# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-23-016728
**Filing Date:** 2023-1
**Character Count:** 216043
**Document Hash:** e0d7fe0fe1c934bf223354dc5d434e11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016728.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016728

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust I
- **CENTRAL INDEX KEY:** 0001217286
- **IRS NUMBER:** 331043149
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 23563106

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

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

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

## Series and Classes Contracts Data

### JPMorgan Emerging Markets Debt Fund (Series ID: S000002916)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007990 | Class I      | JEMDX           |
| C000033533 | Class R5     | JEMRX           |
| C000033869 | Class A      | JEDAX           |
| C000033870 | Class C      | JEDCX           |
| C000116218 | Class R6     | JEMVX           |

## Nport-Ex

**JPMorgan Emerging Markets Debt Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Foreign Government Securities — 58.3%** | **Foreign Government Securities — 58.3%** | **Foreign Government Securities — 58.3%** |
| **Angola — 1.4%** | **Angola — 1.4%** | **Angola — 1.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/12/2025 (a) | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/9/2028 (a) | 1742 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/26/2029 (a) | 1100 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/14/2032 (b) | 1292 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 5/08/2048 (a) | 1758 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 11/26/2049 (a) | 460 | 378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6009 |
| **Argentina — 1.1%** | **Argentina — 1.1%** | **Argentina — 1.1%** |
| &nbsp;&nbsp;&nbsp; Argentine Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 7/09/2035 (c) | 9754 | 2365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/9/2038 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/09/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5810 | &nbsp;&nbsp;&nbsp;&nbsp; 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 7/9/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4965 |
| **Armenia — 0.3%** | **Armenia — 0.3%** | **Armenia — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Armenia 3.60%, 2/2/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1453 |
| **Azerbaijan — 0.4%** | **Azerbaijan — 0.4%** | **Azerbaijan — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Azerbaijan 3.50%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 |
| **Bahrain — 1.4%** | **Bahrain — 1.4%** | **Bahrain — 1.4%** |
| &nbsp;&nbsp;&nbsp; Kingdom of Bahrain |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/12/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2560 | &nbsp;&nbsp;&nbsp;&nbsp; 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/16/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1787 | &nbsp;&nbsp;&nbsp;&nbsp; 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/25/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6024 |
| **Benin — 0.5%** | **Benin — 0.5%** | **Benin — 0.5%** |
| &nbsp;&nbsp;&nbsp; Benin Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/19/2032 (b) | EUR 1,650 | &nbsp;&nbsp;&nbsp;&nbsp; 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/19/2052 (a) | EUR 1,061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2138 |
| **Bermuda — 0.6%** | **Bermuda — 0.6%** | **Bermuda — 0.6%** |
| &nbsp;&nbsp;&nbsp; Bermuda Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 1/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1202 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 8/20/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2442 |
| **Brazil — 2.1%** | **Brazil — 2.1%** | **Brazil — 2.1%** |
| &nbsp;&nbsp;&nbsp; Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/20/2034  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7142 | &nbsp;&nbsp;&nbsp;&nbsp; 8112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/14/2050  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9139 |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Colombia — 2.6%** | **Colombia — 2.6%** | **Colombia — 2.6%** |
| &nbsp;&nbsp;&nbsp; Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/30/2030  | 1000 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/15/2031 | 1700 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 1/28/2033 | 563 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/20/2033 | 1390 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/15/2049  | 3695 | 2485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/15/2051  | 6079 | 3581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/2061 | 2600 | 1436 |
|  |  | &nbsp;&nbsp; 11500 |
| **Costa Rica — 0.7%** | **Costa Rica — 0.7%** | **Costa Rica — 0.7%** |
| &nbsp;&nbsp;&nbsp; Republic of Costa Rica |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/19/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/30/2043 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2297 | &nbsp;&nbsp;&nbsp;&nbsp; 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/4/2044 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3181 |
| **Dominican Republic — 3.6%** | **Dominican Republic — 3.6%** | **Dominican Republic — 3.6%** |
| &nbsp;&nbsp;&nbsp; Dominican Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/19/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4406 | &nbsp;&nbsp;&nbsp;&nbsp; 4241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/23/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7760 | &nbsp;&nbsp;&nbsp;&nbsp; 6425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 6/5/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp;&nbsp;&nbsp; 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/30/2060 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3585 | &nbsp;&nbsp;&nbsp;&nbsp; 2653 |
|  |  | &nbsp;&nbsp; 15666 |
| **Ecuador — 1.8%** | **Ecuador — 1.8%** | **Ecuador — 1.8%** |
| &nbsp;&nbsp;&nbsp; Ecuador Social Bond SARL Zero Coupon, 1/30/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3046 | &nbsp;&nbsp;&nbsp;&nbsp; 2447 |
| &nbsp;&nbsp;&nbsp; Republic of Ecuador |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/31/2030 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1826 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/31/2035 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4948 | &nbsp;&nbsp;&nbsp;&nbsp; 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 7/31/2040 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5300 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7808 |
| **Egypt — 2.3%** | **Egypt — 2.3%** | **Egypt — 2.3%** |
| &nbsp;&nbsp;&nbsp; Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.59%, 2/21/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/16/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094 | &nbsp;&nbsp;&nbsp;&nbsp; 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1771 | &nbsp;&nbsp;&nbsp;&nbsp; 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.90%, 2/21/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 9/30/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/16/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 2603 |
|  |  | &nbsp;&nbsp; 10156 |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **El Salvador — 0.4%** | **El Salvador — 0.4%** | **El Salvador — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/18/2027 (a) | 2392 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/28/2029 (a) | 1481 | 624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1602 |
| **Ethiopia — 0.1%** | **Ethiopia — 0.1%** | **Ethiopia — 0.1%** |
| &nbsp;&nbsp;&nbsp; Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a) | 721 | 441 |
| **Gabon — 0.4%** | **Gabon — 0.4%** | **Gabon — 0.4%** |
| &nbsp;&nbsp;&nbsp; Gabonese Republic 6.95%, 6/16/2025 (a) | 1800 | 1757 |
| **Ghana — 0.8%** | **Ghana — 0.8%** | **Ghana — 0.8%** |
| &nbsp;&nbsp;&nbsp; Republic of Ghana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 2/11/2027 (a) | 700 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 3/26/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 3/26/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 2/11/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 3/26/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3642 |
| **Guatemala — 1.2%** | **Guatemala — 1.2%** | **Guatemala — 1.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/10/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 6/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/24/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1253 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/7/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5321 |
| **Hungary — 0.9%** | **Hungary — 0.9%** | **Hungary — 0.9%** |
| &nbsp;&nbsp;&nbsp; Hungary Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 9/22/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/16/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/21/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4130 |
| **Indonesia — 1.3%** | **Indonesia — 1.3%** | **Indonesia — 1.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/17/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1795 | &nbsp;&nbsp;&nbsp;&nbsp; 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/14/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 9/23/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2568 | &nbsp;&nbsp;&nbsp;&nbsp; 1746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5487 |
| **Iraq — 0.9%** | **Iraq — 0.9%** | **Iraq — 0.9%** |
| &nbsp;&nbsp;&nbsp; Republic of Iraq |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/9/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1378 | &nbsp;&nbsp;&nbsp;&nbsp; 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3131 | &nbsp;&nbsp;&nbsp;&nbsp; 2803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4160 |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Ivory Coast — 0.9%** | **Ivory Coast — 0.9%** | **Ivory Coast — 0.9%** |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/30/2032 (a) | EUR 1,100 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/17/2040 (a) | EUR 2,962 | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/22/2048 (a) | EUR 888 | 663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3914 |
| **Jamaica — 0.6%** | **Jamaica — 0.6%** | **Jamaica — 0.6%** |
| &nbsp;&nbsp;&nbsp; Jamaica Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/17/2025 | 1471 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 7/28/2045  | 1152 | 1262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2835 |
| **Jordan — 0.9%** | **Jordan — 0.9%** | **Jordan — 0.9%** |
| &nbsp;&nbsp;&nbsp; Hashemite Kingdom of Jordan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/7/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 7/7/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/10/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3780 |
| **Kenya — 0.6%** | **Kenya — 0.6%** | **Kenya — 0.6%** |
| &nbsp;&nbsp;&nbsp; Republic of Kenya |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/22/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/22/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 1/23/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2817 |
| **Lebanon — 0.2%** | **Lebanon — 0.2%** | **Lebanon — 0.2%** |
| &nbsp;&nbsp;&nbsp; Lebanese Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/9/2020 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 6/19/2020 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 4/22/2024 (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/3/2028 (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885 |
| **Malaysia — 0.9%** | **Malaysia — 0.9%** | **Malaysia — 0.9%** |
| &nbsp;&nbsp;&nbsp; 1MDB Global Investments Ltd. 4.40%, 3/9/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4109 |
| **Mexico — 1.3%** | **Mexico — 1.3%** | **Mexico — 1.3%** |
| &nbsp;&nbsp;&nbsp; United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/31/2050  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/27/2051  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 2770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 2/12/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 1630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5839 |
| **Mongolia — 0.5%** | **Mongolia — 0.5%** | **Mongolia — 0.5%** |
| &nbsp;&nbsp;&nbsp; State of Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/7/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 7/7/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2102 |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Morocco — 0.5%** | **Morocco — 0.5%** | **Morocco — 0.5%** |
| &nbsp;&nbsp;&nbsp; Kingdom of Morocco 4.00%, 12/15/2050 (b) | 3230 | 2214 |
| **Namibia — 0.3%** | **Namibia — 0.3%** | **Namibia — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Namibia 5.25%, 10/29/2025 (a) | 1200 | 1110 |
| **Nigeria — 2.3%** | **Nigeria — 2.3%** | **Nigeria — 2.3%** |
| &nbsp;&nbsp;&nbsp; Federal Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/28/2027 (a) | 3800 | 3016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 3/24/2029 (b) | 1100 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.14%, 2/23/2030 (a) | 1700 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 9/28/2033 (a) | 3120 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 2/23/2038 (a) | 1000 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/28/2047 (a) | 1419 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 9/28/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9895 |
| **Oman — 4.2%** | **Oman — 4.2%** | **Oman — 4.2%** |
| &nbsp;&nbsp;&nbsp; Sultanate of Oman Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/8/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3313 | &nbsp;&nbsp;&nbsp;&nbsp; 3226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/17/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2588 | &nbsp;&nbsp;&nbsp;&nbsp; 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/25/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/25/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1684 | &nbsp;&nbsp;&nbsp;&nbsp; 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/17/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/25/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3085 |
|  |  | &nbsp;&nbsp; 18177 |
| **Pakistan — 0.9%** | **Pakistan — 0.9%** | **Pakistan — 0.9%** |
| &nbsp;&nbsp;&nbsp; Islamic Republic of Pakistan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 4/15/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/08/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/5/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp;&nbsp; 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/8/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4009 |
| **Panama — 0.5%** | **Panama — 0.5%** | **Panama — 0.5%** |
| &nbsp;&nbsp;&nbsp; Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 9/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2361 |
| **Paraguay — 1.5%** | **Paraguay — 1.5%** | **Paraguay — 1.5%** |
| &nbsp;&nbsp;&nbsp; Republic of Paraguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 1/29/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp;&nbsp; 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/28/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/30/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2111 | &nbsp;&nbsp;&nbsp;&nbsp; 1775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6418 |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Peru — 0.7%** | **Peru — 0.7%** | **Peru — 0.7%** |
| &nbsp;&nbsp;&nbsp; Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/2034 | 2505 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/18/2050 | 938 | 941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2971 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Poland 5.75%, 11/16/2032 | 1027 | 1081 |
| **Qatar — 2.2%** | **Qatar — 2.2%** | **Qatar — 2.2%** |
| &nbsp;&nbsp;&nbsp; State of Qatar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.82%, 3/14/2049 (a) | 3292 | 3177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 4/16/2050 (a) | 7000 | 6361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9538 |
| **Romania — 1.5%** | **Romania — 1.5%** | **Romania — 1.5%** |
| &nbsp;&nbsp;&nbsp; Romania Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/14/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/27/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/02/2040 (b) | EUR 1,176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/3/2049 (a) | EUR 2,572 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/14/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6595 |
| **Saudi Arabia — 1.8%** | **Saudi Arabia — 1.8%** | **Saudi Arabia — 1.8%** |
| &nbsp;&nbsp;&nbsp; Kingdom of Saudi Arabia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/2/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1777 | &nbsp;&nbsp;&nbsp;&nbsp; 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/4/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/17/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/16/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2621 | &nbsp;&nbsp;&nbsp;&nbsp; 2542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/17/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 2/2/2061 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2365 | &nbsp;&nbsp;&nbsp;&nbsp; 1693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7824 |
| **Senegal — 0.4%** | **Senegal — 0.4%** | **Senegal — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Senegal 6.75%, 3/13/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2153 | &nbsp;&nbsp;&nbsp;&nbsp; 1542 |
| **South Africa — 3.0%** | **South Africa — 3.0%** | **South Africa — 3.0%** |
| &nbsp;&nbsp;&nbsp; Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/12/2028  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6585 | &nbsp;&nbsp;&nbsp;&nbsp; 5952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 9/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 7/24/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/12/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1628 | &nbsp;&nbsp;&nbsp;&nbsp; 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/30/2049  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4457 | &nbsp;&nbsp;&nbsp;&nbsp; 3387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 4/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 967 |
|  |  | &nbsp;&nbsp; 13062 |
| **Sri Lanka — 0.6%** | **Sri Lanka — 0.6%** | **Sri Lanka — 0.6%** |
| &nbsp;&nbsp;&nbsp; Democratic Socialist Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 3/14/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697 |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Sri Lanka—continued** | **Sri Lanka—continued** | **Sri Lanka—continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 5/11/2027 (a) | 3261 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/18/2028 (a) | 2474 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 3/14/2029 (a) | 1375 | 411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2845 |
| **Trinidad And Tobago — 0.4%** | **Trinidad And Tobago — 0.4%** | **Trinidad And Tobago — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Trinidad and Tobago 4.50%, 6/26/2030 (a) | 1800 | 1686 |
| **Turkey — 3.8%** | **Turkey — 3.8%** | **Turkey — 3.8%** |
| &nbsp;&nbsp;&nbsp; Republic of Turkey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/14/2026  | 8100 | 7168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 1/15/2028 | 3520 | 3670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/17/2028  | 2900 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/11/2047  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5076 | &nbsp;&nbsp;&nbsp;&nbsp; 3452 |
|  |  | &nbsp;&nbsp; 16784 |
| **Ukraine — 0.6%** | **Ukraine — 0.6%** | **Ukraine — 0.6%** |
| &nbsp;&nbsp;&nbsp; Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 5/21/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 9/25/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 3/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp;&nbsp; 1369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2455 |
| **United Arab Emirates — 1.1%** | **United Arab Emirates — 1.1%** | **United Arab Emirates — 1.1%** |
| &nbsp;&nbsp;&nbsp; United Arab Emirates Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 7/7/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1374 | &nbsp;&nbsp;&nbsp;&nbsp; 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/10/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/28/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 9/9/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/7/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1126 | &nbsp;&nbsp;&nbsp;&nbsp; 1112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5035 |
| **Uruguay — 0.4%** | **Uruguay — 0.4%** | **Uruguay — 0.4%** |
| &nbsp;&nbsp;&nbsp; Oriental Republic of Uruguay 7.63%, 3/21/2036  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1483 | &nbsp;&nbsp;&nbsp;&nbsp; 1899 |
| **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/25/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799 |
| **Venezuela, Bolivarian Republic of — 0.2%** | **Venezuela, Bolivarian Republic of — 0.2%** | **Venezuela, Bolivarian Republic of — 0.2%** |
| &nbsp;&nbsp;&nbsp; Bolivarian Republic of Venezuela |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 8/23/2022 (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/13/2024 (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.65%, 4/21/2025 (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 5/7/2028 (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753 |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Zambia — 0.3%** | **Zambia — 0.3%** | **Zambia — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Zambia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 9/20/2022 (a) | 1306 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 4/14/2024 (a) | 700 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.97%, 7/30/2027 (a) | 651 | 296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $321,350)<br>|  | 255312 |
| **Corporate Bonds — 36.3%** | **Corporate Bonds — 36.3%** | **Corporate Bonds — 36.3%** |
| **Azerbaijan — 0.7%** | **Azerbaijan — 0.7%** | **Azerbaijan — 0.7%** |
| &nbsp;&nbsp;&nbsp; Southern Gas Corridor CJSC 6.88%, 3/24/2026 (a) | 900 | 920 |
| &nbsp;&nbsp;&nbsp; State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030 (a) | 2073 | 2101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3021 |
| **Bahrain — 0.9%** | **Bahrain — 0.9%** | **Bahrain — 0.9%** |
| &nbsp;&nbsp;&nbsp; Oil and Gas Holding Co. BSCC (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/7/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/7/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3849 |
| **Brazil — 1.5%** | **Brazil — 1.5%** | **Brazil — 1.5%** |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV 4.50%, 1/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1441 |
| &nbsp;&nbsp;&nbsp; Guara Norte SARL 5.20%, 6/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1713 | &nbsp;&nbsp;&nbsp;&nbsp; 1408 |
| &nbsp;&nbsp;&nbsp; Klabin Austria GmbH 5.75%, 4/3/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1282 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 |
| &nbsp;&nbsp;&nbsp; MARB BondCo plc 3.95%, 1/29/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 |
| &nbsp;&nbsp;&nbsp; MV24 Capital BV 6.75%, 6/1/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1422 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6722 |
| **Chile — 3.5%** | **Chile — 3.5%** | **Chile — 3.5%** |
| &nbsp;&nbsp;&nbsp; Alfa Desarrollo SpA 4.55%, 9/27/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3579 | &nbsp;&nbsp;&nbsp;&nbsp; 2606 |
| &nbsp;&nbsp;&nbsp; Celulosa Arauco y Constitucion SA 4.25%, 4/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 1992 |
| &nbsp;&nbsp;&nbsp; Empresa de los Ferrocarriles del Estado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 8/18/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 9/14/2061 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp; Empresa de Transporte de Pasajeros Metro SA 5.00%, 1/25/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614 |
| &nbsp;&nbsp;&nbsp; Empresa Nacional de Telecomunicaciones SA 3.05%, 9/14/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1399 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp; Empresa Nacional del Petroleo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/5/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1501 | &nbsp;&nbsp;&nbsp;&nbsp; 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/6/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 9/16/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/14/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp; Enel Chile SA 4.88%, 6/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp; GNL Quintero SA 4.63%, 7/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; Interchile SA 4.50%, 6/30/2056 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2183 | &nbsp;&nbsp;&nbsp;&nbsp; 1687 |
| &nbsp;&nbsp;&nbsp; Kenbourne Invest SA 4.70%, 1/22/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 |
|  |  | &nbsp;&nbsp; 15522 |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **China — 0.6%** | **China — 0.6%** | **China — 0.6%** |
| &nbsp;&nbsp;&nbsp; GLP China Holdings Ltd. 2.95%, 3/29/2026 (a) | 1010 | 634 |
| &nbsp;&nbsp;&nbsp; Huarong Finance II Co. Ltd. 5.50%, 1/16/2025 (a) | 1900 | 1764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2398 |
| **Colombia — 1.3%** | **Colombia — 1.3%** | **Colombia — 1.3%** |
| &nbsp;&nbsp;&nbsp; AI Candelaria Spain SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/15/2028 (a) | 855 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/2033 (b) | 2240 | 1630 |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/18/2023 | 2505 | 2473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/26/2026 | 800 | 746 |
| &nbsp;&nbsp;&nbsp; Empresas Publicas de Medellin ESP 4.25%, 7/18/2029 (a) | 215 | 165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5811 |
| **Costa Rica — 0.4%** | **Costa Rica — 0.4%** | **Costa Rica — 0.4%** |
| &nbsp;&nbsp;&nbsp; Instituto Costarricense de Electricidad |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/7/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2043 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1807 |
| **Georgia — 0.3%** | **Georgia — 0.3%** | **Georgia — 0.3%** |
| &nbsp;&nbsp;&nbsp; Georgian Railway JSC 4.00%, 6/17/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1338 | &nbsp;&nbsp;&nbsp;&nbsp; 1107 |
| **Guatemala — 0.4%** | **Guatemala — 0.4%** | **Guatemala — 0.4%** |
| &nbsp;&nbsp;&nbsp; Central American Bottling Corp. 5.25%, 4/27/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1820 | &nbsp;&nbsp;&nbsp;&nbsp; 1627 |
| **India — 0.9%** | **India — 0.9%** | **India — 0.9%** |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV 3.85%, 3/29/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2008 | &nbsp;&nbsp;&nbsp;&nbsp; 1714 |
| &nbsp;&nbsp;&nbsp; Greenko Power II Ltd. 4.30%, 12/13/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1638 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 |
| &nbsp;&nbsp;&nbsp; Indian Railway Finance Corp. Ltd. 3.25%, 2/13/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3769 |
| **Indonesia — 3.1%** | **Indonesia — 3.1%** | **Indonesia — 3.1%** |
| &nbsp;&nbsp;&nbsp; Hutama Karya Persero PT 3.75%, 5/11/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 1891 |
| &nbsp;&nbsp;&nbsp; Indonesia Asahan Aluminium Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.76%, 11/15/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876 |
| &nbsp;&nbsp;&nbsp; Minejesa Capital BV 4.63%, 8/10/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2241 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/21/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 5/30/2044 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/7/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1421 |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/17/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/30/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2170 | &nbsp;&nbsp;&nbsp;&nbsp; 1522 |
|  |  | &nbsp;&nbsp; 13444 |
| **Israel — 0.9%** | **Israel — 0.9%** | **Israel — 0.9%** |
| &nbsp;&nbsp;&nbsp; Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512 |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Israel — continued** | **Israel — continued** | **Israel — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/30/2028 (a) | 1285 | 1176 |
| &nbsp;&nbsp;&nbsp; Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/30/2025 (a) | 510 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/30/2027 (a) | 1087 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/30/2030 (a) | 880 | 828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4076 |
| **Kazakhstan — 2.4%** | **Kazakhstan — 2.4%** | **Kazakhstan — 2.4%** |
| &nbsp;&nbsp;&nbsp; Fund of National Welfare Samruk-Kazyna JSC 2.00%, 10/28/2026 (b) | 1339 | 1152 |
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/19/2027 (a) | 900 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/24/2030 (a) | 4300 | 3846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/14/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/14/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/19/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3863 | &nbsp;&nbsp;&nbsp;&nbsp; 2901 |
|  |  | &nbsp;&nbsp; 10576 |
| **Mexico — 9.8%** | **Mexico — 9.8%** | **Mexico — 9.8%** |
| &nbsp;&nbsp;&nbsp; America Movil SAB de CV 5.38%, 4/4/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1443 | &nbsp;&nbsp;&nbsp;&nbsp; 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, 6/27/2029 (a) (e) <br> (f) (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1478 |
| &nbsp;&nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/14/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 2.72%, 8/11/2031 (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2420 | &nbsp;&nbsp;&nbsp;&nbsp; 2068 |
| &nbsp;&nbsp;&nbsp; BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.12%, 1/18/2033 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2059 |
| &nbsp;&nbsp;&nbsp; Braskem Idesa SAPI 6.99%, 2/20/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2365 | &nbsp;&nbsp;&nbsp;&nbsp; 1664 |
| &nbsp;&nbsp;&nbsp; Cemex SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.12%, 6/8/2026 (b) (e) (f) (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1981 | &nbsp;&nbsp;&nbsp;&nbsp; 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/11/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp; Cometa Energia SA de CV 6.38%, 4/24/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1154 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 2/9/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2719 | &nbsp;&nbsp;&nbsp;&nbsp; 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 2/9/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1882 | &nbsp;&nbsp;&nbsp;&nbsp; 1214 |
| &nbsp;&nbsp;&nbsp; FEL Energy VI SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3485 | &nbsp;&nbsp;&nbsp;&nbsp; 2840 |
| &nbsp;&nbsp;&nbsp; Mexico City Airport Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/31/2046 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 947 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7169 | &nbsp;&nbsp;&nbsp;&nbsp; 6775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3362 | &nbsp;&nbsp;&nbsp;&nbsp; 2514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 2/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 1/23/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8989 | &nbsp;&nbsp;&nbsp;&nbsp; 6119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 1/28/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4210 | &nbsp;&nbsp;&nbsp;&nbsp; 2654 |
|  |  | &nbsp;&nbsp; 42842 |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Panama — 1.0%** | **Panama — 1.0%** | **Panama — 1.0%** |
| &nbsp;&nbsp;&nbsp; Aeropuerto Internacional de Tocumen SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/11/2041 (b) | 800 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/11/2061 (b) | 1796 | 1360 |
| &nbsp;&nbsp;&nbsp; AES Panama Generation Holdings SRL 4.38%, 5/31/2030 (a) | 1500 | 1255 |
| &nbsp;&nbsp;&nbsp; Empresa de Transmision Electrica SA 5.13%, 5/2/2049 (a) | 1700 | 1305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4540 |
| **Paraguay — 1.3%** | **Paraguay — 1.3%** | **Paraguay — 1.3%** |
| &nbsp;&nbsp;&nbsp; Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (b) | 8507 | 5681 |
| **Peru — 2.9%** | **Peru — 2.9%** | **Peru — 2.9%** |
| &nbsp;&nbsp;&nbsp; Corp. Financiera de Desarrollo SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/2025 (a) | 640 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 9/28/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1563 |
| &nbsp;&nbsp;&nbsp; Fondo MIVIVIENDA SA 4.63%, 4/12/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1940 | &nbsp;&nbsp;&nbsp;&nbsp; 1797 |
| &nbsp;&nbsp;&nbsp; Lima Metro Line 2 Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 4/5/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2131 | &nbsp;&nbsp;&nbsp;&nbsp; 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 4/5/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876 |
| &nbsp;&nbsp;&nbsp; Peru LNG Srl 5.38%, 3/22/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1238 |
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/19/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2685 | &nbsp;&nbsp;&nbsp;&nbsp; 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/19/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4148 | &nbsp;&nbsp;&nbsp;&nbsp; 2815 |
|  |  | &nbsp;&nbsp; 12818 |
| **Russia — 0.0% ^** | **Russia — 0.0% ^** | **Russia — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Vnesheconombank Via VEB Finance plc 5.94%, 11/21/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
| **Saudi Arabia — 0.7%** | **Saudi Arabia — 0.7%** | **Saudi Arabia — 0.7%** |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. 3.50%, 4/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3434 | &nbsp;&nbsp;&nbsp;&nbsp; 3176 |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| &nbsp;&nbsp;&nbsp; GLP Pte. Ltd. 3.88%, 6/4/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 |
| **South Africa — 1.0%** | **South Africa — 1.0%** | **South Africa — 1.0%** |
| &nbsp;&nbsp;&nbsp; Eskom Holdings SOC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/6/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2476 | &nbsp;&nbsp;&nbsp;&nbsp; 2414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/11/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.45%, 8/10/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4518 |
| **Trinidad And Tobago — 0.2%** | **Trinidad And Tobago — 0.2%** | **Trinidad And Tobago — 0.2%** |
| &nbsp;&nbsp;&nbsp; Trinidad Generation UnLtd 5.25%, 11/4/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 |
| **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** |
| &nbsp;&nbsp;&nbsp; NPC Ukrenergo 6.88%, 11/9/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476 |
| **United Arab Emirates — 1.8%** | **United Arab Emirates — 1.8%** | **United Arab Emirates — 1.8%** |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2161 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |
| &nbsp;&nbsp;&nbsp; DP World Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 7/2/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/25/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 |
| &nbsp;&nbsp;&nbsp; MDGH GMTN RSC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/7/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp;&nbsp; 1129 |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Arab Emirates — continued** | **United Arab Emirates — continued** | **United Arab Emirates — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/3/2031 (a) | 800 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/7/2049 (a) | 1800 | 1438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7796 |
| **Uzbekistan — 0.4%** | **Uzbekistan — 0.4%** | **Uzbekistan — 0.4%** |
| &nbsp;&nbsp;&nbsp; Uzbekneftegaz JSC 4.75%, 11/16/2028 (b) | 1953 | 1528 |
| **Venezuela, Bolivarian Republic of — 0.1%** | **Venezuela, Bolivarian Republic of — 0.1%** | **Venezuela, Bolivarian Republic of — 0.1%** |
| &nbsp;&nbsp;&nbsp; Petroleos de Venezuela SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/27/2020 (a) (d) | 1123 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/17/2021 (a) (d) | 1510 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/12/2027 (a) (d) | 5758 | 245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $195,883)<br>|  | 158977 |
| **Supranational — 0.3%** | **Supranational — 0.3%** | **Supranational — 0.3%** |
| &nbsp;&nbsp;&nbsp; Banque Ouest Africaine de Developpement, 2.75%, 01/22/2033(b)(Cost $2,055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1661 | &nbsp;&nbsp;&nbsp;&nbsp; 1286 |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes , 1.50%, 1/15/2023(Cost $649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** |
| **Investment Companies — 2.3%** | **Investment Companies — 2.3%** | **Investment Companies — 2.3%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class Institutional Shares, 3.94% (h) (i)(Cost $10,012) | &nbsp;&nbsp;&nbsp;&nbsp; 10011 | &nbsp;&nbsp; 10014 |
| **Total Investments — 97.3%** <br>**(Cost $529,949)**<br>|  | **426238** |
| **Other Assets Less Liabilities — 2.7%** |  | **11778** |
| **NET ASSETS — 100.0%** |  | **438016** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CJSC | Closed Joint Stock Company |
| GMTN | Global Medium Term Note |
| JSC | Joint Stock Company |
| PT | Limited liability company |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities <br> offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have <br> restrictions on resale.<br>|
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of November 30, 2022. <br>|
| (d) | Defaulted security. |
| (e) | Security is an interest bearing note with preferred security characteristics. |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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 effect as of November 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of
 November 30, 2022.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown is the current yield as of November 30, 2022.

**Futures contracts outstanding as of November 30, 2022 (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 Ultra Bond | 48 | 03/22/2023 | USD | 6587 | 153 |

---

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

---

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

---

**Forward foreign currency exchange contracts outstanding as of November 30, 2022 (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; 437 | USD | &nbsp;&nbsp;&nbsp; 446 | Merrill Lynch International | 12/28/2022 | &nbsp;&nbsp;&nbsp; 10 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 762 | USD | &nbsp;&nbsp;&nbsp; 768 | State Street Corp. | 12/28/2022 | &nbsp;&nbsp;&nbsp; 27 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp; 37 |
| USD | 10170 | EUR | 9851 | Citibank, NA | 12/28/2022 | (106) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 783 | EUR | &nbsp;&nbsp;&nbsp; 781 | HSBC Bank, NA | 12/28/2022 | &nbsp;&nbsp; (32) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 809 | EUR | &nbsp;&nbsp;&nbsp; 784 | Merrill Lynch International | 12/28/2022 | &nbsp;&nbsp;&nbsp;&nbsp; (9) |
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | (147) |
| Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | (110) |

---

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

---

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

---

------

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Corporate Bonds | $— | $158977 | $— | $158977 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 255312 | &nbsp;&nbsp; — | &nbsp;&nbsp; 255312 |

---

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(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** |
| Supranational | $— | $1286 | $— | $1286 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 10014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10014 |
| **Total Investments in Securities**  | $10014 | $416224 | $— | $426238 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | $— | $37 | $— | $37 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147) |
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| $153 | $(110) | $— | $43 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.94% (a) (b)<br>| $18396 | $687706 | $696103 | $12 | $3 | $10014 | 10011 | $507 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of November 30, 2022.

**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.

------

**JPMorgan Emerging Markets Debt Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

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

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

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

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

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

**(2). 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.

------

## 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:** 277 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Emerging Markets Debt Fund

- **b. EDGAR series identifier (if any):** S000002916

- **c. LEI of Series:** 8KLDAXM5A9FOP50PQD10

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $438293939.05

**Total Liabilities:** $5571588.26

**Net Assets:** $432722350.79

**Cash Not Reported:** $4419965.25

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 692.53197000 | **5-Year:** 18803.58834000 | **10-Year:** 32527.09729000 | **30-Year:** 73645.51239000

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

- **3-Month:** 175.31710000 | **1-Year:** 3892.72035000 | **5-Year:** 44061.98128000 | **10-Year:** 52006.50826000 | **30-Year:** 69106.60610000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000033869 | -7.43%               | 0.65%                | 8.93%                |
| Class ID C000116218 | -7.22%               | 0.68%                | 8.74%                |
| Class ID C000007990 | -7.24%               | 0.67%                | 8.93%                |
| Class ID C000033533 | -7.15%               | 0.48%                | 9.02%                |
| Class ID C000033870 | -7.34%               | 0.61%                | 8.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6374499.82             | $-53362892.28                              |
| Month 2  | $-84105527.42            | $85442356.60                               |
| Month 3  | $-27970689.66            | $63290162.66                               |

**Designated Index Information**

- **Index Name:** EMBI Global Diversified Index

- **Index Identifier:** EMBIGDTRUSD0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Braskem Netherlands Finance BV                            | Braskem Netherlands Finance BV                            | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |   1700000 | PA      | $1440750.00   | 0.33%             | 2030-01-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                     | United Mexican States                                     | CUSIP: 91087BAG5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1326000 | PA      | $1060219.88   | 0.25%             | 2050-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                          | JPMorgan Prime Money Market Fund, Class Institutional     | CUSIP: 4812A2603<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        |  10010780 | NS      | $10013783.11  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MARB BondCo plc                                           | MARB BondCo plc                                           | CUSIP: 566007AC4<br>LEI: 254900PVA1EU6QM1JN57 | Long             | DBT              | CORP              | GB        |   1784000 | PA      | $1383135.20   | 0.32%             | 2031-01-29      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| Central American Bottling Corp.                           | Central American Bottling Corp.                           | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |   1820000 | PA      | $1626625.00   | 0.38%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Pertamina Persero PT                                      | Pertamina Persero PT                                      | CUSIP: 69370RAC1<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |   1400000 | PA      | $1420825.00   | 0.33%             | 2048-11-07      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Oil and Gas Holding Co. BSCC (The)                        | Oil and Gas Holding Co. BSCC (The)                        | CUSIP: N/A<br>LEI: 549300OBH16L6TS6IW50       | Long             | DBT              | CORP              | BH        |   2500000 | PA      | $2537187.50   | 0.59%             | 2028-11-07      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                  | Republic of South Africa                                  | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   1100000 | PA      | $966625.00    | 0.22%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   8325000 | PA      | $5666827.50   | 1.31%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                     | Republic of Indonesia                                     | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $220522.00    | 0.05%             | 2037-02-17      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                               | Federal Republic of Nigeria                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |   3120000 | PA      | $2273700.00   | 0.53%             | 2033-09-28      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Uzbekneftegaz JSC                                         | Uzbekneftegaz JSC                                         | CUSIP: 91825MAB9<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | NUSS              | UZ        |   1953000 | PA      | $1528222.50   | 0.35%             | 2028-11-16      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| UAE International Government Bond                         | UAE International Government Bond                         | CUSIP: 31424EAD4<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |   1374000 | PA      | $1341367.50   | 0.31%             | 2032-07-07      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| 1MDB Global Investments Ltd.                              | 1MDB Global Investments Ltd.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | VG        |   4200000 | PA      | $4108912.50   | 0.95%             | 2023-03-09      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                       | Republic of Ecuador                                       | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |   4947823 | PA      | $2154776.92   | 0.50%             | 2035-07-31      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | CUSIP: 71568QAD9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | NUSS              | ID        |   1100000 | PA      | $910250.00    | 0.21%             | 2047-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Benin Government International Bond                       | Benin Government Bond                                     | CUSIP: N/A<br>LEI: 635400Q11P6AE5A5Y230       | Long             | DBT              | NUSS              | BJ        |   1650000 | PA      | $1332813.50   | 0.31%             | 2032-01-19      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   1600000 | PA      | $1233360.00   | 0.29%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Republic of Turkey                                        | Republic of Turkey                                        | CUSIP: 900123CP3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   1500000 | PA      | $1290000.00   | 0.30%             | 2028-02-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Republic of Iraq                                          | Republic of Iraq                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | IQ        |   3131250 | PA      | $2803055.86   | 0.65%             | 2028-01-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Bermuda                                                   | Bermuda Government Bond                                   | CUSIP: 085209AG9<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |    617000 | PA      | $505284.44    | 0.12%             | 2030-08-20      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                  | Argentine Republic                                        | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   6803582 | PA      | $1649868.64   | 0.38%             | 2035-07-09      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Comision Federal de Electricidad                          | Comision Federal de Electricidad                          | CUSIP: 200447AJ9<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | NUSS              | MX        |   1882000 | PA      | $1213654.75   | 0.28%             | 2051-02-09      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                        | Sultanate of Oman Government Bond                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |    800000 | PA      | $790000.00    | 0.18%             | 2029-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                        | Dominican Republic Government Bond                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |   3585000 | PA      | $2652900.00   | 0.61%             | 2060-01-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Government of Mongolia                                    | State of Mongolia                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MN        |   1800000 | PA      | $1296198.00   | 0.30%             | 2031-07-07      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    925000 | PA      | $874125.00    | 0.20%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                    | Arab Republic of Egypt                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |   4100000 | PA      | $2603500.00   | 0.60%             | 2061-02-16      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                     | United Mexican States                                     | CUSIP: 91087BAL4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   3150000 | PA      | $2685375.00   | 0.62%             | 2051-04-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    664000 | PA      | $451984.80    | 0.10%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                               | Federal Republic of Nigeria                               | CUSIP: 65412JAU7<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |   1100000 | PA      | $911625.00    | 0.21%             | 2029-03-24      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                              | Oriental Republic of Uruguay                              | CUSIP: 760942AS1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    710000 | PA      | $908800.00    | 0.21%             | 2036-03-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Ecuador Social Bond SARL                                  | Ecuador Social Bond SARL                                  | CUSIP: N/A<br>LEI: 5493006P8FVL2JCVBP02       | Long             | DBT              | NUSS              | LU        |   3045834 | PA      | $2446756.88   | 0.57%             | 2035-01-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                    | Republic of Costa Rica                                    | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |   2297000 | PA      | $1843342.50   | 0.43%             | 2043-04-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Cemex SAB de CV                                           | Cemex SAB de CV                                           | CUSIP: 151290BZ5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    466000 | PA      | $377256.13    | 0.09%             | 2031-07-11      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                        | Dominican Republic Government Bond                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |   7760000 | PA      | $6425280.00   | 1.48%             | 2032-09-23      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                   | Kingdom of Saudi Arabia                                   | CUSIP: N/A<br>LEI: 635400FMICXSM3SI3H65       | Long             | DBT              | NUSS              | SA        |    600000 | PA      | $530250.00    | 0.12%             | 2047-10-04      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Bermuda                                                   | Bermuda Government Bond                                   | CUSIP: N/A<br>LEI: 549300FP5PUZXX9FVJ40       | Long             | DBT              | NUSS              | BM        |   1202000 | PA      | $1135739.75   | 0.26%             | 2027-01-25      | Fixed         | 3.72%                 | Yes           |                  2 | On Loan: No      |
| DP World Ltd.                                             | DP World Ltd.                                             | CUSIP: N/A<br>LEI: 549300M3U2DNF4QVSS04       | Long             | DBT              | CORP              | AE        |   1400000 | PA      | $1454075.00   | 0.34%             | 2037-07-02      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                      | Republic of Colombia                                      | CUSIP: 195325DX0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   2600000 | PA      | $1436500.00   | 0.33%             | 2061-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Celulosa Arauco y Constitucion SA                         | Celulosa Arauco y Constitucion SA                         | CUSIP: N/A<br>LEI: 549300QEKV8G0AMNQD28       | Long             | DBT              | CORP              | CL        |   2200000 | PA      | $1992100.00   | 0.46%             | 2029-04-30      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71654QBG6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   2033000 | PA      | $2009620.50   | 0.46%             | 2023-01-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru SA                                     | Petroleos del Peru SA                                     | CUSIP: N/A<br>LEI: 549300ZMGDLC9JT2OR80       | Long             | DBT              | NUSS              | PE        |   4148000 | PA      | $2815413.52   | 0.65%             | 2047-06-19      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Empresa Nacional de Telecomunicaciones SA                 | Empresa Nacional de Telecomunicaciones SA                 | CUSIP: 29245VAE5<br>LEI: 529900N4SUIP0URJT330 | Long             | DBT              | CORP              | CL        |   1399000 | PA      | $1083175.75   | 0.25%             | 2032-09-14      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| Republic of Senegal                                       | Republic of Senegal                                       | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |   2153000 | PA      | $1541817.13   | 0.36%             | 2048-03-13      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Cemex SAB de CV                                           | Cemex SAB de CV                                           | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |   1981000 | PA      | $1743280.00   | 0.40%             | 2026-06-08      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                              | Islamic Republic of Pakistan                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |   1487000 | PA      | $536509.60    | 0.12%             | 2031-04-08      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                     | Republic of Indonesia                                     | CUSIP: 455780DG8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   2568000 | PA      | $1746522.48   | 0.40%             | 2061-09-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                              | Ecopetrol SA                                              | CUSIP: 279158AL3<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    148000 | PA      | $137947.10    | 0.03%             | 2026-06-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                      | Republic of Colombia                                      | CUSIP: 195325DQ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   2259000 | PA      | $1519177.50   | 0.35%             | 2049-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad                   | Instituto Costarricense de Electricidad                   | CUSIP: 45777VAE7<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | NUSS              | CR        |   1280000 | PA      | $1200000.00   | 0.28%             | 2031-10-07      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                   | Ukraine Government Bond                                   | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |    900000 | PA      | $187481.25    | 0.04%             | 2031-05-21      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Banco Nacional de Comercio Exterior SNC                   | Banco Nacional de Comercio Exterior SNC                   | CUSIP: N/A<br>LEI: 4469000001BL6VG3DH44       | Long             | DBT              | CORP              | MX        |    400000 | PA      | $383325.00    | 0.09%             | 2025-10-14      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Leviathan Bond Ltd.                                       | Leviathan Bond Ltd.                                       | CUSIP: N/A<br>LEI: 254900D9T8VKYVQNZ220       | Long             | DBT              | CORP              | IL        |    880432 | PA      | $828046.30    | 0.19%             | 2030-06-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                        | Sultanate of Oman Government Bond                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |   3500000 | PA      | $3206875.00   | 0.74%             | 2048-01-17      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo                             | Empresa Nacional del Petroleo                             | CUSIP: N/A<br>LEI: 549300YP3P0JZBLIV197       | Long             | DBT              | NUSS              | CL        |    700000 | PA      | $487506.25    | 0.11%             | 2047-09-14      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                             | Federative Republic of Brazil                             | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    319000 | PA      | $234126.06    | 0.05%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad                   | Instituto Costarricense de Electricidad                   | CUSIP: N/A<br>LEI: 5493009VA6AFUB2Q0289       | Long             | DBT              | NUSS              | CR        |    802000 | PA      | $607264.38    | 0.14%             | 2043-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                              | Islamic Republic of Pakistan                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |   6300000 | PA      | $2489193.00   | 0.58%             | 2027-12-05      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                    | Republic of Paraguay                                      | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |   3900000 | PA      | $3086606.25   | 0.71%             | 2033-01-29      | Fixed         | 2.74%                 | Yes           |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | CUSIP: 71568PAP4<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | NUSS              | ID        |   2170000 | PA      | $1521712.50   | 0.35%             | 2050-06-30      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                    | Arab Republic of Egypt                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |   1000000 | PA      | $680187.50    | 0.16%             | 2051-09-30      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Zambia                                        | Republic of Zambia                                        | CUSIP: N/A<br>LEI: 213800DMLAZ6LGMMD849       | Long             | DBT              | NUSS              | ZM        |    700000 | PA      | $322000.00    | 0.07%             | 2024-04-14      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| GLP Pte. Ltd.                                             | GLP Pte. Ltd.                                             | CUSIP: N/A<br>LEI: 254900PC2NNG9BLIJO15       | Long             | DBT              | CORP              | SG        |    626000 | PA      | $449859.25    | 0.10%             | 2025-06-04      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                        | Republic of Angola                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |   1383000 | PA      | $1146161.25   | 0.26%             | 2048-05-08      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Greenko Dutch BV                                          | Greenko Dutch BV                                          | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |   2007410 | PA      | $1713826.29   | 0.40%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| FEL Energy VI SARL                                        | FEL Energy VI SARL                                        | CUSIP: N/A<br>LEI: 254900H2U8PBIY32VI94       | Long             | DBT              | CORP              | LU        |   3484987 | PA      | $2840264.41   | 0.66%             | 2040-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                   | Kingdom of Saudi Arabia                                   | CUSIP: N/A<br>LEI: 635400FMICXSM3SI3H65       | Long             | DBT              | NUSS              | SA        |   1100000 | PA      | $789250.00    | 0.18%             | 2051-11-17      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                | Democratic Socialist Republic of Sri Lanka                | CUSIP: N/A<br>LEI: 254900HXCCIOHM74FA02       | Long             | DBT              | NUSS              | LK        |   2474000 | PA      | $741890.75    | 0.17%             | 2028-04-18      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd.                                   | Eskom Holdings SOC Ltd.                                   | CUSIP: N/A<br>LEI: 3789001900ED06F65111       | Long             | DBT              | NUSS              | ZA        |   2476000 | PA      | $2414100.00   | 0.56%             | 2023-08-06      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                  | Republic of South Africa                                  | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   1000000 | PA      | $903625.00    | 0.21%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Federal Democratic Republic of Ethiopia                   | Federal Democratic Republic of Ethiopia                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | ET        |    721000 | PA      | $440846.44    | 0.10%             | 2024-12-11      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Benin Government International Bond                       | Benin Government Bond                                     | CUSIP: N/A<br>LEI: 635400Q11P6AE5A5Y230       | Long             | DBT              | NUSS              | BJ        |   1061000 | PA      | $804802.85    | 0.19%             | 2052-01-19      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                              | Energean Israel Finance Ltd.                              | CUSIP: N/A<br>LEI: 98450044QACBL3F8EB03       | Long             | DBT              | CORP              | IL        |   1285000 | PA      | $1175775.00   | 0.27%             | 2028-03-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                 | Petroleos de Venezuela SA                                 | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | CORP              | VE        |   5758400 | PA      | $244732.00    | 0.06%             | 2027-04-12      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Empresa de Transmision Electrica SA                       | Empresa de Transmision Electrica SA                       | CUSIP: N/A<br>LEI: 254900RX1DOMC83TZ320       | Long             | DBT              | NUSS              | PA        |   1700000 | PA      | $1305600.00   | 0.30%             | 2049-05-02      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                       | Republic of Ecuador                                       | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |   5300000 | PA      | $2101118.75   | 0.49%             | 2040-07-31      | Variable      | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Greenko Power II Ltd.                                     | Greenko Power II Ltd.                                     | CUSIP: 39530MAA6<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |   1638290 | PA      | $1400246.46   | 0.32%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                              | KazMunayGas National Co. JSC                              | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |   4300000 | PA      | $3845812.50   | 0.89%             | 2030-04-24      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                    | Republic of Paraguay                                      | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |   2111000 | PA      | $1774955.19   | 0.41%             | 2050-03-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                   | Ukraine Government Bond                                   | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |   6600000 | PA      | $1368675.00   | 0.32%             | 2035-03-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Minejesa Capital BV                                       | Minejesa Capital BV                                       | CUSIP: N/A<br>LEI: 549300KS7ERCP10BKC35       | Long             | DBT              | CORP              | NL        |   2600000 | PA      | $2240875.00   | 0.52%             | 2030-08-10      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Jamaica                                                   | Jamaica Government Bond                                   | CUSIP: 470160AT9<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |   1471000 | PA      | $1573326.44   | 0.36%             | 2025-10-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                   | Kingdom of Saudi Arabia                                   | CUSIP: 80413TAW9<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   2365000 | PA      | $1692896.56   | 0.39%             | 2061-02-02      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                        | Republic of Poland                                        | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |   1027000 | PA      | $1080855.88   | 0.25%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UAE International Government Bond                         | UAE International Government Bond                         | CUSIP: 31424EAE2<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |   1126000 | PA      | $1111925.00   | 0.26%             | 2052-07-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    845000 | PA      | $631891.00    | 0.15%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                    | Arab Republic of Egypt                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |   1400000 | PA      | $1036700.00   | 0.24%             | 2032-01-15      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                  | Republic of South Africa                                  | CUSIP: 836205AV6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   1628000 | PA      | $1163307.75   | 0.27%             | 2046-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peru LNG Srl                                              | Peru LNG Srl                                              | CUSIP: N/A<br>LEI: 254900F70J1LOALV5K70       | Long             | DBT              | CORP              | PE        |   1500000 | PA      | $1237500.00   | 0.29%             | 2030-03-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd.                                   | Eskom Holdings SOC Ltd.                                   | CUSIP: N/A<br>LEI: 3789001900ED06F65111       | Long             | DBT              | NUSS              | ZA        |    661000 | PA      | $606467.50    | 0.14%             | 2028-08-10      | Fixed         | 8.45%                 | Yes           |                  2 | On Loan: No      |
| Banque Ouest Africaine de Developpement                   | Banque Ouest Africaine de Developpement                   | CUSIP: N/A<br>LEI: 529900LIZJABE4JJS826       | Long             | DBT              | NUSS              | TG        |   1300000 | PA      | $1007009.44   | 0.23%             | 2033-01-22      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   3610000 | PA      | $2275383.00   | 0.53%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                               | Federal Republic of Nigeria                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |   1700000 | PA      | $1311125.00   | 0.30%             | 2030-02-23      | Fixed         | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Interchile SA                                             | Interchile SA                                             | CUSIP: 45846AAA8<br>LEI: 549300Y105FQQX6RCE16 | Long             | DBT              | CORP              | CL        |   2183000 | PA      | $1687459.00   | 0.39%             | 2056-06-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                  | Argentine Republic                                        | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   3210000 | PA      | $890775.00    | 0.21%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Republic of Turkey                                        | Republic of Turkey                                        | CUSIP: 900123DF4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   3520000 | PA      | $3669600.00   | 0.85%             | 2028-01-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| GLP China Holdings Ltd.                                   | GLP China Holdings Ltd.                                   | CUSIP: N/A<br>LEI: 254900C6X2D3TGF2CO98       | Long             | DBT              | CORP              | HK        |   1010000 | PA      | $633964.38    | 0.15%             | 2026-03-29      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                   | Romania Government Bond                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    500000 | PA      | $301546.37    | 0.07%             | 2040-12-02      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                  | Republic of South Africa                                  | CUSIP: 836205AU8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   4785000 | PA      | $4325340.94   | 1.00%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Indonesia Asahan Aluminium Persero PT                     | Indonesia Asahan Aluminium Persero PT                     | CUSIP: N/A<br>LEI: 2549008P48EB9SN2OI80       | Long             | DBT              | NUSS              | ID        |   2000000 | PA      | $2002250.00   | 0.46%             | 2028-11-15      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                         | Lebanese Republic                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |   5000000 | PA      | $290000.00    | 0.07%             | 2024-04-22      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                              | Islamic Republic of Pakistan                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    743000 | PA      | $408731.73    | 0.09%             | 2024-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Saudi Arabian Oil Co.                                     | Saudi Arabian Oil Co.                                     | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | DBT              | NUSS              | SA        |   3434000 | PA      | $3176450.00   | 0.73%             | 2029-04-16      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $26948.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of El Salvador                                   | Republic of El Salvador                                   | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |   1481000 | PA      | $624148.94    | 0.14%             | 2029-02-28      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                              | Oriental Republic of Uruguay                              | CUSIP: 760942AS1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    773466 | PA      | $990036.48    | 0.23%             | 2036-03-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Empresa de Transporte de Pasajeros Metro SA               | Empresa de Transporte de Pasajeros Metro SA               | CUSIP: N/A<br>LEI: 959800T4M5QUPYMSCH69       | Long             | DBT              | NUSS              | CL        |    770000 | PA      | $613497.50    | 0.14%             | 2047-01-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                        | Kingdom of Bahrain                                        | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |    881000 | PA      | $874557.69    | 0.20%             | 2029-09-20      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                   | Hungary Government Bond                                   | CUSIP: N/A<br>LEI: 5299003F3UFKGCCMAP43       | Long             | DBT              | NUSS              | HU        |   1300000 | PA      | $1241337.50   | 0.29%             | 2034-06-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                | Democratic Socialist Republic of Sri Lanka                | CUSIP: N/A<br>LEI: 254900HXCCIOHM74FA02       | Long             | DBT              | NUSS              | LK        |   2300000 | PA      | $696900.00    | 0.16%             | 2024-03-14      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                              | Ecopetrol SA                                              | CUSIP: 279158AC3<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $197500.00    | 0.05%             | 2023-09-18      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                  | Argentine Republic                                        | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   2621330 | PA      | $792624.66    | 0.18%             | 2038-01-09      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Republic of Ghana                                         | Republic of Ghana                                         | CUSIP: N/A<br>LEI: 213800PP4399SNNXZ126       | Long             | DBT              | NUSS              | GH        |    700000 | PA      | $266000.00    | 0.06%             | 2027-02-11      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                          | Bolivarian Republic of Venezuela                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |   2630000 | PA      | $216975.00    | 0.05%             | 2028-05-07      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                        | Dominican Republic Government Bond                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |    900000 | PA      | $764043.75    | 0.18%             | 2030-01-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkey                                        | Republic of Turkey                                        | CUSIP: 900123CM0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   1976000 | PA      | $1343680.00   | 0.31%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of Trinidad & Tobago                             | Republic of Trinidad and Tobago                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | TT        |   1800000 | PA      | $1686150.00   | 0.39%             | 2030-06-26      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    600000 | PA      | $378180.00    | 0.09%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Republic of Ghana                                         | Republic of Ghana                                         | CUSIP: N/A<br>LEI: 213800PP4399SNNXZ126       | Long             | DBT              | NUSS              | GH        |   3009000 | PA      | $999176.06    | 0.23%             | 2051-03-26      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| Huarong Finance II Co. Ltd.                               | Huarong Finance II Co. Ltd.                               | CUSIP: N/A<br>LEI: 549300BHVD63HE2GHX17       | Long             | DBT              | CORP              | VG        |   1900000 | PA      | $1763793.75   | 0.41%             | 2025-01-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                        | Sultanate of Oman Government Bond                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |     34000 | PA      | $32640.00     | 0.01%             | 2026-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| State of Qatar                                            | State of Qatar                                            | CUSIP: N/A<br>LEI: 52990074F6OJOAXK4P65       | Long             | DBT              | NUSS              | QA        |   3292000 | PA      | $3176780.00   | 0.73%             | 2049-03-14      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                     | Republic of Indonesia                                     | CUSIP: 455780CT1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   1200000 | PA      | $988632.00    | 0.23%             | 2050-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                               | Hashemite Kingdom of Jordan                               | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |   2800000 | PA      | $2338000.00   | 0.54%             | 2047-10-10      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                   | Romania Government Bond                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |   2572000 | PA      | $2008655.63   | 0.46%             | 2049-04-03      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                        | Dominican Republic Government Bond                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |   1955000 | PA      | $1583305.63   | 0.37%             | 2049-06-05      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    292000 | PA      | $218357.60    | 0.05%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                    | Arab Republic of Egypt                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |   1771000 | PA      | $1177715.00   | 0.27%             | 2047-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Oil and Gas Holding Co. BSCC (The)                        | Oil and Gas Holding Co. BSCC (The)                        | CUSIP: N/A<br>LEI: 549300OBH16L6TS6IW50       | Long             | DBT              | CORP              | BH        |   1300000 | PA      | $1312025.00   | 0.30%             | 2024-11-07      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                              | Energean Israel Finance Ltd.                              | CUSIP: N/A<br>LEI: 98450044QACBL3F8EB03       | Long             | DBT              | CORP              | IL        |    551000 | PA      | $512430.00    | 0.12%             | 2026-03-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                         | Lebanese Republic                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |   6767000 | PA      | $392486.00    | 0.09%             | 2020-03-09      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States of America                                  | U.S. Treasury Notes                                       | CUSIP: 912828Z29<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    651000 | PA      | $648894.38    | 0.15%             | 2023-01-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                     | United Mexican States                                     | CUSIP: 91087BAG5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    474000 | PA      | $378992.63    | 0.09%             | 2050-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pertamina Persero PT                                      | Pertamina Persero PT                                      | CUSIP: 69370RAF4<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |    500000 | PA      | $437500.00    | 0.10%             | 2030-01-21      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                              | Ecopetrol SA                                              | CUSIP: 279158AC3<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |   2305000 | PA      | $2276187.50   | 0.53%             | 2023-09-18      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Republic of Turkey                                        | Republic of Turkey                                        | CUSIP: 900123CJ7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   4300000 | PA      | $3805500.00   | 0.88%             | 2026-04-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                              | KazMunayGas National Co. JSC                              | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |   3863000 | PA      | $2900630.13   | 0.67%             | 2047-04-19      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                         | Republic of Ghana                                         | CUSIP: N/A<br>LEI: 213800PP4399SNNXZ126       | Long             | DBT              | NUSS              | GH        |   1000000 | PA      | $342687.50    | 0.08%             | 2035-02-11      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo                             | Empresa Nacional del Petroleo                             | CUSIP: N/A<br>LEI: 549300YP3P0JZBLIV197       | Long             | DBT              | NUSS              | CL        |   2200000 | PA      | $2117500.00   | 0.49%             | 2029-11-06      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                    | Republic of Paraguay                                      | CUSIP: 699149AL4<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |   1800000 | PA      | $1556212.50   | 0.36%             | 2033-06-28      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                          | Bolivarian Republic of Venezuela                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |   1900000 | PA      | $156750.00    | 0.04%             | 2022-08-23      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Ukraine                                                   | Ukraine Government Bond                                   | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |   4262000 | PA      | $898482.88    | 0.21%             | 2034-09-25      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Kenbourne Invest SA                                       | Kenbourne Invest SA                                       | CUSIP: 48855KAC4<br>LEI: 222100QGH6Y9KFYZ4B27 | Long             | DBT              | CORP              | LU        |   1028000 | PA      | $744529.00    | 0.17%             | 2028-01-22      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Finance Department Government of Sharjah                  | Finance Department Government of Sharjah                  | CUSIP: N/A<br>LEI: 254900ZNL8O3F1CLJO24       | Long             | DBT              | NUSS              | AE        |   2000000 | PA      | $1612875.00   | 0.37%             | 2033-03-10      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   6244000 | PA      | $5900580.00   | 1.36%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Bermuda                                                   | Bermuda Government Bond                                   | CUSIP: 085209AJ3<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |    832000 | PA      | $800956.00    | 0.19%             | 2032-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mexico City Airport Trust                                 | Mexico City Airport Trust                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | MX        |   1300000 | PA      | $947212.50    | 0.22%             | 2046-10-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                      | Republic of Colombia                                      | CUSIP: 195325DT9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   4579000 | PA      | $2697031.00   | 0.62%             | 2051-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Republic of Zambia                                        | Republic of Zambia                                        | CUSIP: N/A<br>LEI: 213800DMLAZ6LGMMD849       | Long             | DBT              | NUSS              | ZM        |    651000 | PA      | $296205.00    | 0.07%             | 2027-07-30      | Fixed         | 8.97%                 | Yes           |                  2 | On Loan: No      |
| Republic of Peru                                          | Republic of Peru                                          | CUSIP: 715638BM3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    938000 | PA      | $940345.00    | 0.22%             | 2050-11-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Gabonese Republic                                         | Gabonese Republic                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GA        |   1800000 | PA      | $1757250.00   | 0.41%             | 2025-06-16      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| DP World Ltd.                                             | DP World Ltd.                                             | CUSIP: N/A<br>LEI: 549300M3U2DNF4QVSS04       | Long             | DBT              | CORP              | AE        |   1300000 | PA      | $1175200.00   | 0.27%             | 2048-09-25      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                        | Republic of Angola                                        | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |   1292000 | PA      | $1154725.00   | 0.27%             | 2032-04-14      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                     | Republic of Indonesia                                     | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |   1595000 | PA      | $1758662.95   | 0.41%             | 2037-02-17      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                    | Republic of Costa Rica                                    | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |    900000 | PA      | $870750.00    | 0.20%             | 2031-02-19      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                      | Republic of Colombia                                      | CUSIP: 195325BB0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    563000 | PA      | $606386.19    | 0.14%             | 2033-01-28      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Cometa Energia SA de CV                                   | Cometa Energia SA de CV                                   | CUSIP: N/A<br>LEI: 5493007L8UH7TYXKI505       | Long             | DBT              | CORP              | MX        |   1154379 | PA      | $1051783.57   | 0.24%             | 2035-04-24      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GNL Quintero SA                                           | GNL Quintero SA                                           | CUSIP: N/A<br>LEI: 549300JJJIQXE6E1QY27       | Long             | DBT              | CORP              | CL        |    329440 | PA      | $313338.62    | 0.07%             | 2029-07-31      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo                             | Empresa Nacional del Petroleo                             | CUSIP: 29245JAM4<br>LEI: 549300YP3P0JZBLIV197 | Long             | DBT              | NUSS              | CL        |   1220000 | PA      | $1020453.75   | 0.24%             | 2031-09-16      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| AES Panama Generation Holdings SRL                        | AES Panama Generation Holdings SRL                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | PA        |   1500000 | PA      | $1255125.00   | 0.29%             | 2030-05-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| State Oil Co. of the Azerbaijan Republic                  | State Oil Co. of the Azerbaijan Republic                  | CUSIP: N/A<br>LEI: 2549002HARR1VE257O76       | Long             | DBT              | NUSS              | AZ        |   2073000 | PA      | $2101503.75   | 0.49%             | 2030-03-18      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Lima Metro Line 2 Finance Ltd.                            | Lima Metro Line 2 Finance Ltd.                            | CUSIP: N/A<br>LEI: 5493009BVQNQT1UKQ352       | Long             | DBT              | CORP              | KY        |   2131198 | PA      | $1832563.47   | 0.42%             | 2036-04-05      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-106023.47   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                                  | Republic of South Africa                                  | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   3546000 | PA      | $2694960.00   | 0.62%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of Guatemala                                     | Republic of Guatemala                                     | CUSIP: N/A<br>LEI: 529900QKDFFU9UWW5315       | Long             | DBT              | NUSS              | GT        |    800000 | PA      | $652400.00    | 0.15%             | 2033-10-07      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                 | Republic of Cote d'Ivoire                                 | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |   1100000 | PA      | $897699.61    | 0.21%             | 2032-01-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Empresa de los Ferrocarriles del Estado                   | Empresa de los Ferrocarriles del Estado                   | CUSIP: 292487AB1<br>LEI: 8755006LY8XNRFOGWN86 | Long             | DBT              | NUSS              | CL        |    820000 | PA      | $530847.50    | 0.12%             | 2061-09-14      | Fixed         | 3.83%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                        | Kingdom of Bahrain                                        | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |   1200000 | PA      | $1012500.00   | 0.23%             | 2033-01-25      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                | Democratic Socialist Republic of Sri Lanka                | CUSIP: N/A<br>LEI: 254900HXCCIOHM74FA02       | Long             | DBT              | NUSS              | LK        |    800000 | PA      | $244088.00    | 0.06%             | 2027-05-11      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| State of Qatar                                            | State of Qatar                                            | CUSIP: N/A<br>LEI: 52990074F6OJOAXK4P65       | Long             | DBT              | NUSS              | QA        |   7000000 | PA      | $6361250.00   | 1.47%             | 2050-04-16      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Republic of Peru                                          | Republic of Peru                                          | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |   2505000 | PA      | $2030302.50   | 0.47%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BBVA Bancomer SA                                          | BBVA Bancomer SA                                          | CUSIP: N/A<br>LEI: 549300WIWQK5Q9MCUN92       | Long             | DBT              | CORP              | MX        |   2400000 | PA      | $2059320.00   | 0.48%             | 2033-01-18      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Alfa Desarrollo SpA                                       | Alfa Desarrollo SpA                                       | CUSIP: 01538TAA3<br>LEI: 2549006BJAN34R520038 | Long             | DBT              | CORP              | CL        |   3578906 | PA      | $2605801.39   | 0.60%             | 2051-09-27      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                 | Republic of Uzbekistan                                    | CUSIP: N/A<br>LEI: 213800L6VDKUM3TCM927       | Long             | DBT              | NUSS              | UZ        |    700000 | PA      | $568881.25    | 0.13%             | 2030-11-25      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                  | Republic of South Africa                                  | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    911000 | PA      | $692360.00    | 0.16%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                  | Argentine Republic                                        | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   2950000 | PA      | $715375.00    | 0.17%             | 2035-07-09      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                                        | Republic of Angola                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    375000 | PA      | $310781.25    | 0.07%             | 2048-05-08      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                      | Republic of Colombia                                      | CUSIP: 195325DT9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   1500000 | PA      | $883500.00    | 0.20%             | 2051-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Republic of Kenya                                         | Republic of Kenya                                         | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |    500000 | PA      | $391875.00    | 0.09%             | 2034-01-23      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                             | Federative Republic of Brazil                             | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1081000 | PA      | $793386.44    | 0.18%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Finance Department Government of Sharjah                  | Finance Department Government of Sharjah                  | CUSIP: N/A<br>LEI: 254900ZNL8O3F1CLJO24       | Long             | DBT              | NUSS              | AE        |    889000 | PA      | $551068.88    | 0.13%             | 2050-07-28      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Aeropuerto Internacional de Tocumen SA                    | Aeropuerto Internacional de Tocumen SA                    | CUSIP: 00787CAE2<br>LEI: 254900FO1PHX49ZIGB14 | Long             | DBT              | NUSS              | PA        |   1796000 | PA      | $1359684.25   | 0.31%             | 2061-08-11      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                   | Republic of El Salvador                                   | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |   2392000 | PA      | $978178.50    | 0.23%             | 2027-01-18      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                     | United Mexican States                                     | CUSIP: 91087BAL4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    100000 | PA      | $85250.00     | 0.02%             | 2051-04-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru SA                                     | Petroleos del Peru SA                                     | CUSIP: N/A<br>LEI: 549300ZMGDLC9JT2OR80       | Long             | DBT              | NUSS              | PE        |   2685000 | PA      | $2080203.75   | 0.48%             | 2032-06-19      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkey                                        | Republic of Turkey                                        | CUSIP: 900123CP3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   1400000 | PA      | $1204000.00   | 0.28%             | 2028-02-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Banco Mercantil del Norte SA                              | Banco Mercantil del Norte SA                              | CUSIP: N/A<br>LEI: 549300QTVYRPFHS0J362       | Long             | DBT              | CORP              | MX        |   1700000 | PA      | $1477895.00   | 0.34%             | 2029-06-27      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                        | Sultanate of Oman Government Bond                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |   2588000 | PA      | $2533005.00   | 0.59%             | 2028-01-17      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Hutama Karya Persero PT                                   | Hutama Karya Persero PT                                   | CUSIP: N/A<br>LEI: 2549009QN3GU8QCI7Q61       | Long             | DBT              | CORP              | ID        |   2100000 | PA      | $1891050.00   | 0.44%             | 2030-05-11      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                   | Romania Government Bond                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    788000 | PA      | $523429.00    | 0.12%             | 2051-02-14      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                 | Petroleos de Venezuela SA                                 | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | NUSS              | VE        |   1122500 | PA      | $202050.00    | 0.05%             | 2020-10-27      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                               | Hashemite Kingdom of Jordan                               | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    900000 | PA      | $802012.50    | 0.19%             | 2030-07-07      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                      | Republic of Colombia                                      | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   1700000 | PA      | $1258000.00   | 0.29%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                               | Federal Republic of Nigeria                               | CUSIP: 65412JAT0<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |   1106000 | PA      | $754845.00    | 0.17%             | 2051-09-28      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Panama                                        | Republic of Panama                                        | CUSIP: 698299BK9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |   2200000 | PA      | $1908225.00   | 0.44%             | 2030-01-23      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| AI Candelaria Spain SA                                    | AI Candelaria Spain SA                                    | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |   2240000 | PA      | $1629600.00   | 0.38%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   2225000 | PA      | $1663855.00   | 0.38%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Mexico City Airport Trust                                 | Mexico City Airport Trust                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | MX        |    400000 | PA      | $355325.00    | 0.08%             | 2028-04-30      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                     | Republic of Indonesia                                     | CUSIP: 455780CR5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   1032000 | PA      | $772710.00    | 0.18%             | 2050-02-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Kingdom of Morocco                                        | Kingdom of Morocco                                        | CUSIP: 617726AM6<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |   3230000 | PA      | $2214165.00   | 0.51%             | 2050-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | CUSIP: 71568QAJ6<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | NUSS              | ID        |    600000 | PA      | $528000.00    | 0.12%             | 2029-07-17      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | U.S. Treasury Ultra Bond                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        48 | NC      | $152894.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinidad Generation UnLtd                                 | Trinidad Generation UnLtd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | TT        |    800000 | PA      | $763400.00    | 0.18%             | 2027-11-04      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                               | Hashemite Kingdom of Jordan                               | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    164000 | PA      | $158239.50    | 0.04%             | 2027-01-31      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                               | Federal Republic of Nigeria                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |   1419000 | PA      | $932992.50    | 0.22%             | 2047-11-28      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo                             | Empresa Nacional del Petroleo                             | CUSIP: N/A<br>LEI: 549300YP3P0JZBLIV197       | Long             | DBT              | NUSS              | CL        |   1301000 | PA      | $1221964.25   | 0.28%             | 2026-08-05      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| MDGH GMTN RSC Ltd.                                        | MDGH GMTN RSC Ltd.                                        | CUSIP: N/A<br>LEI: 213800WRY6FRL9IXLT77       | Long             | DBT              | CORP              | AE        |    800000 | PA      | $671650.00    | 0.16%             | 2031-06-03      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Corp. Financiera de Desarrollo SA                         | Corp. Financiera de Desarrollo SA                         | CUSIP: N/A<br>LEI: 254900BOM7T4MG6T0J30       | Long             | DBT              | NUSS              | PE        |   1900000 | PA      | $1562512.50   | 0.36%             | 2027-09-28      | Fixed         | 2.40%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                       | Petroleos Mexicanos                                       | CUSIP: 71654QDH2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   1500000 | PA      | $1455450.00   | 0.34%             | 2025-10-16      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo                             | Empresa Nacional del Petroleo                             | CUSIP: N/A<br>LEI: 549300YP3P0JZBLIV197       | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $187850.00    | 0.04%             | 2026-08-05      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                              | Islamic Republic of Pakistan                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    700000 | PA      | $287077.00    | 0.07%             | 2026-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                       | Republic of Ecuador                                       | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |   1826000 | PA      | $1105643.00   | 0.26%             | 2030-07-31      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                      | Republic of Colombia                                      | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $150500.00    | 0.03%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                                        | Republic of Angola                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |   1100000 | PA      | $994125.00    | 0.23%             | 2029-11-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Vnesheconombank Via VEB Finance plc                       | Vnesheconombank Via VEB Finance plc                       | CUSIP: N/A<br>LEI: 635400KYY8E2NCZXJ191       | Long             | DBT              | CORP              | IE        |   3090000 | PA      | $148706.25    | 0.03%             | 2023-11-21      | Fixed         | 5.94%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                   | Hungary Government Bond                                   | CUSIP: N/A<br>LEI: 5299003F3UFKGCCMAP43       | Long             | DBT              | NUSS              | HU        |   2600000 | PA      | $1934237.50   | 0.45%             | 2031-09-22      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                      | Republic of Colombia                                      | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    800000 | PA      | $602000.00    | 0.14%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Republic of Ghana                                         | Republic of Ghana                                         | CUSIP: N/A<br>LEI: 213800PP4399SNNXZ126       | Long             | DBT              | NUSS              | GH        |   1000000 | PA      | $388750.00    | 0.09%             | 2027-03-26      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Jamaica                                                   | Jamaica Government Bond                                   | CUSIP: 470160CB6<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |    200000 | PA      | $219100.00    | 0.05%             | 2045-07-28      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Aeropuerto Internacional de Tocumen SA                    | Aeropuerto Internacional de Tocumen SA                    | CUSIP: 00787CAD4<br>LEI: 254900FO1PHX49ZIGB14 | Long             | DBT              | NUSS              | PA        |    800000 | PA      | $619650.00    | 0.14%             | 2041-08-11      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                | Democratic Socialist Republic of Sri Lanka                | CUSIP: N/A<br>LEI: 254900HXCCIOHM74FA02       | Long             | DBT              | NUSS              | LK        |   1375000 | PA      | $411468.75    | 0.10%             | 2029-03-14      | Fixed         | 7.85%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                        | Kingdom of Bahrain                                        | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |   2560000 | PA      | $2568480.00   | 0.59%             | 2028-10-12      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Bioceanico Sovereign Certificate Ltd.                     | Bioceanico Sovereign Certificate Ltd.                     | CUSIP: 09076AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   8506521 | PA      | $5680761.32   | 1.31%             | 2034-06-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                        | Dominican Republic Government Bond                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | DO        |   4406000 | PA      | $4240775.00   | 0.98%             | 2028-07-19      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                      | Republic of Colombia                                      | CUSIP: 195325EF8<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   1390000 | PA      | $1380965.00   | 0.32%             | 2033-04-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Empresas Publicas de Medellin ESP                         | Empresas Publicas de Medellin ESP                         | CUSIP: 29246BAE8<br>LEI: 549300SU25TO8EMXB434 | Long             | DBT              | NUSS              | CO        |    265000 | PA      | $203553.13    | 0.05%             | 2029-07-18      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Banque Ouest Africaine de Developpement                   | Banque Ouest Africaine de Developpement                   | CUSIP: N/A<br>LEI: 529900LIZJABE4JJS826       | Long             | DBT              | NUSS              | TG        |    361000 | PA      | $279638.78    | 0.06%             | 2033-01-22      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                  | Republic of South Africa                                  | CUSIP: 836205AS3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    900000 | PA      | $688387.50    | 0.16%             | 2044-07-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                    | Arab Republic of Egypt                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |   1900000 | PA      | $1220750.00   | 0.28%             | 2048-02-21      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                     | Republic of Guatemala                                     | CUSIP: N/A<br>LEI: 529900QKDFFU9UWW5315       | Long             | DBT              | NUSS              | GT        |   1253000 | PA      | $1209771.50   | 0.28%             | 2032-04-24      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Georgian Railway JSC                                      | Georgian Railway JSC                                      | CUSIP: 37363BAB4<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |   1338000 | PA      | $1107027.75   | 0.26%             | 2028-06-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Indian Railway Finance Corp. Ltd.                         | Indian Railway Finance Corp. Ltd.                         | CUSIP: 45434L2A1<br>LEI: 335800F2JHSOGXQEBY56 | Long             | DBT              | NUSS              | IN        |    750000 | PA      | $655312.50    | 0.15%             | 2030-02-13      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                             | Federative Republic of Brazil                             | CUSIP: 105756BB5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1200000 | PA      | $1362975.00   | 0.31%             | 2034-01-20      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Republic of Iraq                                          | Republic of Iraq                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | IQ        |   1378000 | PA      | $1357157.75   | 0.31%             | 2023-03-09      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                               | Hashemite Kingdom of Jordan                               | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    500000 | PA      | $481812.50    | 0.11%             | 2025-07-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Empresa de los Ferrocarriles del Estado                   | Empresa de los Ferrocarriles del Estado                   | CUSIP: 292487AA3<br>LEI: 8755006LY8XNRFOGWN86 | Long             | DBT              | NUSS              | CL        |    871000 | PA      | $527118.31    | 0.12%             | 2050-08-18      | Fixed         | 3.07%                 | Yes           |                  2 | On Loan: No      |
| Jamaica                                                   | Jamaica Government Bond                                   | CUSIP: 470160CB6<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |    952000 | PA      | $1042916.00   | 0.24%             | 2045-07-28      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MDGH GMTN RSC Ltd.                                        | MDGH GMTN RSC Ltd.                                        | CUSIP: N/A<br>LEI: 213800WRY6FRL9IXLT77       | Long             | DBT              | CORP              | AE        |   1800000 | PA      | $1438087.50   | 0.33%             | 2049-11-07      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                         | Republic of Kenya                                         | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |    900000 | PA      | $804375.00    | 0.19%             | 2027-05-22      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                        | Sultanate of Oman Government Bond                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |   3300000 | PA      | $3085500.00   | 0.71%             | 2051-01-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                             | Federative Republic of Brazil                             | CUSIP: 105756BB5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   5942000 | PA      | $6748997.88   | 1.56%             | 2034-01-20      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                 | Republic of Uzbekistan                                    | CUSIP: N/A<br>LEI: 213800L6VDKUM3TCM927       | Long             | DBT              | NUSS              | UZ        |    253000 | PA      | $230040.25    | 0.05%             | 2029-02-20      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                    | Arab Republic of Egypt                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |   2400000 | PA      | $1959000.00   | 0.45%             | 2028-02-21      | Fixed         | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Corp. Financiera de Desarrollo SA                         | Corp. Financiera de Desarrollo SA                         | CUSIP: N/A<br>LEI: 254900BOM7T4MG6T0J30       | Long             | DBT              | NUSS              | PE        |    640000 | PA      | $616120.00    | 0.14%             | 2025-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                         | Republic of Kenya                                         | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |   1146000 | PA      | $994155.00    | 0.23%             | 2032-05-22      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Emirate of Dubai United Arab Emirates                     | United Arab Emirates Government Bond                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | AE        |    600000 | PA      | $417862.50    | 0.10%             | 2050-09-09      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                              | Islamic Republic of Pakistan                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    700000 | PA      | $287077.00    | 0.07%             | 2026-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                    | Republic of Costa Rica                                    | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |    500000 | PA      | $466875.00    | 0.11%             | 2044-04-04      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                        | Sultanate of Oman Government Bond                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |    300000 | PA      | $288000.00    | 0.07%             | 2026-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                               | Federal Republic of Nigeria                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |   3800000 | PA      | $3016250.00   | 0.70%             | 2027-11-28      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                        | Sultanate of Oman Government Bond                         | CUSIP: 68205LAS2<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |   1684000 | PA      | $1677685.00   | 0.39%             | 2031-01-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                          | Bolivarian Republic of Venezuela                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |   2590000 | PA      | $213675.00    | 0.05%             | 2024-10-13      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                        | Republic of Angola                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |   1742000 | PA      | $1617882.50   | 0.37%             | 2028-05-09      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Lima Metro Line 2 Finance Ltd.                            | Lima Metro Line 2 Finance Ltd.                            | CUSIP: 532522AB5<br>LEI: 5493009BVQNQT1UKQ352 | Long             | DBT              | CORP              | KY        |   1019268 | PA      | $876443.39    | 0.20%             | 2036-04-05      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Comision Federal de Electricidad                          | Comision Federal de Electricidad                          | CUSIP: 200447AH3<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | NUSS              | MX        |   2719000 | PA      | $2094139.81   | 0.48%             | 2031-02-09      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                     | Republic of Guatemala                                     | CUSIP: 401494AQ2<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |   2024000 | PA      | $1902939.50   | 0.44%             | 2030-06-01      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                        | Sultanate of Oman Government Bond                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |   3350000 | PA      | $3337437.50   | 0.77%             | 2031-01-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                   | Romania Government Bond                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |   3500000 | PA      | $2788625.00   | 0.64%             | 2031-02-14      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                  | Argentine Republic                                        | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   2600000 | PA      | $721500.00    | 0.17%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MV24 Capital BV                                           | MV24 Capital BV                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |   1422240 | PA      | $1254949.02   | 0.29%             | 2034-06-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                        | Kingdom of Bahrain                                        | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |   1787000 | PA      | $1568092.50   | 0.36%             | 2032-09-16      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Braskem Idesa SAPI                                        | Braskem Idesa SAPI                                        | CUSIP: 10554NAB4<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |   2365000 | PA      | $1664368.75   | 0.38%             | 2032-02-20      | Fixed         | 6.99%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                   | Romania Government Bond                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    700000 | PA      | $565162.50    | 0.13%             | 2032-03-27      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                     | United Mexican States                                     | CUSIP: 91087BAS9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   2100000 | PA      | $1629600.00   | 0.38%             | 2052-02-12      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| America Movil SAB de CV                                   | America Movil SAB de CV                                   | CUSIP: 03217KAB4<br>LEI: 5493000FNR3UCEAONM59 | Long             | DBT              | CORP              | MX        |   1443000 | PA      | $1325756.25   | 0.31%             | 2032-04-04      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Zambia                                        | Republic of Zambia                                        | CUSIP: N/A<br>LEI: 213800DMLAZ6LGMMD849       | Long             | DBT              | NUSS              | ZM        |   1306000 | PA      | $548520.00    | 0.13%             | 2022-09-20      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                 | Petroleos de Venezuela SA                                 | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | NUSS              | VE        |   1510000 | PA      | $64175.00     | 0.01%             | 2022-11-17      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| MDGH GMTN RSC Ltd.                                        | MDGH GMTN RSC Ltd.                                        | CUSIP: 55276VAJ1<br>LEI: 213800WRY6FRL9IXLT77 | Long             | DBT              | CORP              | AE        |   1265000 | PA      | $1128854.38   | 0.26%             | 2029-11-07      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Pertamina Persero PT                                      | Pertamina Persero PT                                      | CUSIP: 69370RAA5<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |   1600000 | PA      | $1616000.00   | 0.37%             | 2044-05-30      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                         | Lebanese Republic                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |   2896000 | PA      | $160728.00    | 0.04%             | 2028-11-03      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                 | Republic of Cote d'Ivoire                                 | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |   2962000 | PA      | $2352725.47   | 0.54%             | 2040-10-17      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Namibia                                       | Republic of Namibia                                       | CUSIP: N/A<br>LEI: 549300T6Y4CWK77SML15       | Long             | DBT              | NUSS              | NA        |   1200000 | PA      | $1110000.00   | 0.26%             | 2025-10-29      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                        | Republic of Angola                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    460000 | PA      | $377573.75    | 0.09%             | 2049-11-26      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| FEL Energy VI SARL                                        | FEL Energy VI SARL                                        | CUSIP: 30260LAA3<br>LEI: 254900H2U8PBIY32VI94 | Long             | DBT              | CORP              | LU        |    589622 | PA      | $480542.03    | 0.11%             | 2040-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Indonesia Asahan Aluminium Persero PT                     | Indonesia Asahan Aluminium Persero PT                     | CUSIP: N/A<br>LEI: 2549008P48EB9SN2OI80       | Long             | DBT              | NUSS              | ID        |    961000 | PA      | $875951.50    | 0.20%             | 2048-11-15      | Fixed         | 6.76%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                   | Kingdom of Saudi Arabia                                   | CUSIP: N/A<br>LEI: 635400FMICXSM3SI3H65       | Long             | DBT              | NUSS              | SA        |    900000 | PA      | $836887.50    | 0.19%             | 2049-04-17      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                              | KazMunayGas National Co. JSC                              | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |   1400000 | PA      | $1033900.00   | 0.24%             | 2033-04-14      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                | Democratic Socialist Republic of Sri Lanka                | CUSIP: N/A<br>LEI: 254900HXCCIOHM74FA02       | Long             | DBT              | NUSS              | LK        |   2461000 | PA      | $750875.71    | 0.17%             | 2027-05-11      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Enel Chile SA                                             | Enel Chile SA                                             | CUSIP: 29278DAA3<br>LEI: 549300YM5CWCAUVOPB53 | Long             | DBT              | CORP              | CL        |    285000 | PA      | $272032.50    | 0.06%             | 2028-06-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                              | KazMunayGas National Co. JSC                              | CUSIP: 48126PAA0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |   1100000 | PA      | $812350.00    | 0.19%             | 2033-04-14      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                      | Republic of Colombia                                      | CUSIP: 195325DQ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   1436000 | PA      | $965710.00    | 0.22%             | 2049-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Southern Gas Corridor CJSC                                | Southern Gas Corridor CJSC                                | CUSIP: N/A<br>LEI: 213800DG58KG59XY6318       | Long             | DBT              | NUSS              | AZ        |    900000 | PA      | $919912.50    | 0.21%             | 2026-03-24      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                          | Bolivarian Republic of Venezuela                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |   2013000 | PA      | $166072.50    | 0.04%             | 2025-04-21      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Leviathan Bond Ltd.                                       | Leviathan Bond Ltd.                                       | CUSIP: N/A<br>LEI: 254900D9T8VKYVQNZ220       | Long             | DBT              | CORP              | IL        |   1087000 | PA      | $1059553.25   | 0.24%             | 2027-06-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Leviathan Bond Ltd.                                       | Leviathan Bond Ltd.                                       | CUSIP: N/A<br>LEI: 254900D9T8VKYVQNZ220       | Long             | DBT              | CORP              | IL        |    510000 | PA      | $499736.25    | 0.12%             | 2025-06-30      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| NPC Ukrenergo                                             | NPC Ukrenergo                                             | CUSIP: 63718LAA2<br>LEI: 8945009LCLS92V4AK321 | Long             | DBT              | NUSS              | UA        |   2644000 | PA      | $475920.00    | 0.11%             | 2028-11-09      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Fondo MIVIVIENDA SA                                       | Fondo MIVIVIENDA SA                                       | CUSIP: 344593AF5<br>LEI: 549300X41PNOK11PZ670 | Long             | DBT              | NUSS              | PE        |   1940000 | PA      | $1796925.00   | 0.42%             | 2027-04-12      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                   | Kingdom of Saudi Arabia                                   | CUSIP: N/A<br>LEI: 635400FMICXSM3SI3H65       | Long             | DBT              | NUSS              | SA        |   2621000 | PA      | $2542370.00   | 0.59%             | 2050-01-16      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Empresas Publicas de Medellin ESP                         | Empresas Publicas de Medellin ESP                         | CUSIP: N/A<br>LEI: 549300SU25TO8EMXB434       | Long             | DBT              | NUSS              | CO        |    448000 | PA      | $344120.00    | 0.08%             | 2029-07-18      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Guara Norte SARL                                          | Guara Norte SARL                                          | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |   1713154 | PA      | $1408320.07   | 0.33%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                    | Arab Republic of Egypt                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |   2094000 | PA      | $1478625.75   | 0.34%             | 2031-02-16      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                 | Republic of Cote d'Ivoire                                 | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |    888000 | PA      | $663181.15    | 0.15%             | 2048-03-22      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-8733.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Guatemala                                     | Republic of Guatemala                                     | CUSIP: 401494AV1<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |   1620000 | PA      | $1556010.00   | 0.36%             | 2029-08-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                         | Lebanese Republic                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |    720000 | PA      | $41760.00     | 0.01%             | 2020-06-19      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bond                        | Sultanate of Oman Government Bond                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |   3313000 | PA      | $3226033.75   | 0.75%             | 2027-03-08      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                  | Argentine Republic                                        | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    800000 | PA      | $194900.00    | 0.05%             | 2046-07-09      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                   | Kingdom of Saudi Arabia                                   | CUSIP: 80413TAV1<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   1777000 | PA      | $1432706.25   | 0.33%             | 2033-02-02      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Government of Mongolia                                    | State of Mongolia                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MN        |   1100000 | PA      | $805750.00    | 0.19%             | 2027-07-07      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Azerbaijan                                    | Republic of Azerbaijan                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | AZ        |   2150000 | PA      | $1789606.25   | 0.41%             | 2032-09-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                         | Republic of Kenya                                         | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |    800000 | PA      | $627000.00    | 0.14%             | 2034-01-23      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                         | Republic of Ghana                                         | CUSIP: N/A<br>LEI: 213800PP4399SNNXZ126       | Long             | DBT              | NUSS              | GH        |   2900000 | PA      | $1015000.00   | 0.23%             | 2032-03-26      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                              | KazMunayGas National Co. JSC                              | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |    900000 | PA      | $831420.00    | 0.19%             | 2027-04-19      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                        | Republic of Angola                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    400000 | PA      | $407500.00    | 0.09%             | 2025-11-12      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkey                                        | Republic of Turkey                                        | CUSIP: 900123CJ7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   3800000 | PA      | $3363000.00   | 0.78%             | 2026-04-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Romania                                                   | Romania Government Bond                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    676000 | PA      | $407690.69    | 0.09%             | 2040-12-02      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Armenia                                       | Republic of Armenia                                       | CUSIP: N/A<br>LEI: 5299000H77JSW90G7935       | Long             | DBT              | NUSS              | AM        |   1900000 | PA      | $1452668.75   | 0.34%             | 2031-02-02      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                         | Republic of Ghana                                         | CUSIP: N/A<br>LEI: 213800PP4399SNNXZ126       | Long             | DBT              | NUSS              | GH        |   1692000 | PA      | $630270.00    | 0.15%             | 2029-05-16      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-31801.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AI Candelaria Spain SA                                    | AI Candelaria Spain SA                                    | CUSIP: N/A<br>LEI: 213800L5KA2MJ5FKRZ02       | Long             | DBT              | CORP              | ES        |    855000 | PA      | $797287.50    | 0.18%             | 2028-12-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                       | Forward Foreign Currency Contract                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $9844.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                               | Federal Republic of Nigeria                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |   1000000 | PA      | $695000.00    | 0.16%             | 2038-02-23      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkey                                        | Republic of Turkey                                        | CUSIP: 900123CM0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   3100000 | PA      | $2108000.00   | 0.49%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Klabin Austria GmbH                                       | Klabin Austria GmbH                                       | CUSIP: N/A<br>LEI: 984500578YEA8DD41B09       | Long             | DBT              | CORP              | AT        |   1282000 | PA      | $1234437.80   | 0.29%             | 2029-04-03      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Abu Dhabi Crude Oil Pipeline LLC                          | Abu Dhabi Crude Oil Pipeline LLC                          | CUSIP: N/A<br>LEI: 549300DONDFW2383FV66       | Long             | DBT              | CORP              | AE        |   2161000 | PA      | $1928422.38   | 0.45%             | 2047-11-02      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Sovereign Wealth Fund Samruk-Kazyna JSC                   | Sovereign Wealth Fund Samruk-Kazyna JSC                   | CUSIP: 84612WAA1<br>LEI: 213800N83GBAZJ4ER974 | Long             | DBT              | NUSS              | KZ        |   1339000 | PA      | $1152209.50   | 0.27%             | 2026-10-28      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd.                                   | Eskom Holdings SOC Ltd.                                   | CUSIP: N/A<br>LEI: 3789001900ED06F65111       | Long             | DBT              | NUSS              | ZA        |   1600000 | PA      | $1497000.00   | 0.35%             | 2025-02-11      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                              | Ecopetrol SA                                              | CUSIP: 279158AL3<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    652000 | PA      | $607712.90    | 0.14%             | 2026-06-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                  | Republic of South Africa                                  | CUSIP: 836205AU8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   1800000 | PA      | $1627087.50   | 0.38%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Banco Nacional de Comercio Exterior SNC                   | Banco Nacional de Comercio Exterior SNC                   | CUSIP: 05973JAA8<br>LEI: 4469000001BL6VG3DH44 | Long             | DBT              | CORP              | MX        |   2420000 | PA      | $2067890.00   | 0.48%             | 2031-08-11      | Variable      | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                   | Hungary Government Bond                                   | CUSIP: 445545AN6<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   1594000 | PA      | $954208.25    | 0.22%             | 2051-09-21      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Panama                                        | Republic of Panama                                        | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    600000 | PA      | $452362.50    | 0.10%             | 2032-09-29      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer