-MBS          | CORP              | US        |     6110497 | PA      | $6180169.49    | 0.06%             | 2068-09-25      | Variable      | 7.18%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                   | Commonwealth Bank of Australia                                                             | CUSIP: 2027A0KQ1<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |     9250000 | PA      | $9261311.09    | 0.09%             | 2026-03-13      | Floating      | 4.84%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                   | Commonwealth Bank of Australia                                                             | CUSIP: 2027A0KV0<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |     6140000 | PA      | $6152952.15    | 0.06%             | 2026-11-27      | Floating      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| CommScope Technologies LLC                                       | CommScope Technologies LLC                                                                 | CUSIP: 20338HAB9<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |      875000 | PA      | $873876.85     | 0.01%             | 2027-03-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                                    | CommScope LLC                                                                              | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |      385000 | PA      | $390567.10     | 0.00%             | 2031-12-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                                    | CommScope LLC                                                                              | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     1170000 | PA      | $1172562.30    | 0.01%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1                            | CUSIP: 20753GAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5204099 | PA      | $5202485.32    | 0.05%             | 2044-05-25      | Floating      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1                            | CUSIP: 20753UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      488596 | PA      | $488139.09     | 0.00%             | 2044-01-25      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2019-R07, Class 1B1                            | CUSIP: 20753WAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    10927256 | PA      | $11104823.84   | 0.11%             | 2039-10-25      | Floating      | 7.59%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2                            | CUSIP: 20753YCK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    12435000 | PA      | $12750960.92   | 0.13%             | 2042-03-25      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2                            | CUSIP: 20754AAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    12412317 | PA      | $12462641.50   | 0.13%             | 2041-12-25      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M1                            | CUSIP: 20754BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      449069 | PA      | $449068.50     | 0.00%             | 2042-01-25      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M2                            | CUSIP: 20754BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    10400000 | PA      | $10597083.12   | 0.11%             | 2042-01-25      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M1                            | CUSIP: 20754DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      873381 | PA      | $874703.79     | 0.01%             | 2042-04-25      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1                            | CUSIP: 20754GAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5627920 | PA      | $5634679.92    | 0.06%             | 2044-02-25      | Floating      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1                            | CUSIP: 20754LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2146622 | PA      | $2146619.96    | 0.02%             | 2041-12-25      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1                            | CUSIP: 20754QAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7083920 | PA      | $7222073.12    | 0.07%             | 2043-05-25      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2                            | CUSIP: 20754RAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7322522 | PA      | $7333818.19    | 0.07%             | 2041-10-25      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M1                            | CUSIP: 20754XAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5576612 | PA      | $5573455.91    | 0.06%             | 2044-07-25      | Floating      | 5.07%                 | Yes           |                  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        |     8067790 | PA      | $8228276.62    | 0.08%             | 2043-01-25      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M1                            | CUSIP: 20755CAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3727576 | PA      | $3732235.74    | 0.04%             | 2043-10-25      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1                            | CUSIP: 20755RAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1221738 | PA      | $1221740.11    | 0.01%             | 2044-09-25      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1                            | CUSIP: 207932AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6829516 | PA      | $6974588.63    | 0.07%             | 2042-12-25      | Floating      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Edison Co. of New York, Inc.                        | Consolidated Edison Co. of New York, Inc.                                                  | CUSIP: 209111GL1<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |    24585000 | PA      | $24634987.70   | 0.25%             | 2027-11-18      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                                 | Cooper-Standard Automotive, Inc.                                                           | CUSIP: 216762AH7<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |    10324591 | PA      | $10823051.93   | 0.11%             | 2027-03-31      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                                 | Cooper-Standard Automotive, Inc.                                                           | CUSIP: 216762AJ3<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |     3028603 | PA      | $2972711.04    | 0.03%             | 2027-05-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                         | Cooperatieve Rabobank UA                                                                   | CUSIP: 21688ABE1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    30000000 | PA      | $30224918.10   | 0.31%             | 2027-03-05      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                         | Cooperatieve Rabobank UA                                                                   | CUSIP: 21688ABG6<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    19000000 | PA      | $19049359.15   | 0.19%             | 2026-08-28      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                         | Cooperatieve Rabobank UA                                                                   | CUSIP: 21688ABL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    14700000 | PA      | $14760692.77   | 0.15%             | 2028-01-21      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                         | Cooperatieve Rabobank UA                                                                   | CUSIP: 21688ABN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    20250000 | PA      | $20306535.98   | 0.21%             | 2027-05-27      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| CoreCivic, Inc.                                                  | CoreCivic, Inc.                                                                            | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     1015000 | PA      | $1069325.85    | 0.01%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                               | Credit Agricole SA                                                                         | CUSIP: 225313AJ4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    14160000 | PA      | $14197222.82   | 0.14%             | 2025-12-23      | Variable      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                               | Credit Agricole SA                                                                         | CUSIP: 22534PAF0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    13125000 | PA      | $13194494.78   | 0.13%             | 2026-07-05      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                               | Credit Agricole SA                                                                         | CUSIP: 22534PAJ2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    22360000 | PA      | $22438530.78   | 0.23%             | 2027-03-11      | Floating      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.             | Credit Suisse First Boston Mortgage Securities Corp., Series 2004-5, Class 4A1             | CUSIP: 22541SZL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           1 | PA      | $1.13          | 0.00%             | 2034-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities Corp.             | Credit Suisse First Boston Mortgage Securities Corp., Series 2005-7, Class 3A1             | CUSIP: 225458G28<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        6733 | PA      | $6476.73       | 0.00%             | 2020-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                          | Daimler Truck Finance North America LLC                                                    | CUSIP: 233853AX8<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |     9560000 | PA      | $9587099.25    | 0.10%             | 2027-09-25      | Floating      | 4.92%                 | Yes           |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                          | Daimler Truck Finance North America LLC                                                    | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    13750000 | PA      | $13753421.83   | 0.14%             | 2028-01-13      | Floating      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| Datadog, Inc.                                                    | Datadog, Inc.                                                                              | CUSIP: 23804LAC7<br>LEI: 549300F6JNO0KRPO1K63 | Long             | DBT              | CORP              | US        |     6987000 | PA      | $7393212.30    | 0.07%             | 2029-12-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                             | Deephaven Residential Mortgage Trust, Series 2021-3, Class A1                              | CUSIP: 24381VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    11016064 | PA      | $9762157.54    | 0.10%             | 2066-08-25      | Variable      | 1.19%                 | Yes           |                  2 | On Loan: No      |
| John Deere Capital Corp.                                         | John Deere Capital Corp.                                                                   | CUSIP: 24422EWU9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    11086000 | PA      | $11099939.54   | 0.11%             | 2026-03-03      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                         | John Deere Capital Corp.                                                                   | CUSIP: 24422EWY1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    10761000 | PA      | $10799288.71   | 0.11%             | 2026-06-08      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                         | John Deere Capital Corp.                                                                   | CUSIP: 24422EXQ7<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    14532000 | PA      | $14591848.59   | 0.15%             | 2027-04-19      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                         | John Deere Capital Corp.                                                                   | CUSIP: 24422EXS3<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    13966000 | PA      | $14031359.76   | 0.14%             | 2027-06-11      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                         | John Deere Capital Corp.                                                                   | CUSIP: 24422EXW4<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    23650000 | PA      | $23808331.31   | 0.24%             | 2027-07-15      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                         | John Deere Capital Corp.                                                                   | CUSIP: 24422EYA1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    18400000 | PA      | $18420150.94   | 0.19%             | 2028-03-06      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                         | John Deere Capital Corp.                                                                   | CUSIP: 24422EYB9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    23720000 | PA      | $23761459.71   | 0.24%             | 2027-01-05      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust              | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-1, Class 1A1              | CUSIP: 251510CV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           1 | PA      | $1.06          | 0.00%             | 2035-02-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust              | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-1, Class 2A1              | CUSIP: 251510CX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       47989 | PA      | $46849.81      | 0.00%             | 2020-02-25      | Variable      | 3.41%                 | No            |                  2 | On Loan: No      |
| Deutsche Alt-A Securities Mortgage Loan Trust                    | Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-AR2, Class A1                   | CUSIP: 25151UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           2 | PA      | $2.32          | 0.00%             | 2037-03-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| Dexcom, Inc.                                                     | Dexcom, Inc.                                                                               | CUSIP: 252131AM9<br>LEI: 549300YSK3QDSFR5EU59 | Long             | DBT              | CORP              | US        |     8714000 | PA      | $7947069.44    | 0.08%             | 2028-05-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                                   | DISH DBS Corp.                                                                             | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1820000 | PA      | $1781798.56    | 0.02%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                                   | DISH DBS Corp.                                                                             | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2350000 | PA      | $2295791.61    | 0.02%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| DoorDash, Inc.                                                   | DoorDash, Inc.                                                                             | CUSIP: 25809KAA3<br>LEI: 549300NUQ43FGGSK5051 | Long             | DBT              | CORP              | US        |     6201000 | PA      | $6111790.06    | 0.06%             | 2030-05-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DraftKings Holdings, Inc.                                        | DraftKings Holdings, Inc.                                                                  | CUSIP: 26142RAB0<br>LEI: 5493008P45UYYL683Z97 | Long             | DBT              | CORP              | US        |     5066000 | PA      | $4559400.00    | 0.05%             | 2028-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dropbox, Inc.                                                    | Dropbox, Inc.                                                                              | CUSIP: 26210CAC8<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |     2842000 | PA      | $2803515.94    | 0.03%             | 2026-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dropbox, Inc.                                                    | Dropbox, Inc.                                                                              | CUSIP: 26210CAD6<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |     3241000 | PA      | $3346180.43    | 0.03%             | 2028-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EFMT                                                             | EFMT, Series 2025-NQM1, Class A1                                                           | CUSIP: 26846CAA4<br>LEI: 254900TJEVLCYF1H3X71 | Long             | ABS-MBS          | CORP              | US        |     7064030 | PA      | $7112090.85    | 0.07%             | 2070-01-25      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                  | Permian Resources Operating LLC                                                            | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     1565000 | PA      | $1585014.79    | 0.02%             | 2027-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                  | Permian Resources Operating LLC                                                            | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |      779000 | PA      | $839361.59     | 0.01%             | 2031-07-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| EchoStar Corp.                                                   | EchoStar Corp.                                                                             | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |      236995 | PA      | $559089.25     | 0.01%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Envista Holdings Corp.                                           | Envista Holdings Corp.                                                                     | CUSIP: 29415FAD6<br>LEI: 549300BX623VURJZ5269 | Long             | DBT              | CORP              | US        |     4201000 | PA      | $3996201.25    | 0.04%             | 2028-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Exact Sciences Corp.                                             | Exact Sciences Corp.                                                                       | CUSIP: 30063PAC9<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |     4466000 | PA      | $4573578.53    | 0.05%             | 2028-03-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                             | FNMA, REMIC, Series 2021-47, Class QI                                                      | CUSIP: 3136BH3G2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    34516506 | PA      | $4105979.98    | 0.04%             | 2049-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Realty OP LP                                             | Federal Realty OP LP                                                                       | CUSIP: 313747BD8<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              | CORP              | US        |     1560000 | PA      | $1568732.37    | 0.02%             | 2029-01-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Co.                                                   | Ford Motor Co.                                                                             | CUSIP: 345370CZ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     9331000 | PA      | $9829275.40    | 0.10%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                        | Ford Motor Credit Co. LLC                                                                  | CUSIP: 345397YT4<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     2695000 | PA      | $2645054.80    | 0.03%             | 2027-11-02      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                          | FHLMC STACR REMIC Trust, Series 2021-DNA5, Class M2                                        | CUSIP: 35564KHE2<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |     1073217 | PA      | $1075515.59    | 0.01%             | 2034-01-25      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                          | FHLMC STACR REMIC Trust, Series 2021-DNA6, Class M2                                        | CUSIP: 35564KKY4<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | CORP              | US        |    16450017 | PA      | $16512836.01   | 0.17%             | 2041-10-25      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC STACR REMIC Trust, Series 2023-DNA1, Class M1A                                       | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | CORP              | US        |     1533279 | PA      | $1554473.78    | 0.02%             | 2043-03-25      | Floating      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC STACR REMIC Trust, Series 2022-DNA2, Class M1A                                       | CUSIP: 35564KRE1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |     4431120 | PA      | $4432461.26    | 0.04%             | 2042-02-25      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC STACR REMIC Trust, Series 2022-DNA2, Class M1B                                       | CUSIP: 35564KRF8<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |     3510000 | PA      | $3568961.33    | 0.04%             | 2042-02-25      | Floating      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC STACR REMIC Trust, Series 2022-HQA1, Class M1A                                       | CUSIP: 35564KTA7<br>LEI: 5493000IRODEKU3J3Q16 | Long             | ABS-MBS          | CORP              | US        |     3463348 | PA      | $3471767.34    | 0.04%             | 2042-03-25      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC STACR REMIC Trust, Series 2022-DNA3, Class M1B                                       | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |    16894100 | PA      | $17340962.46   | 0.18%             | 2042-04-25      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                          | FHLMC STACR REMIC Trust, Series 2023-HQA1, Class M1A                                       | CUSIP: 35564KX79<br>LEI: 5493000IRHY5YZIPQD14 | Long             | ABS-MBS          | CORP              | US        |     2098716 | PA      | $2151991.97    | 0.02%             | 2043-05-25      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC STACR REMIC Trust, Series 2024-DNA1, Class M1                                        | CUSIP: 35564NAX1<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |     2268416 | PA      | $2271229.43    | 0.02%             | 2044-02-25      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC STACR REMIC Trust, Series 2024-HQA1, Class M1                                        | CUSIP: 35564NBX0<br>LEI: 529900PGKDI4ZEXFQ523 | Long             | ABS-MBS          | CORP              | US        |     8300812 | PA      | $8300796.86    | 0.08%             | 2044-03-25      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                          | FHLMC STACR REMIC Trust, Series 2024-DNA2, Class M1                                        | CUSIP: 35564NCX9<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |    13789569 | PA      | $13823977.12   | 0.14%             | 2044-05-25      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC STACR REMIC Trust, Series 2025-DNA1, Class M1                                        | CUSIP: 35564NFZ1<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |     8736008 | PA      | $8742893.82    | 0.09%             | 2045-01-25      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Fremont Home Loan Trust                                          | Fremont Home Loan Trust, Series 2006-1, Class 1A1                                          | CUSIP: 35729PNX4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |           1 | PA      | $1.48          | 0.00%             | 2036-04-25      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                             | Frontier Communications Holdings LLC                                                       | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2865000 | PA      | $2868870.30    | 0.03%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                             | Frontier Communications Holdings LLC                                                       | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      505735 | PA      | $513184.48     | 0.01%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GCAT Trust                                                       | GCAT Trust, Series 2020-NQM1, Class A1                                                     | CUSIP: 36167FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1577472 | PA      | $1556100.71    | 0.02%             | 2060-01-25      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| GCAT Trust                                                       | GCAT Trust, Series 2019-NQM3, Class A1                                                     | CUSIP: 36167VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1820947 | PA      | $1791140.03    | 0.02%             | 2059-11-25      | Variable      | 3.69%                 | Yes           |                  2 | On Loan: No      |
| GCAT Trust                                                       | GCAT Trust, Series 2025-NQM1, Class A1                                                     | CUSIP: 36171GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4648319 | PA      | $4667871.21    | 0.05%             | 2069-11-25      | Variable      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| GSAMP Trust                                                      | GSAMP Trust, Series 2007-HE1, Class A2C                                                    | CUSIP: 3622MDAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     8031936 | PA      | $7596892.53    | 0.08%             | 2047-03-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                          | GSR Mortgage Loan Trust, Series 2006-3F, Class 2A7                                         | CUSIP: 362334JV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           2 | PA      | $1.69          | 0.00%             | 2036-03-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GSAMP Trust                                                      | GSAMP Trust, Series 2006-FM3, Class A1                                                     | CUSIP: 36245TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |           1 | PA      | $0.68          | 0.00%             | 2036-11-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| GCAT Trust                                                       | GCAT Trust, Series 2025-NQM5, Class A1                                                     | CUSIP: 36831KAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    14587060 | PA      | $14578269.91   | 0.15%             | 2070-08-25      | Variable      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| Georgia Power Co.                                                | Georgia Power Co.                                                                          | CUSIP: 373334KZ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    33293000 | PA      | $33292855.84   | 0.34%             | 2026-09-15      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| GlaxoSmithKline Capital plc                                      | GlaxoSmithKline Capital plc                                                                | CUSIP: 377373AN5<br>LEI: 549300U0LV41VX7LEP38 | Long             | DBT              | CORP              | GB        |    36800000 | PA      | $36931523.20   | 0.37%             | 2027-03-12      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                             | Glencore Funding LLC                                                                       | CUSIP: 378272BW7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    13390000 | PA      | $13444730.55   | 0.14%             | 2027-04-04      | Floating      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                             | Glencore Funding LLC                                                                       | CUSIP: 378272BX5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    13850000 | PA      | $13863829.23   | 0.14%             | 2026-10-01      | Floating      | 4.83%                 | Yes           |                  2 | On Loan: No      |
| Global Payments, Inc.                                            | Global Payments, Inc.                                                                      | CUSIP: 37940XAU6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     1645000 | PA      | $1472181.83    | 0.01%             | 2031-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                            | CUSIP: 38141GC85<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    13750000 | PA      | $13862915.69   | 0.14%             | 2028-04-23      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                            | CUSIP: 38141GVX9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    24969000 | PA      | $25300816.29   | 0.26%             | 2027-10-28      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                            | CUSIP: 38141GXN9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     3029000 | PA      | $3028977.83    | 0.03%             | 2026-12-09      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                            | CUSIP: 38141GXX7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     9390000 | PA      | $9401621.63    | 0.10%             | 2027-03-09      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                            | CUSIP: 38141GYH1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    10886000 | PA      | $10902737.44   | 0.11%             | 2027-09-10      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                            | CUSIP: 38141GYR9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     4535000 | PA      | $4547580.18    | 0.05%             | 2027-10-21      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                           | Goldman Sachs Bank USA                                                                     | CUSIP: 38151LAE0<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    22813000 | PA      | $22842200.64   | 0.23%             | 2027-03-18      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                           | Goldman Sachs Bank USA                                                                     | CUSIP: 38151LAH3<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    47953000 | PA      | $48035570.27   | 0.49%             | 2027-05-21      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Corp.                                            | Gulfport Energy Corp.                                                                      | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |        2073 | NS      | $461221.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA, Inc.                                                        | HCA, Inc.                                                                                  | CUSIP: 404119CX5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    15822000 | PA      | $15907683.57   | 0.16%             | 2028-03-01      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                | HSBC Holdings plc                                                                          | CUSIP: 404280DY2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     7320000 | PA      | $7375188.85    | 0.07%             | 2027-08-14      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                                   | HSBC USA, Inc.                                                                             | CUSIP: 40428HA51<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |    31192000 | PA      | $31364765.00   | 0.32%             | 2027-03-04      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                                   | HSBC USA, Inc.                                                                             | CUSIP: 40428HS29<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |    13740000 | PA      | $13839051.66   | 0.14%             | 2028-06-03      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Halozyme Therapeutics, Inc.                                      | Halozyme Therapeutics, Inc.                                                                | CUSIP: 40637HAD1<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |     7239000 | PA      | $7994570.63    | 0.08%             | 2027-03-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                   | HarborView Mortgage Loan Trust, Series 2006-9, Class 2A1A                                  | CUSIP: 41161XAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           0 | PA      | $0.00          | 0.00%             | 2036-11-19      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                   | HarborView Mortgage Loan Trust, Series 2007-1, Class 2A1A                                  | CUSIP: 41164MAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           1 | PA      | $1.25          | 0.00%             | 2037-03-19      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| Harvest Commercial Capital Loan Trust                            | Harvest Commercial Capital Loan Trust, Series 2019-1, Class M4                             | CUSIP: 41753CAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3555000 | PA      | $3486052.91    | 0.04%             | 2046-09-25      | Variable      | 4.64%                 | Yes           |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                   | Hewlett Packard Enterprise Co.                                                             | CUSIP: 42824CBY4<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    18340000 | PA      | $18402529.86   | 0.19%             | 2028-09-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                | Hertz Corp. (The), Escrow                                                                  | CUSIP: 428ESCAB3<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     1753000 | PA      | $92032.50      | 0.00%             | 2024-10-15      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| ESC SANCHEZ                                                      | ESC SANCHEZ                                                                                | CUSIP: 429ESCAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3888000 | PA      | $0.04          | 0.00%             | 2070-03-15      | Fixed         | 8.88%                 | No            |                  3 | On Loan: No      |
| Home Depot, Inc. (The)                                           | Home Depot, Inc. (The)                                                                     | CUSIP: 437076CY6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    23008000 | PA      | $23011366.53   | 0.23%             | 2025-12-24      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund Trust                                | Homeward Opportunities Fund Trust, Series 2022-1, Class A1                                 | CUSIP: 43789KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2779806 | PA      | $2773358.84    | 0.03%             | 2067-07-25      | Variable      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                          | Hyundai Capital America                                                                    | CUSIP: 44891ADY0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    18310000 | PA      | $18404477.04   | 0.19%             | 2027-06-23      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Match Group Financeco 3, Inc.                                    | Match Group Financeco 3, Inc.                                                              | CUSIP: 44932KAA4<br>LEI: 5493003IEL8HSZKWUI17 | Long             | DBT              | CORP              | US        |     9042000 | PA      | $8056422.00    | 0.08%             | 2030-01-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                                      | IQVIA, Inc.                                                                                | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |      275000 | PA      | $274817.95     | 0.00%             | 2026-10-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                       | iHeartCommunications, Inc.                                                                 | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     2601119 | PA      | $2406867.43    | 0.02%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                       | iHeartCommunications, Inc.                                                                 | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      900000 | PA      | $740642.03     | 0.01%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| iHeartMedia, Inc.                                                | iHeartMedia, Inc., Class A                                                                 | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       70579 | NS      | $277375.47     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Impac CMB Trust                                                  | Impac CMB Trust, Series 2004-6, Class 1A2                                                  | CUSIP: 45254NKD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           1 | PA      | $1.49          | 0.00%             | 2034-10-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Incora Top Holdco LLC                                            | Incora Top Holdco LLC                                                                      | CUSIP: 45338U101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         611 | NS      | $17890.08      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Crescent Energy Finance LLC                                      | Crescent Energy Finance LLC                                                                | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |      734000 | PA      | $759000.77     | 0.01%             | 2028-02-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Home Equity Mortgage Loan Asset-Backed Trust                     | Home Equity Mortgage Loan Asset-Backed Trust, Series 2004-B, Class M2                      | CUSIP: 456606FB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      241843 | PA      | $237766.91     | 0.00%             | 2034-11-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                                     | ING Groep NV                                                                               | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     2375000 | PA      | $2379616.86    | 0.02%             | 2027-04-01      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                                     | ING Groep NV                                                                               | CUSIP: 456837BJ1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     1534000 | PA      | $1546111.25    | 0.02%             | 2027-09-11      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Integer Holdings Corp.                                           | Integer Holdings Corp.                                                                     | CUSIP: 45826HAB5<br>LEI: 549300SUD2ED5XG6X569 | Long             | DBT              | CORP              | US        |     2309000 | PA      | $2478076.55    | 0.03%             | 2028-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| IQVIA, Inc.                                                      | IQVIA, Inc.                                                                                | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     3935000 | PA      | $3930538.50    | 0.04%             | 2027-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Itron, Inc.                                                      | Itron, Inc.                                                                                | CUSIP: 465741AN6<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |     2965000 | PA      | $2947603.10    | 0.03%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                                 | JPMorgan Prime Money Market Fund, Class IM                                                 | CUSIP: 46637K844<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        |  5036007971 | NS      | $5038022374.12 | 51.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Seasoned Mortgage Trust                                 | JPMorgan Seasoned Mortgage Trust, Series 2014-1, Class A2                                  | CUSIP: 46643VAC1<br>LEI: 549300PO5OQO1J76ZY81 | Long             | ABS-MBS          | CORP              | US        |     1862559 | PA      | $1836957.07    | 0.02%             | 2033-05-25      | Floating      | 4.57%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods Backstop Equity                                      | Moran Foods Backstop Equity                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        | 21191575117 | NS      | $21191.58      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Jazz Investments I Ltd.                                          | Jazz Investments I Ltd.                                                                    | CUSIP: 472145AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     2595000 | PA      | $3070057.80    | 0.03%             | 2026-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JD.com, Inc.                                                     | JD.com, Inc.                                                                               | CUSIP: 47215PAJ5<br>LEI: 549300HVTWB0GJZ16V92 | Long             | DBT              | CORP              | KY        |      793000 | PA      | $807734.58     | 0.01%             | 2029-06-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                                   | JELD-WEN, Inc.                                                                             | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |      900000 | PA      | $772926.12     | 0.01%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.                                           | Keurig Dr Pepper, Inc.                                                                     | CUSIP: 49271VAS9<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    38100000 | PA      | $38113928.22   | 0.39%             | 2027-03-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.                                           | Keurig Dr Pepper, Inc.                                                                     | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    55401000 | PA      | $55386657.79   | 0.56%             | 2026-11-15      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                            | Lehman Mortgage Trust, Series 2006-4, Class 3A1                                            | CUSIP: 52520RAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        4551 | PA      | $4280.65       | 0.00%             | 2021-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                  | Eli Lilly & Co.                                                                            | CUSIP: 532457DA3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    33817000 | PA      | $34028525.34   | 0.34%             | 2028-10-15      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                  | Live Nation Entertainment, Inc.                                                            | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     3690000 | PA      | $3683724.42    | 0.04%             | 2027-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                  | Live Nation Entertainment, Inc.                                                            | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     3255000 | PA      | $3287468.63    | 0.03%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                  | Live Nation Entertainment, Inc.                                                            | CUSIP: 538034BB4<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     7792000 | PA      | $7869920.00    | 0.08%             | 2030-01-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                         | Lloyds Banking Group plc                                                                   | CUSIP: 53944YAW3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     4320000 | PA      | $4352094.71    | 0.04%             | 2027-08-07      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Lumentum Holdings, Inc.                                          | Lumentum Holdings, Inc.                                                                    | CUSIP: 55024UAF6<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |     4103000 | PA      | $10243139.50   | 0.10%             | 2028-06-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| MKS, Inc.                                                        | MKS, Inc.                                                                                  | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |     1647000 | PA      | $2073064.13    | 0.02%             | 2030-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                                                  | MYT Holding LLC                                                                            | CUSIP: 55406N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1412191 | NS      | $353047.75     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MYT Holding LLC                                                  | MYT Holding LLC, Series A                                                                  | CUSIP: 55406N202<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     2223481 | NS      | $2723764.23    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                              | Macquarie Bank Ltd.                                                                        | CUSIP: 55608PBN3<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    11056000 | PA      | $11105623.97   | 0.11%             | 2026-06-15      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                              | Macquarie Bank Ltd.                                                                        | CUSIP: 55608PBS2<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |     8900000 | PA      | $8975288.22    | 0.09%             | 2026-12-07      | Floating      | 5.29%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                              | Macquarie Bank Ltd.                                                                        | CUSIP: 55608PBU7<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |     9100000 | PA      | $9186771.14    | 0.09%             | 2027-07-02      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mastercard, Inc.                                                 | Mastercard, Inc.                                                                           | CUSIP: 57636QBE3<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     9869000 | PA      | $9890612.32    | 0.10%             | 2028-03-15      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                     | MASTR Alternative Loan Trust, Series 2005-5, Class 3A1                                     | CUSIP: 576434T20<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           2 | PA      | $0.75          | 0.00%             | 2035-08-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                           | Mauser Packaging Solutions Holding Co.                                                     | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |      895000 | PA      | $862937.34     | 0.01%             | 2030-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | CDI                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   115000000 | PA      | $-436671.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | CDI                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   549850000 | PA      | $-1360710.08   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | CDI                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    44200000 | PA      | $-496710.53    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | CDI                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    37000000 | PA      | $-405053.65    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                          | Mercedes-Benz Finance North America LLC                                                    | CUSIP: 58769JAN7<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    33245000 | PA      | $33260811.32   | 0.34%             | 2026-01-09      | Floating      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                          | Mercedes-Benz Finance North America LLC                                                    | CUSIP: 58769JAV9<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    42801000 | PA      | $42865944.95   | 0.43%             | 2026-07-31      | Floating      | 4.57%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                          | Mercedes-Benz Finance North America LLC                                                    | CUSIP: 58769JAY3<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    28405000 | PA      | $28591158.42   | 0.29%             | 2027-11-15      | Floating      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                          | Mercedes-Benz Finance North America LLC                                                    | CUSIP: 58769JBD8<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    27930000 | PA      | $28032142.52   | 0.28%             | 2027-04-01      | Floating      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                          | Mercedes-Benz Finance North America LLC                                                    | CUSIP: 58769JBF3<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    17540000 | PA      | $17611073.83   | 0.18%             | 2028-03-31      | Floating      | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Merck & Co., Inc.                                                | Merck & Co., Inc.                                                                          | CUSIP: 58933YBU8<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    31684000 | PA      | $31860163.04   | 0.32%             | 2027-09-15      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Meritage Homes Corp.                                             | Meritage Homes Corp.                                                                       | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     1561000 | PA      | $1563103.14    | 0.02%             | 2028-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                                      | CUSIP: 59022CAA1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     7174000 | PA      | $7195220.69    | 0.07%             | 2026-09-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                               | Metropolitan Life Global Funding I                                                         | CUSIP: 592179KK0<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    13900000 | PA      | $13916420.35   | 0.14%             | 2026-04-09      | Floating      | 4.64%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | CDI                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    68750000 | PA      | $-1079433.74   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MFA Trust                                                        | MFA Trust, Series 2023-INV2, Class A1                                                      | CUSIP: 59319BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3866448 | PA      | $3899892.72    | 0.04%             | 2058-10-25      | Variable      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Microchip Technology, Inc.                                       | Microchip Technology, Inc.                                                                 | CUSIP: 595017BG8<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |     8573000 | PA      | $8251512.50    | 0.08%             | 2030-06-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | CDI                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   114570000 | PA      | $-378279.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Loan Trust                                    | Mill City Mortgage Loan Trust, Series 2023-NQM1, Class A1                                  | CUSIP: 59980DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6590657 | PA      | $6586881.67    | 0.07%             | 2067-10-25      | Variable      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Markets Cayman LP                                         | Mizuho Markets Cayman LP                                                                   | CUSIP: 60700JFT7<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |    18360000 | PA      | $18371976.23   | 0.19%             | 2026-10-09      | Floating      | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                                           | Morgan Stanley Bank NA                                                                     | CUSIP: 61690U7X2<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    10150000 | PA      | $10240578.09   | 0.10%             | 2026-10-30      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                                           | Morgan Stanley Bank NA                                                                     | CUSIP: 61690U7Z7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    21535000 | PA      | $21669446.88   | 0.22%             | 2028-01-14      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                                           | Morgan Stanley Bank NA                                                                     | CUSIP: 61690U8F0<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    24400000 | PA      | $24448937.13   | 0.25%             | 2027-10-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                             | CUSIP: 61747YFN0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    25244000 | PA      | $25365423.64   | 0.26%             | 2028-04-13      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Private Bank NA                                   | Morgan Stanley Private Bank NA                                                             | CUSIP: 61776NVF7<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |    18400000 | PA      | $18436207.52   | 0.19%             | 2028-07-06      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| NACC Reperforming Loan REMIC Trust                               | NACC Reperforming Loan REMIC Trust, Series 2004-R1, Class A1                               | CUSIP: 62951MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      662220 | PA      | $609771.73     | 0.01%             | 2034-03-25      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NYMT Loan Trust                                                  | NYMT Loan Trust, Series 2024-INV1, Class A1                                                | CUSIP: 62956XAA9<br>LEI: 2549009GL7U73W4FX613 | Long             | ABS-MBS          | CORP              | US        |     4458349 | PA      | $4476524.32    | 0.05%             | 2069-06-25      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| NMG Parent LLC                                                   | NMG Parent LLC, Escrow                                                                     | CUSIP: 629ESC039<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       46864 | NS      | $585800.00     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| National Australia Bank Ltd.                                     | National Australia Bank Ltd.                                                               | CUSIP: 632525BP5<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |     2200000 | PA      | $2201691.80    | 0.02%             | 2026-01-29      | Floating      | 4.61%                 | Yes           |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                     | National Australia Bank Ltd.                                                               | CUSIP: 632525BQ3<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    13630000 | PA      | $13693145.34   | 0.14%             | 2027-06-11      | Floating      | 4.71%                 | Yes           |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                     | National Australia Bank Ltd.                                                               | CUSIP: 632525BW0<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    27480000 | PA      | $27600661.38   | 0.28%             | 2027-10-26      | Floating      | 4.67%                 | Yes           |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                     | National Australia Bank Ltd.                                                               | CUSIP: 6325C0EC1<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |     3275000 | PA      | $3285046.03    | 0.03%             | 2027-01-12      | Floating      | 4.68%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Canada                                          | National Bank of Canada                                                                    | CUSIP: 63307A2Y0<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    18050000 | PA      | $18074094.95   | 0.18%             | 2027-03-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.               | National Rural Utilities Cooperative Finance Corp.                                         | CUSIP: 63743HFQ0<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    24035000 | PA      | $24158383.91   | 0.24%             | 2027-02-05      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.               | National Rural Utilities Cooperative Finance Corp.                                         | CUSIP: 63743HFU1<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    22800000 | PA      | $22915090.75   | 0.23%             | 2027-09-16      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.               | National Rural Utilities Cooperative Finance Corp.                                         | CUSIP: 63743HFV9<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    36600000 | PA      | $36600409.92   | 0.37%             | 2025-12-03      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.               | National Rural Utilities Cooperative Finance Corp.                                         | CUSIP: 63743HFY3<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    36240000 | PA      | $36347688.25   | 0.37%             | 2026-11-22      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.               | National Rural Utilities Cooperative Finance Corp.                                         | CUSIP: 63743HGA4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    18400000 | PA      | $18398227.53   | 0.19%             | 2026-10-30      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Constellation Renewables LLC                                     | Constellation Renewables LLC, 1st Lien Term Loan                                           | CUSIP: 30204KAD8<br>LEI: 5493004JBPWTPTK8LB51 | Long             | LON              | CORP              | US        |      788009 | PA      | $789978.64     | 0.01%             | 2027-12-15      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| National Securities Clearing Corp.                               | National Securities Clearing Corp.                                                         | CUSIP: 637639AP0<br>LEI: 549300RYC9NELN2ICA34 | Long             | DBT              | CORP              | US        |    41310000 | PA      | $41523771.40   | 0.42%             | 2027-05-20      | Floating      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| NatWest Markets plc                                              | NatWest Markets plc                                                                        | CUSIP: 63906YAE8<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |     9170000 | PA      | $9201701.97    | 0.09%             | 2026-09-29      | Floating      | 4.84%                 | Yes           |                  2 | On Loan: No      |
| NatWest Markets plc                                              | NatWest Markets plc                                                                        | CUSIP: 63906YAK4<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |     9100000 | PA      | $9150362.49    | 0.09%             | 2027-05-17      | Floating      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                                       | Pike Corp., 1st Lien Term Loan                                                             | CUSIP: 72108PAR5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |      806297 | PA      | $807554.34     | 0.01%             | 2028-01-21      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                      | Asurion LLC, 2nd Lien Term Loan B-3                                                        | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |      535000 | PA      | $511262.05     | 0.01%             | 2028-01-31      | Variable      | 9.28%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                      | Asurion LLC, 1st Lien Term Loan B-9                                                        | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |      339025 | PA      | $338475.78     | 0.00%             | 2027-07-30      | Variable      | 7.28%                 | No            |                  2 | On Loan: No      |
| New Century Home Equity Loan Trust                               | New Century Home Equity Loan Trust, Series 2003-5, Class AI7                               | CUSIP: 64352VEF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         246 | PA      | $245.44        | 0.00%             | 2033-11-25      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| New Century Home Equity Loan Trust                               | New Century Home Equity Loan Trust, Series 2005-1, Class M6                                | CUSIP: 64352VKF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3954858 | PA      | $3907380.70    | 0.04%             | 2035-03-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| RealPage, Inc.                                                   | RealPage, Inc., 1st Lien Term Loan                                                         | CUSIP: 75605VAD4<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |      278400 | PA      | $277957.34     | 0.00%             | 2028-04-24      | Variable      | 7.26%                 | No            |                  2 | On Loan: No      |
| DCert Buyer, Inc.                                                | DCert Buyer, Inc., 2nd Lien Term Loan                                                      | CUSIP: 24022KAJ8<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |      220000 | PA      | $197450.00     | 0.00%             | 2029-02-16      | Variable      | 10.92%                | No            |                  2 | On Loan: No      |
| Petco Health & Wellness Co., Inc.                                | Petco Health & Wellness Co., Inc., 1st Lien Term Loan                                      | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |     1378517 | PA      | $1354199.75    | 0.01%             | 2028-03-03      | Variable      | 7.51%                 | No            |                  2 | On Loan: No      |
| Arches Buyer, Inc.                                               | Arches Buyer, Inc., 1st Lien Term Loan                                                     | CUSIP: 03952HAD6<br>LEI: 2549009ADY4208OH2Y47 | Long             | LON              | CORP              | US        |      193368 | PA      | $193596.42     | 0.00%             | 2027-12-06      | Variable      | 7.27%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                              | New Residential Mortgage Loan Trust, Series 2018-RPL1, Class A1                            | CUSIP: 64829VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7729288 | PA      | $7547925.18    | 0.08%             | 2057-12-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Enviri Corp.                                                     | Enviri Corp., 1st Lien Term Loan B-3                                                       | CUSIP: 41587CAR9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | LON              | CORP              | US        |      460877 | PA      | $460761.48     | 0.00%             | 2028-06-09      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Thoughtworks, Inc.                                               | Thoughtworks, Inc., 1st Lien Term Loan B                                                   | CUSIP: 90010LAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      179884 | PA      | $169675.20     | 0.00%             | 2028-03-24      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                              | Nexstar Media, Inc.                                                                        | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     2100000 | PA      | $2082566.43    | 0.02%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                            | NextEra Energy Capital Holdings, Inc.                                                      | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     9190000 | PA      | $9287267.88    | 0.09%             | 2027-09-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                            | NextEra Energy Capital Holdings, Inc.                                                      | CUSIP: 65339KCR9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    31500000 | PA      | $31530555.00   | 0.32%             | 2026-01-29      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                            | NextEra Energy Capital Holdings, Inc.                                                      | CUSIP: 65339KDH0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    23011000 | PA      | $23167474.80   | 0.23%             | 2028-02-04      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                              | Nexstar Media, Inc.                                                                        | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     1705000 | PA      | $1706328.20    | 0.02%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Nomura Resecuritization Trust                                    | Nomura Resecuritization Trust, Series 2015-2R, Class 4A1                                   | CUSIP: 65540UAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      147939 | PA      | $146939.87     | 0.00%             | 2036-12-26      | Floating      | 4.21%                 | Yes           |                  2 | On Loan: No      |
| Nordea Bank Abp                                                  | Nordea Bank Abp                                                                            | CUSIP: 65558RAF6<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    18360000 | PA      | $18446593.47   | 0.19%             | 2027-03-19      | Floating      | 4.82%                 | Yes           |                  2 | On Loan: No      |
| Conair Holdings LLC                                              | Conair Holdings LLC, 1st Lien Term Loan B                                                  | CUSIP: 20600RAB8<br>LEI: 549300804G00T34FLV17 | Long             | LON              | CORP              | US        |      587275 | PA      | $289232.83     | 0.00%             | 2028-05-17      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                | Hertz Corp. (The), 1st Lien Term Loan B                                                    | CUSIP: 42804VBB6<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |     1054064 | PA      | $870688.09     | 0.01%             | 2028-06-30      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                | Hertz Corp. (The), 1st Lien Term Loan C                                                    | CUSIP: 42804VBC4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |      207468 | PA      | $171374.63     | 0.00%             | 2028-06-30      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                                  | Madison IAQ LLC, 1st Lien Term Loan                                                        | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |     2644555 | PA      | $2652647.58    | 0.03%             | 2028-06-21      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| St. George's University Scholastic Services LLC                  | St. George's University Scholastic Services LLC, 1st Lien Term Loan                        | CUSIP: 78957LAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      719458 | PA      | $703723.50     | 0.01%             | 2029-02-12      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| DIRECTV Financing LLC                                            | DIRECTV Financing LLC, 1st Lien Term Loan                                                  | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       10831 | PA      | $10827.74      | 0.00%             | 2027-08-02      | Variable      | 9.10%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corp.                                           | Novartis Capital Corp.                                                                     | CUSIP: 66989HBD9<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    15130000 | PA      | $15252250.40   | 0.15%             | 2028-11-05      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                                              | NuStar Logistics LP                                                                        | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |      845000 | PA      | $847240.94     | 0.01%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2021-NQM1, Class A1                                                      | CUSIP: 67114BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     8043036 | PA      | $7085965.36    | 0.07%             | 2066-02-25      | Variable      | 1.07%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2022-NQM7, Class A1                                                      | CUSIP: 67117DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     6262796 | PA      | $6253908.28    | 0.06%             | 2062-08-25      | Variable      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2023-NQM3, Class A1                                                      | CUSIP: 67117PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7240166 | PA      | $7242487.47    | 0.07%             | 2063-02-25      | Variable      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2024-NQM11, Class A3                                                     | CUSIP: 67119EAC0<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |     7057527 | PA      | $7131135.85    | 0.07%             | 2064-06-25      | Variable      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2025-NQM15, Class A1F                                                    | CUSIP: 67122CAD7<br>LEI: 254900Y3YIZHUWMEGC78 | Long             | ABS-MBS          | CORP              | US        |     5753760 | PA      | $5756432.59    | 0.06%             | 2065-07-27      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2025-NQM16, Class A1F                                                    | CUSIP: 67122DAD5<br>LEI: 254900WI6P4MRT24JH23 | Long             | ABS-MBS          | CORP              | US        |     3509679 | PA      | $3508434.81    | 0.04%             | 2065-08-25      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| DexKo Global, Inc.                                               | DexKo Global, Inc., 1st Lien Term Loan                                                     | CUSIP: 25213YAU9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      994845 | PA      | $980211.19     | 0.01%             | 2028-10-04      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2025-NQM18, Class A1                                                     | CUSIP: 673918AC2<br>LEI: 254900JLM1WC0WGYCA96 | Long             | ABS-MBS          | CORP              | US        |     3168265 | PA      | $3178457.64    | 0.03%             | 2065-09-25      | Variable      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2023-NQM5, Class A1A                                                     | CUSIP: 673919AL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3197983 | PA      | $3215917.00    | 0.03%             | 2063-06-25      | Variable      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2025-NQM14, Class A1F                                                    | CUSIP: 673924AP1<br>LEI: 254900T4WKE0IYMYAI09 | Long             | ABS-MBS          | CORP              | US        |     4680386 | PA      | $4685949.73    | 0.05%             | 2065-07-25      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2024-NQM12, Class A1                                                     | CUSIP: 67448PAA1<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |     5530820 | PA      | $5558209.60    | 0.06%             | 2064-07-25      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2023-NQM10, Class A1                                                     | CUSIP: 67449CAA9<br>LEI: 254900O44XNRXAW7W466 | Long             | ABS-MBS          | CORP              | US        |     1436794 | PA      | $1454299.12    | 0.01%             | 2063-10-25      | Variable      | 6.46%                 | Yes           |                  2 | On Loan: No      |
| ON Semiconductor Corp.                                           | ON Semiconductor Corp.                                                                     | CUSIP: 682189AU9<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |     9143000 | PA      | $8487270.35    | 0.09%             | 2029-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Altar Bidco, Inc.                                                | Altar Bidco, Inc., 2nd Lien Term Loan                                                      | CUSIP: 02090CAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      251250 | PA      | $236489.06     | 0.00%             | 2030-02-01      | Variable      | 9.28%                 | No            |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                                  | 1261229 BC Ltd.                                                                            | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     2860000 | PA      | $2956710.90    | 0.03%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                                   | Option One Mortgage Loan Trust, Series 2004-3, Class M2                                    | CUSIP: 68389FFU3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      341212 | PA      | $367960.94     | 0.00%             | 2034-11-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                     | Oracle Corp.                                                                               | CUSIP: 68389XCX1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    44560000 | PA      | $44673740.29   | 0.45%             | 2028-08-03      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                                         | AthenaHealth Group, Inc., 1st Lien Term Loan                                               | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |      258698 | PA      | $258159.64     | 0.00%             | 2029-02-15      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| PNC Bank NA                                                      | PNC Bank NA                                                                                | CUSIP: 69353RFW3<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    27500000 | PA      | $27505941.65   | 0.28%             | 2027-01-15      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| PRPM Trust                                                       | PRPM Trust, Series 2024-NQM1, Class A1                                                     | CUSIP: 693977AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2051488 | PA      | $2072392.84    | 0.02%             | 2068-12-25      | Variable      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| PayPal Holdings, Inc.                                            | PayPal Holdings, Inc.                                                                      | CUSIP: 70450YAR4<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |    25917000 | PA      | $25980937.76   | 0.26%             | 2028-03-06      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| PepsiCo, Inc.                                                    | PepsiCo, Inc.                                                                              | CUSIP: 713448FP8<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |      500000 | PA      | $500205.29     | 0.01%             | 2026-02-13      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| Pepsico Singapore Financing I Pte. Ltd.                          | Pepsico Singapore Financing I Pte. Ltd.                                                    | CUSIP: 713466AE0<br>LEI: 254900DOMTCMUFROFJ76 | Long             | DBT              | CORP              | SG        |    22350000 | PA      | $22396218.91   | 0.23%             | 2027-02-16      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Pfizer, Inc.                                                     | Pfizer, Inc.                                                                               | CUSIP: 717081FC2<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     6426000 | PA      | $6441904.35    | 0.07%             | 2027-11-15      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Philip Morris International, Inc.                                | Philip Morris International, Inc.                                                          | CUSIP: 718172DS5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    10000000 | PA      | $10064483.40   | 0.10%             | 2028-04-28      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                                         | Spirit AeroSystems, Inc., 1st Lien Term Loan                                               | CUSIP: 84857HAY6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | LON              | CORP              | US        |      232800 | PA      | $232509.00     | 0.00%             | 2027-01-15      | Variable      | 8.34%                 | No            |                  2 | On Loan: No      |
| Altice Financing SA                                              | Altice Financing SA, 1st Lien Term Loan                                                    | CUSIP: L0178UAM8<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |      172126 | PA      | $126512.82     | 0.00%             | 2027-10-29      | Variable      | 8.90%                 | No            |                  2 | On Loan: No      |
| Public Storage Operating Co.                                     | Public Storage Operating Co.                                                               | CUSIP: 74464AAA9<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    48082000 | PA      | $48216056.46   | 0.49%             | 2027-04-16      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| RALI Trust                                                       | RALI Trust, Series 2006-QS18, Class 3A3                                                    | CUSIP: 74922RAR1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        7900 | PA      | $3549.31       | 0.00%             | 2036-12-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                          | RHP Hotel Properties LP                                                                    | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2825000 | PA      | $2818468.32    | 0.03%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RFMSI Trust                                                      | RFMSI Trust, Series 2006-SA4, Class 2A1                                                    | CUSIP: 74958CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      351566 | PA      | $296006.91     | 0.00%             | 2036-11-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| RFMSI Trust                                                      | RFMSI Trust, Series 2006-S10, Class 1A1                                                    | CUSIP: 74958DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           2 | PA      | $1.44          | 0.00%             | 2036-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Guardian US Holdco LLC                                           | Guardian US Holdco LLC, 1st Lien Term Loan                                                 | CUSIP: 40147EAB5<br>LEI: 254900OSYC6XQ21DY128 | Long             | LON              | CORP              | US        |      342156 | PA      | $342326.70     | 0.00%             | 2030-01-31      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| INEOS US Finance LLC                                             | INEOS US Finance LLC, 1st Lien Term Loan                                                   | CUSIP: G4768PAN1<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |     1785491 | PA      | $1504276.32    | 0.02%             | 2030-02-18      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                      | Asurion LLC, 1st Lien Term Loan B-11                                                       | CUSIP: 04649VBC3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |      610841 | PA      | $609399.43     | 0.01%             | 2028-08-21      | Variable      | 8.27%                 | No            |                  2 | On Loan: No      |
| RAMP Trust                                                       | RAMP Trust, Series 2005-EFC6, Class M4                                                     | CUSIP: 76112BK58<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2540000 | PA      | $2483811.14    | 0.03%             | 2035-11-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                           | Residential Asset Securitization Trust, Series 2006-R1, Class A2                           | CUSIP: 76113MAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           1 | PA      | $0.35          | 0.00%             | 2046-01-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Rexford Industrial Realty LP                                     | Rexford Industrial Realty LP                                                               | CUSIP: 76169XAE4<br>LEI: 549300028US163ELJN70 | Long             | DBT              | CORP              | US        |     4984000 | PA      | $5028856.00    | 0.05%             | 2029-03-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                                   | Rite Aid Corp.                                                                             | CUSIP: 767754CR3<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |      136545 | PA      | $0.00          | 0.00%             | 2031-08-30      | Variable      | 11.32%                | Yes           |                  3 | On Loan: No      |
| Rite Aid Corp.                                                   | Rite Aid Corp., Series A                                                                   | CUSIP: 767754CS1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |      395321 | PA      | $0.00          | 0.00%             | 2031-08-30      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| Rite Aid Corp.                                                   | Rite Aid Corp., Series B                                                                   | CUSIP: 767754CT9<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |      186183 | PA      | $0.00          | 0.00%             | 2031-08-30      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| Rite Aid Corp.                                                   | Rite Aid Corp.                                                                             | CUSIP: 767ESCAA4<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |      489000 | PA      | $0.00          | 0.00%             | 2025-07-01      | Fixed         | 7.50%                 | No            |                  3 | On Loan: No      |
| Rite Aid Corp.                                                   | Rite Aid Corp.                                                                             | CUSIP: 767ESCAC0<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |      818000 | PA      | $0.01          | 0.00%             | 2026-11-15      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Rite Aid Corp.                                                   | Rite Aid Corp., Escrow                                                                     | CUSIP: 767ESCAG1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |      367440 | PA      | $0.00          | 0.00%             | 2025-10-18      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Shutterfly Finance LLC                                           | Shutterfly Finance LLC, 1st Lien Term Loan B                                               | CUSIP: 82568TAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       98908 | PA      | $99000.98      | 0.00%             | 2027-10-01      | Variable      | 9.84%                 | No            |                  2 | On Loan: No      |
| Roche Holdings, Inc.                                             | Roche Holdings, Inc.                                                                       | CUSIP: 771196CD2<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |    24806000 | PA      | $24933262.22   | 0.25%             | 2026-11-13      | Floating      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                                           | Shutterfly Finance LLC, 2nd Lien Term Loan                                                 | CUSIP: 82568TAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      232636 | PA      | $221683.04     | 0.00%             | 2027-10-01      | Variable      | 8.82%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                             | Royal Bank of Canada                                                                       | CUSIP: 78016EYD3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    13720000 | PA      | $13747461.27   | 0.14%             | 2026-11-02      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                             | Royal Bank of Canada                                                                       | CUSIP: 78016EZR1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    29911000 | PA      | $29949003.42   | 0.30%             | 2026-04-27      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                             | Royal Bank of Canada                                                                       | CUSIP: 78016FZV9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    20190000 | PA      | $20211150.24   | 0.20%             | 2026-01-12      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                             | Royal Bank of Canada                                                                       | CUSIP: 78016HZR4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    36740000 | PA      | $36964016.27   | 0.37%             | 2026-07-20      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                             | Royal Bank of Canada                                                                       | CUSIP: 78016HZU7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    11300000 | PA      | $11371348.77   | 0.12%             | 2027-01-19      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                             | Royal Bank of Canada                                                                       | CUSIP: 78016HZY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    25360000 | PA      | $25423801.20   | 0.26%             | 2027-07-23      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                             | Royal Bank of Canada                                                                       | CUSIP: 78017DAE8<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    18400000 | PA      | $18428285.95   | 0.19%             | 2026-08-03      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                             | Royal Bank of Canada                                                                       | CUSIP: 78017DAG3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     9220000 | PA      | $9253967.49    | 0.09%             | 2028-03-27      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                             | Royal Bank of Canada                                                                       | CUSIP: 78017FZR7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     9150000 | PA      | $9174229.29    | 0.09%             | 2027-10-18      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Serta Simmons Bedding LLC                                        | Serta Simmons Bedding LLC, 1st Lien Term Loan                                              | CUSIP: 81753HAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       89620 | PA      | $83739.04      | 0.00%             | 2028-06-29      | Variable      | 11.62%                | No            |                  2 | On Loan: No      |
| US Renal Care, Inc.                                              | US Renal Care, Inc., 1st Lien Term Loan C                                                  | CUSIP: 90290PAS3<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |     1107158 | PA      | $1046784.38    | 0.01%             | 2028-06-28      | Variable      | 9.03%                 | No            |                  2 | On Loan: No      |
| SG Residential Mortgage Trust                                    | SG Residential Mortgage Trust, Series 2022-2, Class A1                                     | CUSIP: 78434KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    14313866 | PA      | $14310162.01   | 0.14%             | 2062-08-25      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| SG Residential Mortgage Trust                                    | SG Residential Mortgage Trust, Series 2022-2, Class A2                                     | CUSIP: 78434KAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4210200 | PA      | $4204168.00    | 0.04%             | 2062-08-25      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                          | SS&C Technologies, Inc.                                                                    | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |      290000 | PA      | $289953.48     | 0.00%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Sanofi SA                                                        | Sanofi SA                                                                                  | CUSIP: 801060AF1<br>LEI: 549300E9PC51EN656011 | Long             | DBT              | CORP              | FR        |     4600000 | PA      | $4618871.68    | 0.05%             | 2027-11-03      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Moran Foods LLC                                                  | Moran Foods LLC, 2nd Lien PIK Term Loan                                                    | CUSIP: 61647DAU6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4088500 | PA      | $0.04          | 0.00%             | 2026-06-30      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| TransDigm, Inc.                                                  | TransDigm, Inc., 1st Lien Term Loan J                                                      | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |      424880 | PA      | $425478.62     | 0.00%             | 2031-02-28      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Saxon Asset Securities Trust                                     | Saxon Asset Securities Trust, Series 2002-3, Class AF6                                     | CUSIP: 805564MG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      471948 | PA      | $472962.68     | 0.00%             | 2031-05-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                     | Scotts Miracle-Gro Co. (The)                                                               | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |      500000 | PA      | $499252.15     | 0.01%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Securitized Asset-Backed Receivables LLC Trust                   | Securitized Asset-Backed Receivables LLC Trust, Series 2006-WM2, Class A2A                 | CUSIP: 81376GAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |           3 | PA      | $1.89          | 0.00%             | 2036-09-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Securitized Asset-Backed Receivables LLC Trust                   | Securitized Asset-Backed Receivables LLC Trust, Series 2006-NC3, Class A1                  | CUSIP: 81377CAM0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |           1 | PA      | $0.69          | 0.00%             | 2036-09-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Moran Foods LLC                                                  | Moran Foods LLC, 1st Lien PIK Term Loan                                                    | CUSIP: 61647DAT9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2944547 | PA      | $731719.87     | 0.01%             | 2026-06-30      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| WEC US Holdings, Inc.                                            | WEC US Holdings, Inc., 1st Lien Term Loan                                                  | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |     1512241 | PA      | $1513571.64    | 0.02%             | 2031-01-27      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| Ensemble RCM LLC                                                 | Ensemble RCM LLC, 1st Lien Term Loan B                                                     | CUSIP: 29359BAE1<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |     1020749 | PA      | $1025362.45    | 0.01%             | 2029-08-01      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| Adient US LLC                                                    | Adient US LLC, 1st Lien Term Loan B-2                                                      | CUSIP: 00687MAH4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      566948 | PA      | $568439.49     | 0.01%             | 2031-01-31      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| UKG, Inc.                                                        | UKG, Inc., 1st Lien Term Loan                                                              | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     1164366 | PA      | $1163376.00    | 0.01%             | 2031-02-10      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                             | Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan                                   | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |      570339 | PA      | $570744.05     | 0.01%             | 2028-08-23      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| ICON Luxembourg SARL                                             | ICON Luxembourg SARL, 1st Lien Term Loan                                                   | CUSIP: L5000DAE7<br>LEI: 635400PUWMHSPI2DDA35 | Long             | LON              | CORP              | LU        |      153930 | PA      | $155228.85     | 0.00%             | 2028-07-03      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Shift4 Payments, Inc.                                            | Shift4 Payments, Inc.                                                                      | CUSIP: 82452JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1278000 | PA      | $1257073.10    | 0.01%             | 2027-08-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Shutterfly Finance LLC                                           | Shutterfly Finance LLC                                                                     | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2753260 | PA      | $2622480.15    | 0.03%             | 2027-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                                           | Shutterfly Finance LLC                                                                     | CUSIP: 82568NAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      307144 | PA      | $307144.00     | 0.00%             | 2027-10-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| PRA Health Sciences, Inc.                                        | PRA Health Sciences, Inc., 1st Lien Term Loan B                                            | CUSIP: L5000DAF4<br>LEI: 635400PUWMHSPI2DDA35 | Long             | LON              | CORP              | US        |       38352 | PA      | $38675.38      | 0.00%             | 2028-07-03      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Siemens Funding BV                                               | Siemens Funding BV                                                                         | CUSIP: 82622RAB2<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | CORP              | NL        |    20040000 | PA      | $20121622.92   | 0.20%             | 2028-05-26      | Floating      | 4.69%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                          | Quikrete Holdings, Inc., 1st Lien Term Loan B-2                                            | CUSIP: 74839XAK5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      809082 | PA      | $809818.52     | 0.01%             | 2029-03-19      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                         | Lumen Technologies, Inc., 1st Lien Term Loan B-1                                           | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |      741930 | PA      | $737018.85     | 0.01%             | 2029-04-16      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                         | Lumen Technologies, Inc., 1st Lien Term Loan B-2                                           | CUSIP: 55024EAG0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      321160 | PA      | $318992.52     | 0.00%             | 2030-04-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                                 | Skandinaviska Enskilda Banken AB                                                           | CUSIP: 830505BA0<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |     8960000 | PA      | $9014342.94    | 0.09%             | 2027-03-05      | Floating      | 4.98%                 | Yes           |                  2 | On Loan: No      |
| Snap, Inc.                                                       | Snap, Inc.                                                                                 | CUSIP: 83304AAB2<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     3508000 | PA      | $3385220.00    | 0.03%             | 2026-08-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Snap, Inc.                                                       | Snap, Inc.                                                                                 | CUSIP: 83304AAK2<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     2659000 | PA      | $2316504.02    | 0.02%             | 2030-05-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                              | Societe Generale SA                                                                        | CUSIP: 83368RCA8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    13750000 | PA      | $13793351.69   | 0.14%             | 2027-02-19      | Floating      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                                    | Staples, Inc., 1st Lien Term Loan                                                          | CUSIP: 855031AU4<br>LEI: XQM2JINI1UL7642TU573 | Long             | LON              | CORP              | US        |     1141453 | PA      | $1069758.63    | 0.01%             | 2029-08-23      | Variable      | 9.60%                 | No            |                  2 | On Loan: No      |
| Proofpoint, Inc.                                                 | Proofpoint, Inc., 1st Lien Term Loan                                                       | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |      548817 | PA      | $550924.83     | 0.01%             | 2028-08-31      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| Ecovyst Catalyst Technologies LLC                                | Ecovyst Catalyst Technologies LLC, 1st Lien Term Loan                                      | CUSIP: 27922JAC0<br>LEI: 254900NH3N3I82Z6Q744 | Long             | LON              | CORP              | US        |     1470338 | PA      | $1469808.80    | 0.01%             | 2031-06-12      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| White Cap Supply Holdings LLC                                    | White Cap Supply Holdings LLC, 1st Lien Term Loan C                                        | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |      646706 | PA      | $648348.32     | 0.01%             | 2029-10-19      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| Virtusa Corp.                                                    | Virtusa Corp., 1st Lien Term Loan B-2                                                      | CUSIP: 92828KAP7<br>LEI: C77OMXDER63WLJCSKT03 | Long             | LON              | CORP              | US        |      230963 | PA      | $230514.53     | 0.00%             | 2029-02-15      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| Venator Materials LLC                                            | Venator Materials LLC, 1st Lien Term Loan                                                  | CUSIP: L9632YAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      631036 | PA      | $315517.84     | 0.00%             | 2028-10-12      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| Jazz Financing Lux SARL                                          | Jazz Financing Lux SARL, 1st Lien Term Loan B-2                                            | CUSIP: G5080AAJ1<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |      367173 | PA      | $368498.39     | 0.00%             | 2028-05-05      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Project Boost Purchaser LLC                                      | Project Boost Purchaser LLC, 1st Lien Term Loan                                            | CUSIP: 74339NAG1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      744985 | PA      | $744754.05     | 0.01%             | 2031-07-16      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                                      | Block, Inc.                                                                                | CUSIP: 852234AJ2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     5295000 | PA      | $5162625.00    | 0.05%             | 2026-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Graham Packaging Co., Inc.                                       | Graham Packaging Co., Inc., 1st Lien Term Loan                                             | CUSIP: 38469EAE3<br>LEI: 549300YS0ZFT826HIK72 | Long             | LON              | CORP              | US        |      984244 | PA      | $986045.56     | 0.01%             | 2027-08-04      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                              | Starwood Mortgage Residential Trust, Series 2022-4, Class A1                               | CUSIP: 85571YAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     9606448 | PA      | $9584572.06    | 0.10%             | 2067-05-25      | Variable      | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                              | Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3                            | CUSIP: 85572JAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      385676 | PA      | $382517.66     | 0.00%             | 2049-09-27      | Variable      | 2.92%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                              | Starwood Mortgage Residential Trust, Series 2022-2, Class A1                               | CUSIP: 85573UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3453531 | PA      | $3333448.23    | 0.03%             | 2067-02-25      | Variable      | 3.17%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                    | State Street Bank & Trust Co.                                                              | CUSIP: 857449AD4<br>LEI: 571474TGEMMWANRLN572 | Long             | DBT              | CORP              | US        |     8530000 | PA      | $8554536.72    | 0.09%             | 2026-11-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                               | State Street Corp.                                                                         | CUSIP: 857477CE1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    18097000 | PA      | $18151833.01   | 0.18%             | 2026-08-03      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                            | Sumitomo Mitsui Financial Group, Inc.                                                      | CUSIP: 86562MCU2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    26350000 | PA      | $26389999.56   | 0.27%             | 2026-01-13      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.                            | Sumitomo Mitsui Financial Group, Inc.                                                      | CUSIP: 86562MCZ1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    17550000 | PA      | $17663357.21   | 0.18%             | 2026-07-13      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                                  | Sumitomo Mitsui Trust Bank Ltd.                                                            | CUSIP: 86563VBF5<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    17650000 | PA      | $17689173.12   | 0.18%             | 2026-03-09      | Floating      | 5.09%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                                  | Sumitomo Mitsui Trust Bank Ltd.                                                            | CUSIP: 86563VBL2<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    10540000 | PA      | $10609945.97   | 0.11%             | 2026-09-14      | Floating      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| WMG Acquisition Corp.                                            | WMG Acquisition Corp., 1st Lien Term Loan B                                                | CUSIP: 92929LBA5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1177608 | PA      | $1177608.13    | 0.01%             | 2031-01-24      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                         | Svenska Handelsbanken AB                                                                   | CUSIP: 86959LAN3<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |    13125000 | PA      | $13188502.29   | 0.13%             | 2026-06-15      | Floating      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                         | Svenska Handelsbanken AB                                                                   | CUSIP: 86959LAR4<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |     4700000 | PA      | $4717810.89    | 0.05%             | 2027-05-28      | Floating      | 4.71%                 | Yes           |                  2 | On Loan: No      |
| Swedbank AB                                                      | Swedbank AB                                                                                | CUSIP: 870195AA2<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |    17500000 | PA      | $17597113.63   | 0.18%             | 2026-06-15      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Trident TPI Holdings, Inc.                                       | Trident TPI Holdings, Inc., 1st Lien Term Loan B-7                                         | CUSIP: 00216EAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      583286 | PA      | $563390.29     | 0.01%             | 2028-09-15      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| Moran Foods LLC                                                  | Moran Foods LLC, 1st Lien Term Loan A                                                      | CUSIP: 61647DAX0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      799605 | PA      | $759624.67     | 0.01%             | 2029-01-02      | Variable      | 6.34%                 | No            |                  3 | On Loan: No      |
| Moran Foods LLC                                                  | Moran Foods LLC, 1st Lien Term Loan                                                        | CUSIP: 61647DAY8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      730807 | PA      | $694266.46     | 0.01%             | 2029-01-02      | Variable      | 12.34%                | No            |                  3 | On Loan: No      |
| Tenet Healthcare Corp.                                           | Tenet Healthcare Corp.                                                                     | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     6530000 | PA      | $6530633.41    | 0.07%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Terwin Mortgage Trust                                            | Terwin Mortgage Trust, Series 2006-3, Class 2A2                                            | CUSIP: 881561V92<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      619777 | PA      | $610514.43     | 0.01%             | 2037-04-25      | Floating      | 4.49%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                             | Prime Security Services Borrower LLC, 1st Lien Term Loan B-1                               | CUSIP: 03765VAP5<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |      434750 | PA      | $434158.89     | 0.00%             | 2030-10-15      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Whatabrands LLC                                                  | Whatabrands LLC, 1st Lien Term Loan B                                                      | CUSIP: 96244UAJ6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      914112 | PA      | $915921.88     | 0.01%             | 2028-08-03      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| USI, Inc.                                                        | USI, Inc., 1st Lien Term Loan D                                                            | CUSIP: 90351NAR6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      410783 | PA      | $411444.12     | 0.00%             | 2029-11-21      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Skopima Consilio Parent LLC                                      | Skopima Consilio Parent LLC, 1st Lien Term Loan                                            | CUSIP: 36171NAG1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      933843 | PA      | $849218.37     | 0.01%             | 2028-05-12      | Variable      | 7.67%                 | No            |                  2 | On Loan: No      |
| Whitewater Whistler Holdings LLC                                 | Whitewater Whistler Holdings LLC, 1st Lien Term Loan B-3                                   | CUSIP: 96620EAF4<br>LEI: 549300FRGKJP12ZORL46 | Long             | LON              | CORP              | US        |      557382 | PA      | $555292.03     | 0.01%             | 2030-02-15      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                                      | Toronto-Dominion Bank (The)                                                                | CUSIP: 89115A2T8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    24160000 | PA      | $24278269.72   | 0.25%             | 2026-07-17      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                                      | Toronto-Dominion Bank (The)                                                                | CUSIP: 89115A2X9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    22620000 | PA      | $22711180.99   | 0.23%             | 2027-04-05      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                                      | Toronto-Dominion Bank (The)                                                                | CUSIP: 89115A3B6<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    22900000 | PA      | $22975752.06   | 0.23%             | 2026-12-17      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                                      | Toronto-Dominion Bank (The)                                                                | CUSIP: 89115A3F7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    18400000 | PA      | $18465550.37   | 0.19%             | 2028-01-31      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                                      | Toronto-Dominion Bank (The)                                                                | CUSIP: 89115KAA8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     4580000 | PA      | $4601907.93    | 0.05%             | 2028-06-02      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                       | iHeartCommunications, Inc., 1st Lien Term Loan B                                           | CUSIP: 45174UAJ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1682926 | PA      | $1497501.26    | 0.02%             | 2029-05-01      | Variable      | 9.81%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                        | Towd Point Mortgage Trust, Series 2019-HY2, Class A1                                       | CUSIP: 89177HAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3107373 | PA      | $3167548.58    | 0.03%             | 2058-05-25      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| Phoenix Newco, Inc.                                              | Phoenix Newco, Inc., 1st Lien Term Loan                                                    | CUSIP: 71911KAE4<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |      970525 | PA      | $974126.07     | 0.01%             | 2028-11-15      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                        | Toyota Motor Credit Corp.                                                                  | CUSIP: 89236TKV6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    29808000 | PA      | $29898108.09   | 0.30%             | 2026-05-18      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                        | Toyota Motor Credit Corp.                                                                  | CUSIP: 89236TLK9<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    20535000 | PA      | $20542296.50   | 0.21%             | 2026-01-05      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                        | Toyota Motor Credit Corp.                                                                  | CUSIP: 89236TMA0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    23000000 | PA      | $23073640.48   | 0.23%             | 2027-03-19      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                        | Toyota Motor Credit Corp.                                                                  | CUSIP: 89236TML6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     2862000 | PA      | $2872162.02    | 0.03%             | 2026-08-07      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                        | Toyota Motor Credit Corp.                                                                  | CUSIP: 89236TMZ5<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    18330000 | PA      | $18343960.68   | 0.19%             | 2027-01-08      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                        | Toyota Motor Credit Corp.                                                                  | CUSIP: 89236TNH4<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    23000000 | PA      | $23119140.00   | 0.23%             | 2027-05-14      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                        | Toyota Motor Credit Corp.                                                                  | CUSIP: 89236TNP6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    23000000 | PA      | $22997451.83   | 0.23%             | 2027-08-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                                        | Toyota Motor Credit Corp.                                                                  | CUSIP: 89236TNS0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     9190000 | PA      | $9283844.60    | 0.09%             | 2028-09-05      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Venator Materials LLC                                            | Venator Materials LLC, 1st Lien Term Loan B                                                | CUSIP: L9632YAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      385118 | PA      | $346605.87     | 0.00%             | 2026-07-16      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                           | HUB International Ltd., 1st Lien Term Loan                                                 | CUSIP: 44332EAZ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      540440 | PA      | $542299.28     | 0.01%             | 2030-06-20      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Transocean Titan Financing Ltd.                                  | Transocean Titan Financing Ltd.                                                            | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      319762 | PA      | $328555.32     | 0.00%             | 2028-02-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Utz Quality Foods LLC                                            | Utz Quality Foods LLC, 1st Lien Term Loan B                                                | CUSIP: 91809EAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      210679 | PA      | $210442.68     | 0.00%             | 2032-01-29      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corp.                                       | Garda World Security Corp., 1st Lien Term Loan                                             | CUSIP: C4000KAG9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |      289078 | PA      | $288499.73     | 0.00%             | 2029-02-01      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Primo Brands Corp.                                               | Primo Brands Corp., 1st Lien Term Loan                                                     | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |      849799 | PA      | $851226.58     | 0.01%             | 2028-03-31      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| APi Group DE, Inc.                                               | APi Group DE, Inc., 1st Lien Term Loan                                                     | CUSIP: 00186XAN3<br>LEI: 549300XP4G7B4QYA0G83 | Long             | LON              | CORP              | US        |      476717 | PA      | $477350.58     | 0.00%             | 2029-01-03      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                           | UBS AG                                                                                     | CUSIP: 90261AAE2<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    36670000 | PA      | $36681799.31   | 0.37%             | 2027-05-17      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| TK Elevator Midco GmbH                                           | TK Elevator Midco GmbH, 1st Lien Term Loan B-1                                             | CUSIP: D9000BAJ1<br>LEI: N/A                  | Long             | LON              | CORP              | DE        |      356021 | PA      | $357986.39     | 0.00%             | 2030-04-30      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| US Bank NA                                                       | US Bank NA                                                                                 | CUSIP: 90331HPQ0<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |    18300000 | PA      | $18349703.72   | 0.19%             | 2027-10-22      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                               | United Rentals North America, Inc.                                                         | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |      425000 | PA      | $425034.74     | 0.00%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                         | U.S. Treasury Bills                                                                        | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     6335000 | PA      | $6300432.25    | 0.06%             | 2026-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                                         | UnitedHealth Group, Inc.                                                                   | CUSIP: 91324PFE7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    36855000 | PA      | $36898684.60   | 0.37%             | 2026-07-15      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Unity Software, Inc.                                             | Unity Software, Inc.                                                                       | CUSIP: 91332UAB7<br>LEI: 549300D1ESJMGNQNG432 | Long             | DBT              | CORP              | US        |     3768000 | PA      | $3605976.00    | 0.04%             | 2026-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EW Scripps Co. (The)                                             | EW Scripps Co. (The), 1st Lien Term Loan B-3                                               | CUSIP: 26928BAR0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      173773 | PA      | $169168.00     | 0.00%             | 2029-11-30      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                                     | Verizon Communications, Inc.                                                               | CUSIP: 92343VGE8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     2408000 | PA      | $2410966.54    | 0.02%             | 2026-03-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                       | Verus Securitization Trust, Series 2024-7, Class A1                                        | CUSIP: 924925AA8<br>LEI: 213800HQOHEFNJCQYJ07 | Long             | ABS-MBS          | CORP              | US        |     7453189 | PA      | $7456574.16    | 0.08%             | 2069-09-25      | Variable      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                       | Verus Securitization Trust, Series 2021-6, Class A1                                        | CUSIP: 92538MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     7631765 | PA      | $6762682.45    | 0.07%             | 2066-10-25      | Variable      | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                       | Verus Securitization Trust, Series 2023-INV1, Class A1                                     | CUSIP: 92539FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3134530 | PA      | $3130549.82    | 0.03%             | 2068-02-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Bausch + Lomb Corp.                                              | Bausch + Lomb Corp., 1st Lien Term Loan                                                    | CUSIP: C0787FAJ1<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |      715431 | PA      | $719365.46     | 0.01%             | 2031-01-15      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| MED ParentCo LP                                                  | MED ParentCo LP, 1st Lien Term Loan B                                                      | CUSIP: 58401DAN4<br>LEI: 549300660CLPRNK19Z91 | Long             | LON              | CORP              | US        |      354122 | PA      | $355414.58     | 0.00%             | 2031-04-15      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                      | Visio Trust, Series 2022-1, Class A1                                                       | CUSIP: 92838CAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1133773 | PA      | $1129895.06    | 0.01%             | 2057-08-25      | Variable      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                 | Vista Point Securitization Trust, Series 2020-2, Class A1                                  | CUSIP: 92838TAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1784447 | PA      | $1724615.90    | 0.02%             | 2065-04-25      | Variable      | 1.47%                 | Yes           |                  2 | On Loan: No      |
| Crown Finance US, Inc.                                           | Crown Finance US, Inc., 1st Lien Term Loan                                                 | CUSIP: 22834KAV3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      995000 | PA      | $993636.85     | 0.01%             | 2031-12-02      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                          | Volkswagen Group of America Finance LLC                                                    | CUSIP: 928668CD2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    22956000 | PA      | $22985631.38   | 0.23%             | 2026-03-20      | Floating      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                          | Volkswagen Group of America Finance LLC                                                    | CUSIP: 928668CJ9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    13760000 | PA      | $13801100.43   | 0.14%             | 2026-08-14      | Floating      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Wix.com Ltd.                                                     | Wix.com Ltd.                                                                               | CUSIP: 92940WAE9<br>LEI: 5493008P6N29Q1AG9464 | Long             | DBT              | CORP              | IL        |     5866000 | PA      | $5015063.43    | 0.05%             | 2030-09-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                            | WR Grace Holdings LLC                                                                      | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |      965000 | PA      | $956167.55     | 0.01%             | 2027-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Walmart, Inc.                                                    | Walmart, Inc.                                                                              | CUSIP: 931142FM0<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    41400000 | PA      | $41537811.49   | 0.42%             | 2027-04-28      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Conservice Midco LLC                                             | Conservice Midco LLC, 1st Lien Term Loan                                                   | CUSIP: 20848PAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      416243 | PA      | $417545.48     | 0.00%             | 2030-05-13      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| Vertiv Group Corp.                                               | Vertiv Group Corp., 1st Lien Term Loan B-4                                                 | CUSIP: 92537EAG3<br>LEI: 549300ZT8RQ5VK10E643 | Long             | LON              | CORP              | US        |     1145495 | PA      | $1149011.61    | 0.01%             | 2032-08-12      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Indy US Holdco LLC                                               | Indy US Holdco LLC, 1st Lien Term Loan                                                     | CUSIP: 45674PAS3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      404247 | PA      | $403741.26     | 0.00%             | 2030-10-31      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| First Student Bidco, Inc.                                        | First Student Bidco, Inc., 1st Lien Term Loan B                                            | CUSIP: 33718FAN0<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |      636466 | PA      | $637420.60     | 0.01%             | 2030-08-15      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| First Student Bidco, Inc.                                        | First Student Bidco, Inc., 1st Lien Term Loan C                                            | CUSIP: 33718FAP5<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |      195110 | PA      | $195402.76     | 0.00%             | 2030-08-15      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-8, Class 1A8 | CUSIP: 93934FCM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       49200 | PA      | $43129.71      | 0.00%             | 2035-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Knowlton Development Corporation, Inc.                           | Knowlton Development Corp., Inc., 1st Lien Term Loan                                       | CUSIP: C4953EAH8<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |      329271 | PA      | $329623.69     | 0.00%             | 2028-08-15      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                              | Buckeye Partners LP, 1st Lien Term Loan B-7                                                | CUSIP: 11823LAR6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      435478 | PA      | $436484.30     | 0.00%             | 2032-11-22      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                | Wells Fargo & Co.                                                                          | CUSIP: 949746TG6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    29758000 | PA      | $29654271.65   | 0.30%             | 2027-01-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                              | Wells Fargo Bank NA                                                                        | CUSIP: 94988J6E2<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |    17560000 | PA      | $17645887.36   | 0.18%             | 2026-08-07      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                | Wells Fargo & Co.                                                                          | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    29148000 | PA      | $29207860.66   | 0.30%             | 2028-01-24      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                                 | Altice France SA, 1st Lien Term Loan B-14                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |      217064 | PA      | $217515.63     | 0.00%             | 2031-05-30      | Variable      | 10.86%                | No            |                  2 | On Loan: No      |
| AWS Claire's LLC                                                 | AWS Claire's LLC, 1st Lien Term Loan                                                       | CUSIP: 05455VAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      656023 | PA      | $656023.43     | 0.01%             | 2030-09-18      | Variable      | 10.00%                | No            |                  3 | On Loan: No      |
| Westpac Banking Corp.                                            | Westpac Banking Corp.                                                                      | CUSIP: 961214FS7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    18160000 | PA      | $18174741.92   | 0.18%             | 2026-04-16      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                            | Westpac Banking Corp.                                                                      | CUSIP: 961214FX6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    23000000 | PA      | $23030099.41   | 0.23%             | 2026-10-20      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                            | Westpac Banking Corp.                                                                      | CUSIP: 9612E0DK0<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    13400000 | PA      | $13408388.80   | 0.14%             | 2026-01-29      | Floating      | 4.61%                 | Yes           |                  2 | On Loan: No      |
| Winnebago Industries, Inc.                                       | Winnebago Industries, Inc.                                                                 | CUSIP: 974637AF7<br>LEI: 549300B7OYKYJLTE3G11 | Long             | DBT              | CORP              | US        |     1380000 | PA      | $1244263.81    | 0.01%             | 2030-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Workiva, Inc.                                                    | Workiva, Inc.                                                                              | CUSIP: 98139AAD7<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | DBT              | CORP              | US        |     1325000 | PA      | $1338043.99    | 0.01%             | 2028-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Wynn Macau Ltd.                                                  | Wynn Macau Ltd.                                                                            | CUSIP: 98313RAJ5<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     2305000 | PA      | $2409994.06    | 0.02%             | 2029-03-07      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ZTO Express Cayman, Inc.                                         | ZTO Express Cayman, Inc.                                                                   | CUSIP: 98980AAB1<br>LEI: 549300SCJPK3YZJTJR78 | Long             | DBT              | CORP              | KY        |     1454000 | PA      | $1342042.00    | 0.01%             | 2027-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Zscaler, Inc.                                                    | Zscaler, Inc.                                                                              | CUSIP: 98980GAC6<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | DBT              | CORP              | US        |     1634000 | PA      | $1560503.51    | 0.02%             | 2028-07-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FGI Operating Co. LLC                                            | FGI Operating Co. LLC, 1st Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2242562 | PA      | $22425.62      | 0.00%             | 2025-12-31      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Moran Foods LLC                                                  | Moran Foods LLC, 1st Lien Super Senior Delayed Draw Term Loan                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       89107 | PA      | $84651.91      | 0.00%             | 2026-06-30      | Variable      | 15.44%                | No            |                  3 | On Loan: No      |
| Venator Materials LLC                                            | Venator Materials LLC, 1st Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      385876 | PA      | $347288.62     | 0.00%             | 2026-01-16      | Variable      | 13.89%                | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                              | Medline Borrower LP, 1st Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      366898 | PA      | $367367.42     | 0.00%             | 2028-10-23      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| ICITII                                                           | ICITII                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      409161 | PA      | $191863.98     | 0.00%             | 2033-01-31      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| New Evhc Physical Equity                                         | New Evhc Physical Equity                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       36258 | NS      | $546136.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mallinckrodt plc                                                 | Mallinckrodt plc                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        4790 | NS      | $488283.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| International Oncology Care, Inc.                                | International Oncology Care, Inc.                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      157709 | NS      | $2438181.14    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Neiman Marcus                                                    | Neiman Marcus                                                                              | CUSIP: 62929P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        5214 | NS      | $649143.00     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Serta Simmons Bedding LLC                                        | Serta Simmons Bedding LLC                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       21927 | NS      | $192957.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SSB Equipment Co., Inc.                                          | SSB Equipment Co., Inc.                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       21927 | NS      | $0.02          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Keenova Therapeutics plc                                         | Keenova Therapeutics plc                                                                   | CUSIP: N/A<br>LEI: 549300LMDE3RUP8Z3L60       | Long             | EC               | CORP              | IE        |   218251560 | NS      | $218.25        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Rite Aid                                                         | Rite Aid                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        1288 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Escrow Rite Aid                                                  | Escrow Rite Aid                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      128656 | PA      | $0.00          | 0.00%             | 2049-12-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Incora Intermediate LLC                                          | Incora Intermediate LLC                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       18906 | NS      | $221389.26     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Remington LLC                                                    | Remington LLC                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    10425437 | NS      | $10.43         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Cellnex Telecom SA                                               | Cellnex Telecom SA                                                                         | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | DBT              | CORP              | ES        |     3800000 | PA      | $4596722.56    | 0.05%             | 2028-07-05      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| MTU Aero Engines AG                                              | MTU Aero Engines AG, Series MTX                                                            | CUSIP: N/A<br>LEI: 529900807L67JY81RD65       | Long             | DBT              | CORP              | DE        |     2800000 | PA      | $3585325.65    | 0.04%             | 2027-03-18      | Fixed         | 0.05%                 | Yes           |                  2 | On Loan: No      |
| LEG Immobilien SE                                                | LEG Immobilien SE                                                                          | CUSIP: N/A<br>LEI: 391200SO40AKONBO0Z96       | Long             | DBT              | CORP              | DE        |      700000 | PA      | $755797.07     | 0.01%             | 2028-06-30      | Fixed         | 0.40%                 | Yes           |                  2 | On Loan: No      |
| ANA Holdings, Inc.                                               | ANA Holdings, Inc.                                                                         | CUSIP: N/A<br>LEI: 5493008IRKIY0G3TE305       | Long             | DBT              | CORP              | JP        |   400000000 | PA      | $2855222.30    | 0.03%             | 2031-12-10      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ibiden Co. Ltd.                                                  | Ibiden Co. Ltd.                                                                            | CUSIP: N/A<br>LEI: 52990051DBFIQEY37C91       | Long             | DBT              | CORP              | JP        |   190000000 | PA      | $1826045.90    | 0.02%             | 2031-03-14      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| STMicroelectronics NV                                            | STMicroelectronics NV, Series B                                                            | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | DBT              | CORP              | NL        |     5400000 | PA      | $5154758.41    | 0.05%             | 2027-08-04      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Nissan Motor Co. Ltd.                                            | Nissan Motor Co. Ltd.                                                                      | CUSIP: N/A<br>LEI: 353800DRBDH1LUTNAY26       | Long             | DBT              | CORP              | JP        |   550000000 | PA      | $4079094.78    | 0.04%             | 2031-07-15      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| JFE Holdings, Inc.                                               | JFE Holdings, Inc.                                                                         | CUSIP: N/A<br>LEI: 3538002Y11Y03NA9B530       | Long             | DBT              | CORP              | JP        |   740000000 | PA      | $4801318.78    | 0.05%             | 2028-09-28      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Eni SpA                                                          | Eni SpA                                                                                    | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | DBT              | CORP              | IT        |     6500000 | PA      | $8043836.29    | 0.08%             | 2030-09-14      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc.                          | Citigroup Global Markets Holdings, Inc.                                                    | CUSIP: N/A<br>LEI: 82VOJDD5PTRDMVVMGV31       | Long             | DBT              | CORP              | US        |     8000000 | PA      | $10121992.04   | 0.10%             | 2030-02-05      | Fixed         | 0.80%                 | Yes           |                  2 | On Loan: No      |
| Kansai Paint Co. Ltd.                                            | Kansai Paint Co. Ltd.                                                                      | CUSIP: N/A<br>LEI: 549300ERRV6FTKH9NN70       | Long             | DBT              | CORP              | JP        |   820000000 | PA      | $5472616.11    | 0.06%             | 2029-03-08      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Schneider Electric SE                                            | Schneider Electric SE, Series SUFP                                                         | CUSIP: N/A<br>LEI: 969500A1YF1XUYYXS284       | Long             | DBT              | CORP              | FR        |     8200000 | PA      | $10028808.86   | 0.10%             | 2031-06-28      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Global Markets Funding Luxembourg SCA                  | Citigroup Global Markets Funding Luxembourg SCA                                            | CUSIP: N/A<br>LEI: 549300EVRWDWFJUNNP53       | Long             | DBT              | CORP              | LU        |     5700000 | PA      | $6987242.85    | 0.07%             | 2028-03-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Daifuku Co. Ltd.                                                 | Daifuku Co. Ltd., Series 2028                                                              | CUSIP: N/A<br>LEI: 3538006FG1W4X3MYHL36       | Long             | DBT              | CORP              | JP        |   140000000 | PA      | $1310777.50    | 0.01%             | 2028-09-14      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Taiyo Yuden Co. Ltd.                                             | Taiyo Yuden Co. Ltd.                                                                       | CUSIP: N/A<br>LEI: 353800V9G3X5PLB9AD43       | Long             | DBT              | CORP              | JP        |   740000000 | PA      | $5014500.18    | 0.05%             | 2030-10-18      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                     | National Australia Bank Ltd.                                                               | CUSIP: N/A<br>LEI: F8SB4JFBSYQFRQEH3Z21       | Long             | DBT              | CORP              | AU        |      330000 | PA      | $330034.72     | 0.00%             | 2025-12-10      | Floating      | 4.74%                 | Yes           |                  2 | On Loan: No      |
| Orpar SA                                                         | Orpar SA                                                                                   | CUSIP: N/A<br>LEI: 969500Q51JTZKFW62B83       | Long             | DBT              | CORP              | FR        |     4700000 | PA      | $5183700.04    | 0.05%             | 2031-02-07      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Finance LLC                                       | Morgan Stanley Finance LLC, Series 0001                                                    | CUSIP: N/A<br>LEI: 5493003FCPSE9RKT4B56       | Long             | DBT              | CORP              | US        |     3000000 | PA      | $3792000.00    | 0.04%             | 2028-03-21      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Global Markets Holdings, Inc.                          | Citigroup Global Markets Holdings, Inc.                                                    | CUSIP: N/A<br>LEI: 82VOJDD5PTRDMVVMGV31       | Long             | DBT              | CORP              | US        |     4000000 | PA      | $4657389.85    | 0.05%             | 2029-04-09      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Vinci SA                                                         | Vinci SA                                                                                   | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | DBT              | CORP              | FR        |     4200000 | PA      | $5102016.34    | 0.05%             | 2030-02-18      | Fixed         | 0.70%                 | Yes           |                  2 | On Loan: No      |
| Rohm Co. Ltd.                                                    | Rohm Co. Ltd.                                                                              | CUSIP: N/A<br>LEI: 5493009V2FGDEP7JFE59       | Long             | DBT              | CORP              | JP        |   600000000 | PA      | $3948657.21    | 0.04%             | 2029-04-24      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| QIAGEN NV                                                        | QIAGEN NV                                                                                  | CUSIP: N/A<br>LEI: 54930036WK3GMCN17Z57       | Long             | DBT              | CORP              | NL        |     3000000 | PA      | $3169068.99    | 0.03%             | 2031-09-10      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Cara Obligations SAS                                             | Cara Obligations SAS                                                                       | CUSIP: N/A<br>LEI: 969500343T6YLA87JH20       | Long             | DBT              | CORP              | FR        |     1700000 | PA      | $2502504.72    | 0.03%             | 2030-12-01      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Anllian Capital 2 Ltd.                                           | Anllian Capital 2 Ltd.                                                                     | CUSIP: N/A<br>LEI: 529900ESV3CEMDZ51067       | Long             | DBT              | CORP              | VG        |     7500000 | PA      | $8846218.31    | 0.09%             | 2029-12-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                                          | Fresenius SE & Co. KGaA                                                                    | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | DBT              | CORP              | DE        |     2600000 | PA      | $2991716.27    | 0.03%             | 2028-03-11      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Legrand SA                                                       | Legrand SA                                                                                 | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | DBT              | CORP              | FR        |     6300000 | PA      | $7890168.22    | 0.08%             | 2033-06-23      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                               | Credit Agricole SA                                                                         | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | DBT              | CORP              | FR        |    14673000 | PA      | $14711571.36   | 0.15%             | 2025-12-23      | Variable      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Canadian Dollar                                                  | Canadian Dollar                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |         770 | OU      | $551.28        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                                             | EURO                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | XX        |         -44 | OU      | $-51.53        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                              | U.S. Treasury 5 Year Note                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        1531 | NC      | $9709.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                              | U.S. Treasury 5 Year Note                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -11 | NC      | $-1531.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Venator Materials plc                                            | Venator Materials plc                                                                      | CUSIP: N/A<br>LEI: 549300WFXC4YL5IHX316       | Long             | EC               | CORP              | GB        |         294 | NS      | $3675.00       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| British Pound                                                    | British Pound                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |          87 | OU      | $115.06        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Japanese Yen                                                     | Japanese Yen                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | JP        |      107099 | OU      | $685.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SES SA                                                           | SES SA                                                                                     | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | EC               | CORP              | LU        |      129505 | NS      | $2023515.63    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Norwegian Krone                                                  | Norwegian Krone                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NO        |         101 | OU      | $10.03         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedish Krona                                                    | Swedish Krona                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | SE        |           0 | OU      | $0.00          | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                              | 3 Month SOFR                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        4583 | NC      | $259700.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                              | 3 Month SOFR                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -4583 | NC      | $-705086.73    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                              | U.S. Treasury 2 Year Note                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         644 | NC      | $109741.46     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                              | U.S. Treasury 10 Year Note                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -48 | NC      | $-11507.43     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                              | U.S. Treasury Ultra Bond                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -367 | NC      | $-26454.09     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer