# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-25-180646
**Filing Date:** 2025-7
**Character Count:** 285468
**Document Hash:** 511a9f5e5bd959d61e5f623f33e57be6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180646.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180646

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 251154595

**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 Managed Income Fund (Series ID: S000029581)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000090816 | Class L      | JMGIX           |
| C000190446 | Class I      | JMGLX           |

## Nport-Ex

**JPMorgan Managed Income Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 63.1%** | **Corporate Bonds — 63.1%** | **Corporate Bonds — 63.1%** |
| **Automobiles — 3.2%** | **Automobiles — 3.2%** | **Automobiles — 3.2%** |
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany) | &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany) | &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 8/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3549 | &nbsp;&nbsp;&nbsp;&nbsp; 3554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 3/19/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7095 | &nbsp;&nbsp;&nbsp;&nbsp; 7111 |
| &nbsp;&nbsp;&nbsp; General Motors Co. 6.13%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11702 | &nbsp;&nbsp;&nbsp;&nbsp; 11737 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  | &nbsp;&nbsp;&nbsp; Hyundai Capital America  | &nbsp;&nbsp;&nbsp; Hyundai Capital America  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 6/26/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8214 | &nbsp;&nbsp;&nbsp;&nbsp; 8218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/11/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10300 | &nbsp;&nbsp;&nbsp;&nbsp; 10312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/3/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5048 | &nbsp;&nbsp;&nbsp;&nbsp; 5074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6663 | &nbsp;&nbsp;&nbsp;&nbsp; 6699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/24/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17511 | &nbsp;&nbsp;&nbsp;&nbsp; 17598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 9/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3820 | &nbsp;&nbsp;&nbsp;&nbsp; 3667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 3/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12802 | &nbsp;&nbsp;&nbsp;&nbsp; 12785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 9/24/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10031 | &nbsp;&nbsp;&nbsp;&nbsp; 9901 |
| &nbsp;&nbsp;&nbsp; Kia Corp. (South Korea) 3.25%, 4/21/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4416 | &nbsp;&nbsp;&nbsp;&nbsp; 4357 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC (Germany) | &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC (Germany) | &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/9/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23032 | &nbsp;&nbsp;&nbsp;&nbsp; 23081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/31/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10340 | &nbsp;&nbsp;&nbsp;&nbsp; 10367 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany) | &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany) | &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 5.30%, 9/12/2025 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 30187 | &nbsp;&nbsp;&nbsp;&nbsp; 30213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 8/14/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1686 | &nbsp;&nbsp;&nbsp;&nbsp; 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 3/25/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2675 | &nbsp;&nbsp;&nbsp;&nbsp; 2674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 169034 |
| **Banks — 27.7%** | **Banks — 27.7%** | **Banks — 27.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, <br> 9/18/2027 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32423 | &nbsp;&nbsp;&nbsp;&nbsp; 33036 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 9/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.86%, 9/14/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 47640 | &nbsp;&nbsp;&nbsp;&nbsp; 47743 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) 5.15%, 8/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%), 1.32%, 6/19/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22536 | &nbsp;&nbsp;&nbsp;&nbsp; 22492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.20%, 10/24/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17533 | &nbsp;&nbsp;&nbsp;&nbsp; 17286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.32%), 3.56%, 4/23/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25815 | &nbsp;&nbsp;&nbsp;&nbsp; 25551 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) | &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) | &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.43%), 4.59%, 12/11/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25285 | &nbsp;&nbsp;&nbsp;&nbsp; 25266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.16%), 5.51%, 12/11/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16665 | &nbsp;&nbsp;&nbsp;&nbsp; 16815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series f2f, (SOFR + 0.88%), 4.57%, 9/10/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20852 | &nbsp;&nbsp;&nbsp;&nbsp; 20835 |
| &nbsp;&nbsp;&nbsp; Bank of New Zealand (New Zealand) 1.00%, 3/3/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11036 | &nbsp;&nbsp;&nbsp;&nbsp; 10749 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) | &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) | &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 6/11/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1317 | &nbsp;&nbsp;&nbsp;&nbsp; 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 6/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30841 | &nbsp;&nbsp;&nbsp;&nbsp; 30847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.09%), 5.46%, 6/12/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp;&nbsp; 11704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18495 | &nbsp;&nbsp;&nbsp;&nbsp; 18517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 44371 | &nbsp;&nbsp;&nbsp;&nbsp; 44919 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) | &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) | &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 7/13/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3224 | &nbsp;&nbsp;&nbsp;&nbsp; 3223 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 1/26/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13749 | &nbsp;&nbsp;&nbsp;&nbsp; 13780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 7/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18150 | &nbsp;&nbsp;&nbsp;&nbsp; 18401 |
| &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14247 | &nbsp;&nbsp;&nbsp;&nbsp; 14213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.30%, 8/9/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.05%), 7.33%, 11/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2223 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 1.32%, 1/13/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8971 | &nbsp;&nbsp;&nbsp;&nbsp; 8784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.68%, 6/30/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5762 | &nbsp;&nbsp;&nbsp;&nbsp; 5576 |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.52%), 1.65%, 10/6/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9833 | &nbsp;&nbsp;&nbsp;&nbsp; 9716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 1/18/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4670 | &nbsp;&nbsp;&nbsp;&nbsp; 4719 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) | &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) | &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 6/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15175 | &nbsp;&nbsp;&nbsp;&nbsp; 15397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%), 4.51%, 9/11/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22861 | &nbsp;&nbsp;&nbsp;&nbsp; 22825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 4.86%, 1/13/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 33913 | &nbsp;&nbsp;&nbsp;&nbsp; 34057 |
| &nbsp;&nbsp;&nbsp; Capital One NA 3.45%, 7/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5176 |
| &nbsp;&nbsp;&nbsp; Citibank NA  | &nbsp;&nbsp;&nbsp; Citibank NA  | &nbsp;&nbsp;&nbsp; Citibank NA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 8/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3365 | &nbsp;&nbsp;&nbsp;&nbsp; 3384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%), 4.88%, 11/19/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21435 | &nbsp;&nbsp;&nbsp;&nbsp; 21513 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.51%), 5.81%, 7/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13912 | &nbsp;&nbsp;&nbsp;&nbsp; 13928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.61%, 9/29/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19835 | &nbsp;&nbsp;&nbsp;&nbsp; 19881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.12%, 1/28/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11289 | &nbsp;&nbsp;&nbsp;&nbsp; 11021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.64%, 5/7/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4646 | &nbsp;&nbsp;&nbsp;&nbsp; 4639 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.40%), 4.74%, 7/7/2025 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3188 | &nbsp;&nbsp;&nbsp;&nbsp; 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 12/9/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13594 | &nbsp;&nbsp;&nbsp;&nbsp; 13624 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.00%, 9/24/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5522 | &nbsp;&nbsp;&nbsp;&nbsp; 5455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 1.11%, 2/24/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7069 | &nbsp;&nbsp;&nbsp;&nbsp; 6881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19396 | &nbsp;&nbsp;&nbsp;&nbsp; 18612 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 1/11/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 1.25%, 1/26/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7619 | &nbsp;&nbsp;&nbsp;&nbsp; 7443 |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, 9/11/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8984 | &nbsp;&nbsp;&nbsp;&nbsp; 8899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.18%), 6.26%, 9/22/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6965 | &nbsp;&nbsp;&nbsp;&nbsp; 6991 |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3176 | &nbsp;&nbsp;&nbsp;&nbsp; 3142 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bank NA 3.95%, 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3081 | &nbsp;&nbsp;&nbsp;&nbsp; 3078 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.10%, 6/4/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7450 | &nbsp;&nbsp;&nbsp;&nbsp; 7449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.61%), 4.29%, 9/12/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9457 | &nbsp;&nbsp;&nbsp;&nbsp; 9439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 1.59%, 5/24/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7443 | &nbsp;&nbsp;&nbsp;&nbsp; 7223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 2.25%, 11/22/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7400 | &nbsp;&nbsp;&nbsp;&nbsp; 7128 |
| &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/6/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8584 | &nbsp;&nbsp;&nbsp;&nbsp; 8578 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12840 | &nbsp;&nbsp;&nbsp;&nbsp; 12803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.73%, 4/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19545 | &nbsp;&nbsp;&nbsp;&nbsp; 19077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 6.08%, 9/11/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1797 | &nbsp;&nbsp;&nbsp;&nbsp; 1829 |
| &nbsp;&nbsp;&nbsp; KeyBank NA  | &nbsp;&nbsp;&nbsp; KeyBank NA  | &nbsp;&nbsp;&nbsp; KeyBank NA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3828 | &nbsp;&nbsp;&nbsp;&nbsp; 3828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 8/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8582 | &nbsp;&nbsp;&nbsp;&nbsp; 8568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18018 | &nbsp;&nbsp;&nbsp;&nbsp; 18004 |
| &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co.  | &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co.  | &nbsp;&nbsp;&nbsp; Manufacturers & Traders Trust Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4015 | &nbsp;&nbsp;&nbsp;&nbsp; 4024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 1/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 36903 | &nbsp;&nbsp;&nbsp;&nbsp; 36871 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21109 | &nbsp;&nbsp;&nbsp;&nbsp; 21025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12800 | &nbsp;&nbsp;&nbsp;&nbsp; 12361 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 9/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3375 | &nbsp;&nbsp;&nbsp;&nbsp; 3307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23776 | &nbsp;&nbsp;&nbsp;&nbsp; 23011 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA 5.48%, 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1738 | &nbsp;&nbsp;&nbsp;&nbsp; 1739 |
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) 4.75%, 12/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5375 | &nbsp;&nbsp;&nbsp;&nbsp; 5382 |
| &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.56%), 4.70%, 3/5/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27811 | &nbsp;&nbsp;&nbsp;&nbsp; 27777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.90%), 5.24%, 3/25/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24102 | &nbsp;&nbsp;&nbsp;&nbsp; 24115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.04%), 5.60%, 7/2/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9774 | &nbsp;&nbsp;&nbsp;&nbsp; 9865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 4.95%, 2/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3186 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.47%, 11/10/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23899 | &nbsp;&nbsp;&nbsp;&nbsp; 24174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.85%, 3/2/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25613 | &nbsp;&nbsp;&nbsp;&nbsp; 25820 |
| &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) 1.60%, 9/29/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 792 | &nbsp;&nbsp;&nbsp;&nbsp; 762 |
| &nbsp;&nbsp;&nbsp; PNC Bank NA (SOFR + 0.50%), 4.78%, 1/15/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 32560 | &nbsp;&nbsp;&nbsp;&nbsp; 32581 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 5.81%, 6/12/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12280 | &nbsp;&nbsp;&nbsp;&nbsp; 12282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.09%), 4.76%, 1/26/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 26380 | &nbsp;&nbsp;&nbsp;&nbsp; 26395 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.46%), 4.78%, 8/3/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 26495 | &nbsp;&nbsp;&nbsp;&nbsp; 26505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%), 5.07%, 7/23/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19134 | &nbsp;&nbsp;&nbsp;&nbsp; 19260 |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc. 3.45%, 6/2/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15772 | &nbsp;&nbsp;&nbsp;&nbsp; 15772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), <br> 1.53%, 8/21/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60118 | &nbsp;&nbsp;&nbsp;&nbsp; 59670 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) | &nbsp;&nbsp;&nbsp; Societe Generale SA (France) | &nbsp;&nbsp;&nbsp; Societe Generale SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 6/13/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5461 | &nbsp;&nbsp;&nbsp;&nbsp; 5460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 36330 | &nbsp;&nbsp;&nbsp;&nbsp; 35648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.45%, 1/12/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 5.42%, 2/19/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 678 | &nbsp;&nbsp;&nbsp;&nbsp; 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17493 | &nbsp;&nbsp;&nbsp;&nbsp; 16944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.52%, 1/19/2028 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2519 |
| &nbsp;&nbsp;&nbsp; Standard Chartered Bank (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered Bank (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered Bank (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.65%), 4.99%, 10/8/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/3/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8583 | &nbsp;&nbsp;&nbsp;&nbsp; 8655 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 4/12/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5269 | &nbsp;&nbsp;&nbsp;&nbsp; 5237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 6.17%, 1/9/2027 (a) (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12977 | &nbsp;&nbsp;&nbsp;&nbsp; 13076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4018 | &nbsp;&nbsp;&nbsp;&nbsp; 3934 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 7/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11188 | &nbsp;&nbsp;&nbsp;&nbsp; 11240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5181 | &nbsp;&nbsp;&nbsp;&nbsp; 5258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 7/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21043 | &nbsp;&nbsp;&nbsp;&nbsp; 20619 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan) | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 3/9/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8335 | &nbsp;&nbsp;&nbsp;&nbsp; 8407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 9/10/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12666 | &nbsp;&nbsp;&nbsp;&nbsp; 12663 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) | &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) | &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.48%), 4.84%, 10/10/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5372 | &nbsp;&nbsp;&nbsp;&nbsp; 5376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.59%), 4.94%, 9/10/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5457 | &nbsp;&nbsp;&nbsp;&nbsp; 5452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 12/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15473 | &nbsp;&nbsp;&nbsp;&nbsp; 15492 |
| &nbsp;&nbsp;&nbsp; Truist Bank (SOFR + 0.59%), 4.67%, 5/20/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4904 | &nbsp;&nbsp;&nbsp;&nbsp; 4907 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp.  | &nbsp;&nbsp;&nbsp; Truist Financial Corp.  | &nbsp;&nbsp;&nbsp; Truist Financial Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 6/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25609 | &nbsp;&nbsp;&nbsp;&nbsp; 25606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 8/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 4.26%, 7/28/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7063 | &nbsp;&nbsp;&nbsp;&nbsp; 7055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.61%), 1.27%, 3/2/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13894 | &nbsp;&nbsp;&nbsp;&nbsp; 13520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%), 6.05%, 6/8/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4333 | &nbsp;&nbsp;&nbsp;&nbsp; 4389 |
| &nbsp;&nbsp;&nbsp; US Bancorp (SOFR + 1.43%), 5.73%, 10/21/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7467 | &nbsp;&nbsp;&nbsp;&nbsp; 7495 |
| &nbsp;&nbsp;&nbsp; US Bank NA  | &nbsp;&nbsp;&nbsp; US Bank NA  | &nbsp;&nbsp;&nbsp; US Bank NA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%), 4.51%, 10/22/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27710 | &nbsp;&nbsp;&nbsp;&nbsp; 27677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 4.73%, 5/15/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14266 | &nbsp;&nbsp;&nbsp;&nbsp; 14280 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. Series W, (SOFR + 0.78%), 4.90%, 1/24/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10931 | &nbsp;&nbsp;&nbsp;&nbsp; 10971 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA (SOFR + 1.07%), 5.42%, 12/11/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6976 | &nbsp;&nbsp;&nbsp;&nbsp; 7023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1478578 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) 3.25%, 6/8/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7855 | &nbsp;&nbsp;&nbsp;&nbsp; 7742 |
| **Capital Markets — 6.8%** | **Capital Markets — 6.8%** | **Capital Markets — 6.8%** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA  | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA  | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 5.12%, 3/18/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11724 | &nbsp;&nbsp;&nbsp;&nbsp; 11731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%), 5.41%, 5/21/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17189 | &nbsp;&nbsp;&nbsp;&nbsp; 17310 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.38%, 8/10/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7548 | &nbsp;&nbsp;&nbsp;&nbsp; 7557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 5.80%, 8/10/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13400 | &nbsp;&nbsp;&nbsp;&nbsp; 13425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%), 1.09%, 12/9/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4176 | &nbsp;&nbsp;&nbsp;&nbsp; 4097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 1.43%, 3/9/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24154 | &nbsp;&nbsp;&nbsp;&nbsp; 23546 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc.  | &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc.  | &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3699 | &nbsp;&nbsp;&nbsp;&nbsp; 3699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23357 | &nbsp;&nbsp;&nbsp;&nbsp; 23386 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia) 5.27%, 7/2/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15460 | &nbsp;&nbsp;&nbsp;&nbsp; 15736 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) (SOFR + 2.21%), 5.11%, 8/9/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16137 | &nbsp;&nbsp;&nbsp;&nbsp; 16143 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 0.99%, 12/10/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 45990 | &nbsp;&nbsp;&nbsp;&nbsp; 45070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%), 1.59%, 5/4/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3183 | &nbsp;&nbsp;&nbsp;&nbsp; 3093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 1.51%, 7/20/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16495 | &nbsp;&nbsp;&nbsp;&nbsp; 15915 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4293 | &nbsp;&nbsp;&nbsp;&nbsp; 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 31200 | &nbsp;&nbsp;&nbsp;&nbsp; 31087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3227 | &nbsp;&nbsp;&nbsp;&nbsp; 3244 |
| &nbsp;&nbsp;&nbsp; State Street Corp.  | &nbsp;&nbsp;&nbsp; State Street Corp.  | &nbsp;&nbsp;&nbsp; State Street Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%), 5.75%, 11/4/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8605 | &nbsp;&nbsp;&nbsp;&nbsp; 8645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.95%), 4.54%, 4/24/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8113 | &nbsp;&nbsp;&nbsp;&nbsp; 8131 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 9/24/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11246 | &nbsp;&nbsp;&nbsp;&nbsp; 11220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 4/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15515 | &nbsp;&nbsp;&nbsp;&nbsp; 15509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 2.19%, 6/5/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 43014 | &nbsp;&nbsp;&nbsp;&nbsp; 43006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.34%), 6.37%, 7/15/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17946 | &nbsp;&nbsp;&nbsp;&nbsp; 17971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.71%, 1/12/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8333 | &nbsp;&nbsp;&nbsp;&nbsp; 8376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1439 | &nbsp;&nbsp;&nbsp;&nbsp; 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.98%), 1.31%, 2/2/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10300 | &nbsp;&nbsp;&nbsp;&nbsp; 10062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 363660 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| &nbsp;&nbsp;&nbsp; Chevron Phillips Chemical Co. LLC 3.40%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp; 728 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. 4.49%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7707 | &nbsp;&nbsp;&nbsp;&nbsp; 7701 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. 4.30%, 6/15/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2985 | &nbsp;&nbsp;&nbsp;&nbsp; 2994 |
| &nbsp;&nbsp;&nbsp; EIDP, Inc. 4.50%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11162 | &nbsp;&nbsp;&nbsp;&nbsp; 11170 |
| &nbsp;&nbsp;&nbsp; LYB International Finance III LLC 1.25%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9698 | &nbsp;&nbsp;&nbsp;&nbsp; 9580 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada) | &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada) | &nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5492 | &nbsp;&nbsp;&nbsp;&nbsp; 5517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 17592 | &nbsp;&nbsp;&nbsp;&nbsp; 17574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55264 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) | &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) | &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13841 | &nbsp;&nbsp;&nbsp;&nbsp; 13832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 6/26/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11988 | &nbsp;&nbsp;&nbsp;&nbsp; 12164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 3/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1982 | &nbsp;&nbsp;&nbsp;&nbsp; 2011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28007 |
| **Consumer Finance — 3.0%** | **Consumer Finance — 3.0%** | **Consumer Finance — 3.0%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8528 | &nbsp;&nbsp;&nbsp;&nbsp; 8532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8442 | &nbsp;&nbsp;&nbsp;&nbsp; 8431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10783 | &nbsp;&nbsp;&nbsp;&nbsp; 10838 |
| &nbsp;&nbsp;&nbsp; American Express Co.  | &nbsp;&nbsp;&nbsp; American Express Co.  | &nbsp;&nbsp;&nbsp; American Express Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3497 | &nbsp;&nbsp;&nbsp;&nbsp; 3495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.75%), 5.65%, 4/23/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9997 | &nbsp;&nbsp;&nbsp;&nbsp; 10087 |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp.  | &nbsp;&nbsp;&nbsp; American Honda Finance Corp.  | &nbsp;&nbsp;&nbsp; American Honda Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.45%), 4.82%, 6/13/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%), 4.87%, 5/11/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4157 | &nbsp;&nbsp;&nbsp;&nbsp; 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.62%), 4.99%, 12/11/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12944 | &nbsp;&nbsp;&nbsp;&nbsp; 12942 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) | &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) | &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1713 | &nbsp;&nbsp;&nbsp;&nbsp; 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13606 | &nbsp;&nbsp;&nbsp;&nbsp; 13230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13578 | &nbsp;&nbsp;&nbsp;&nbsp; 13408 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. (SOFR + 2.16%), 4.99%, 7/24/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp. 4.45%, 10/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11665 | &nbsp;&nbsp;&nbsp;&nbsp; 11697 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.  | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.  | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6004 | &nbsp;&nbsp;&nbsp;&nbsp; 5871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5888 | &nbsp;&nbsp;&nbsp;&nbsp; 5895 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp.  | &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp.  | &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 5.11%, 8/7/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12598 | &nbsp;&nbsp;&nbsp;&nbsp; 12647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7356 | &nbsp;&nbsp;&nbsp;&nbsp; 7379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 162085 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| &nbsp;&nbsp;&nbsp; Amcor Finance USA, Inc. 3.63%, 4/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2858 | &nbsp;&nbsp;&nbsp;&nbsp; 2830 |
| &nbsp;&nbsp;&nbsp; Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6576 | &nbsp;&nbsp;&nbsp;&nbsp; 6555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9385 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc. 4.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2767 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. 1.70%, 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21328 | &nbsp;&nbsp;&nbsp;&nbsp; 20829 |
| &nbsp;&nbsp;&nbsp; NBN Co. Ltd. (Australia) 4.00%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9275 | &nbsp;&nbsp;&nbsp;&nbsp; 9170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29999 |
| **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) 4.50%, 6/15/2025 (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8809 | &nbsp;&nbsp;&nbsp;&nbsp; 8807 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. 0.90%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7870 | &nbsp;&nbsp;&nbsp;&nbsp; 7784 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. 3.95%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 29416 | &nbsp;&nbsp;&nbsp;&nbsp; 29404 |
| &nbsp;&nbsp;&nbsp; Interstate Power and Light Co. 3.40%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9895 | &nbsp;&nbsp;&nbsp;&nbsp; 9865 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 24616 | &nbsp;&nbsp;&nbsp;&nbsp; 24680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16599 | &nbsp;&nbsp;&nbsp;&nbsp; 16641 |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC 4.50%, 3/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5609 | &nbsp;&nbsp;&nbsp;&nbsp; 5620 |
| &nbsp;&nbsp;&nbsp; Trans-Allegheny Interstate Line Co. 3.85%, 6/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11750 | &nbsp;&nbsp;&nbsp;&nbsp; 11750 |
| &nbsp;&nbsp;&nbsp; Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8277 | &nbsp;&nbsp;&nbsp;&nbsp; 8314 |
| &nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp. 5.35%, 11/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1895 | &nbsp;&nbsp;&nbsp;&nbsp; 1901 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. 3.30%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9678 | &nbsp;&nbsp;&nbsp;&nbsp; 9678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 134444 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. 1.60%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3445 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 |
| **Financial Services — 0.8%** | **Financial Services — 0.8%** | **Financial Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. 3.20%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13316 | &nbsp;&nbsp;&nbsp;&nbsp; 13123 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| &nbsp;&nbsp;&nbsp; LSEGA Financing plc (United Kingdom) 1.38%, 4/6/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4732 | &nbsp;&nbsp;&nbsp;&nbsp; 4608 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp. (SOFR + 0.58%), 4.93%, 11/22/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17928 | &nbsp;&nbsp;&nbsp;&nbsp; 17936 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United Kingdom) 3.90%, 7/21/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8966 | &nbsp;&nbsp;&nbsp;&nbsp; 8956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44623 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. 1.63%, 8/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6356 | &nbsp;&nbsp;&nbsp;&nbsp; 6313 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC 3.80%, 11/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8987 | &nbsp;&nbsp;&nbsp;&nbsp; 8954 |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP  | &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP  | &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 11/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12062 | &nbsp;&nbsp;&nbsp;&nbsp; 11850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/24/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5342 | &nbsp;&nbsp;&nbsp;&nbsp; 5387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9634 | &nbsp;&nbsp;&nbsp;&nbsp; 9448 |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc. 4.63%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10616 | &nbsp;&nbsp;&nbsp;&nbsp; 10616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 46635 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. 4.70%, 2/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 12792 | &nbsp;&nbsp;&nbsp;&nbsp; 12815 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc.  | &nbsp;&nbsp;&nbsp; Cardinal Health, Inc.  | &nbsp;&nbsp;&nbsp; Cardinal Health, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14832 | &nbsp;&nbsp;&nbsp;&nbsp; 14801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7238 | &nbsp;&nbsp;&nbsp;&nbsp; 7251 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. 5.88%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3260 | &nbsp;&nbsp;&nbsp;&nbsp; 3267 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings 1.55%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8672 | &nbsp;&nbsp;&nbsp;&nbsp; 8425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33744 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc.  | &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc.  | &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10838 | &nbsp;&nbsp;&nbsp;&nbsp; 10810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8433 | &nbsp;&nbsp;&nbsp;&nbsp; 8368 |
| &nbsp;&nbsp;&nbsp; Ventas Realty LP 4.13%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3659 | &nbsp;&nbsp;&nbsp;&nbsp; 3641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22819 |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 22284 | &nbsp;&nbsp;&nbsp;&nbsp; 22309 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. 5.45%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1864 | &nbsp;&nbsp;&nbsp;&nbsp; 1883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24192 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC 3.25%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9714 | &nbsp;&nbsp;&nbsp;&nbsp; 9714 |
| **Insurance — 5.4%** | **Insurance — 5.4%** | **Insurance — 5.4%** |
| &nbsp;&nbsp;&nbsp; Athene Global Funding  | &nbsp;&nbsp;&nbsp; Athene Global Funding  | &nbsp;&nbsp;&nbsp; Athene Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 1/8/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7319 | &nbsp;&nbsp;&nbsp;&nbsp; 7176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 8/27/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35429 | &nbsp;&nbsp;&nbsp;&nbsp; 35511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 10/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14797 | &nbsp;&nbsp;&nbsp;&nbsp; 14223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 1/7/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21517 | &nbsp;&nbsp;&nbsp;&nbsp; 21573 |
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding  | &nbsp;&nbsp;&nbsp; Corebridge Global Funding  | &nbsp;&nbsp;&nbsp; Corebridge Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 6/24/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23483 | &nbsp;&nbsp;&nbsp;&nbsp; 23684 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9329 | &nbsp;&nbsp;&nbsp;&nbsp; 9447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 8/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20717 | &nbsp;&nbsp;&nbsp;&nbsp; 20766 |
| &nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding  | &nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding  | &nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/2/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3308 | &nbsp;&nbsp;&nbsp;&nbsp; 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 41748 | &nbsp;&nbsp;&nbsp;&nbsp; 41732 |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding  | &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding  | &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 4/10/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12996 | &nbsp;&nbsp;&nbsp;&nbsp; 13103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19836 | &nbsp;&nbsp;&nbsp;&nbsp; 19911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 7/2/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12358 | &nbsp;&nbsp;&nbsp;&nbsp; 12564 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. 3.75%, 3/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8949 | &nbsp;&nbsp;&nbsp;&nbsp; 8904 |
| &nbsp;&nbsp;&nbsp; MassMutual Global Funding II (SOFR + 0.98%), 5.34%, 7/10/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4029 |
| &nbsp;&nbsp;&nbsp; Met Tower Global Funding 4.00%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2283 | &nbsp;&nbsp;&nbsp;&nbsp; 2260 |
| &nbsp;&nbsp;&nbsp; New York Life Global Funding  | &nbsp;&nbsp;&nbsp; New York Life Global Funding  | &nbsp;&nbsp;&nbsp; New York Life Global Funding  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.67%), 5.03%, 4/2/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp;&nbsp; 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 4/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22015 | &nbsp;&nbsp;&nbsp;&nbsp; 22056 |
| &nbsp;&nbsp;&nbsp; Pacific Life Global Funding II (SOFR + 0.48%), 4.80%, 2/4/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15459 | &nbsp;&nbsp;&nbsp;&nbsp; 15442 |
| &nbsp;&nbsp;&nbsp; Principal Life Global Funding II  | &nbsp;&nbsp;&nbsp; Principal Life Global Funding II  | &nbsp;&nbsp;&nbsp; Principal Life Global Funding II  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/16/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3712 | &nbsp;&nbsp;&nbsp;&nbsp; 3740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 8/19/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4292 | &nbsp;&nbsp;&nbsp;&nbsp; 4300 |
| &nbsp;&nbsp;&nbsp; Reliance Standard Life Global Funding II 5.24%, 2/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1933 | &nbsp;&nbsp;&nbsp;&nbsp; 1939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 286155 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; CGI, Inc. (Canada) 1.45%, 9/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11292 | &nbsp;&nbsp;&nbsp;&nbsp; 10846 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| &nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC 1.88%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10169 | &nbsp;&nbsp;&nbsp;&nbsp; 9995 |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC (Germany) 4.95%, 1/13/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15014 | &nbsp;&nbsp;&nbsp;&nbsp; 15104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25099 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. 3.60%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2433 | &nbsp;&nbsp;&nbsp;&nbsp; 2409 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) (SOFRINDX + 0.75%), 5.09%, 10/1/2026 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2331 | &nbsp;&nbsp;&nbsp;&nbsp; 2332 |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA plc (Australia) 4.38%, 3/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1783 | &nbsp;&nbsp;&nbsp;&nbsp; 1788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4120 |
| **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  | &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  | &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18548 | &nbsp;&nbsp;&nbsp;&nbsp; 18507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.45%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp;&nbsp; 8174 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. 4.75%, 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18085 | &nbsp;&nbsp;&nbsp;&nbsp; 18097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44778 |
| **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP 4.75%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2274 | &nbsp;&nbsp;&nbsp;&nbsp; 2271 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 4.60%, 1/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15042 | &nbsp;&nbsp;&nbsp;&nbsp; 15114 |
| &nbsp;&nbsp;&nbsp; MPLX LP 1.75%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15379 | &nbsp;&nbsp;&nbsp;&nbsp; 15033 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; TransCanada PipeLines Ltd. (Canada) 4.88%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16706 | &nbsp;&nbsp;&nbsp;&nbsp; 16714 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) 4.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6989 | &nbsp;&nbsp;&nbsp;&nbsp; 6974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 56106 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP 3.38%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15490 | &nbsp;&nbsp;&nbsp;&nbsp; 15319 |
| **Retail REITs — 1.0%** | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP 4.13%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 29519 | &nbsp;&nbsp;&nbsp;&nbsp; 29353 |
| &nbsp;&nbsp;&nbsp; Federal Realty OP LP 1.25%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18178 | &nbsp;&nbsp;&nbsp;&nbsp; 17731 |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc. 4.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7972 | &nbsp;&nbsp;&nbsp;&nbsp; 7946 |
| &nbsp;&nbsp;&nbsp; Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp;&nbsp; 621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55651 |
| **Semiconductors & Semiconductor Equipment — 1.3%** | **Semiconductors & Semiconductor Equipment — 1.3%** | **Semiconductors & Semiconductor Equipment — 1.3%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. 4.21%, 9/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8013 | &nbsp;&nbsp;&nbsp;&nbsp; 8017 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. 4.80%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 34651 | &nbsp;&nbsp;&nbsp;&nbsp; 35052 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. 4.25%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26453 | &nbsp;&nbsp;&nbsp;&nbsp; 26413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 69482 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| &nbsp;&nbsp;&nbsp; Equinix, Inc.  | &nbsp;&nbsp;&nbsp; Equinix, Inc.  | &nbsp;&nbsp;&nbsp; Equinix, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11524 | &nbsp;&nbsp;&nbsp;&nbsp; 11403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8927 | &nbsp;&nbsp;&nbsp;&nbsp; 8656 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP 3.50%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19297 | &nbsp;&nbsp;&nbsp;&nbsp; 19085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 39144 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. 3.13%, 4/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2834 | &nbsp;&nbsp;&nbsp;&nbsp; 2803 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. 4.80%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5132 | &nbsp;&nbsp;&nbsp;&nbsp; 5142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7945 |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. 4.45%, 9/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16023 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 |
| &nbsp;&nbsp;&nbsp; HP, Inc. 2.20%, 6/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7330 | &nbsp;&nbsp;&nbsp;&nbsp; 7323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23323 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) 3.22%, 9/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9830 |
| &nbsp;&nbsp;&nbsp; BAT International Finance plc (United Kingdom) 1.67%, 3/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17304 | &nbsp;&nbsp;&nbsp;&nbsp; 16894 |
| &nbsp;&nbsp;&nbsp; Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3568 | &nbsp;&nbsp;&nbsp;&nbsp; 3568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30292 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC  | &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC  | &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 1/30/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2268 | &nbsp;&nbsp;&nbsp;&nbsp; 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/14/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2642 | &nbsp;&nbsp;&nbsp;&nbsp; 2632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4855 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35201 | &nbsp;&nbsp;&nbsp;&nbsp; 34596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 13034 | &nbsp;&nbsp;&nbsp;&nbsp; 12832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 47428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $3,361,378)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 3368115 |
| **Asset-Backed Securities — 12.6%** | **Asset-Backed Securities — 12.6%** | **Asset-Backed Securities — 12.6%** |
| &nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A3, 3.31%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2, 5.32%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3221 | &nbsp;&nbsp;&nbsp;&nbsp; 3223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 5.07%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9850 | &nbsp;&nbsp;&nbsp;&nbsp; 9861 |
| &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust Series 2022-3, Class A, 3.75%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 28816 | &nbsp;&nbsp;&nbsp;&nbsp; 28770 |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust Series 2022-2, Class A3, 4.38%, 4/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A2, 1.64%, 10/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.19%, 7/21/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 43915 | &nbsp;&nbsp;&nbsp;&nbsp; 44213 |
| &nbsp;&nbsp;&nbsp; BA Credit Card Trust Series 2022-A1, Class A1, 3.53%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2922 | &nbsp;&nbsp;&nbsp;&nbsp; 2921 |
| &nbsp;&nbsp;&nbsp; Bank of America Auto Trust Series 2023-2A, Class A2, 5.85%, 8/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1358 | &nbsp;&nbsp;&nbsp;&nbsp; 1359 |
| &nbsp;&nbsp;&nbsp; BMW Vehicle Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, 5.99%, 9/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7245 | &nbsp;&nbsp;&nbsp;&nbsp; 7274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A2A, 4.29%, 1/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 19878 | &nbsp;&nbsp;&nbsp;&nbsp; 19835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 4.98%, 3/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3563 | &nbsp;&nbsp;&nbsp;&nbsp; 3576 |
| &nbsp;&nbsp;&nbsp; BofA Auto Trust Series 2024-1A, Class A2, 5.57%, 12/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6501 | &nbsp;&nbsp;&nbsp;&nbsp; 6512 |
| &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A3, 0.77%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 3.66%, 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1941 | &nbsp;&nbsp;&nbsp;&nbsp; 1933 |
| &nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust Series 2022-2, Class A3, 3.49%, 2/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1273 | &nbsp;&nbsp;&nbsp;&nbsp; 1269 |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust Series 2023-4, Class A2A, 6.08%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp;&nbsp; 1247 |
| &nbsp;&nbsp;&nbsp; CCG Receivables Trust Series 2024-1, Class A2, 4.99%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31041 | &nbsp;&nbsp;&nbsp;&nbsp; 31162 |
| &nbsp;&nbsp;&nbsp; Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7672 | &nbsp;&nbsp;&nbsp;&nbsp; 7765 |
| &nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust Series 2023-A2, Class A2, 4.97%, 12/8/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 11413 | &nbsp;&nbsp;&nbsp;&nbsp; 11421 |
| &nbsp;&nbsp;&nbsp; CNH Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A3, 2.94%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 5.19%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1951 | &nbsp;&nbsp;&nbsp;&nbsp; 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A3, 3.89%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10213 | &nbsp;&nbsp;&nbsp;&nbsp; 10171 |
| &nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 4.68%, 7/22/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8090 | &nbsp;&nbsp;&nbsp;&nbsp; 8106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 5.65%, 9/22/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2726 | &nbsp;&nbsp;&nbsp;&nbsp; 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2, 5.58%, 3/22/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17550 | &nbsp;&nbsp;&nbsp;&nbsp; 17591 |
| &nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust Series 2022-A3, Class A3, 3.56%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3826 | &nbsp;&nbsp;&nbsp;&nbsp; 3821 |
| &nbsp;&nbsp;&nbsp; DLLAA LLC Series 2023-1A, Class A2, 5.93%, 7/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2917 | &nbsp;&nbsp;&nbsp;&nbsp; 2922 |
| &nbsp;&nbsp;&nbsp; Dllad LLC Series 2024-1A, Class A2, 5.50%, 8/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2582 | &nbsp;&nbsp;&nbsp;&nbsp; 2593 |
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A2, 4.69%, 7/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9718 | &nbsp;&nbsp;&nbsp;&nbsp; 9722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A2, 5.56%, 4/22/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1966 | &nbsp;&nbsp;&nbsp;&nbsp; 1977 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A3, 5.91%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17664 | &nbsp;&nbsp;&nbsp;&nbsp; 17703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 5.18%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16577 | &nbsp;&nbsp;&nbsp;&nbsp; 16608 |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D, Class A3, 5.27%, 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7806 | &nbsp;&nbsp;&nbsp;&nbsp; 7829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.32%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 22317 | &nbsp;&nbsp;&nbsp;&nbsp; 22290 |
| &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust Series 2024-2, Class A2A, 5.43%, 9/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9588 | &nbsp;&nbsp;&nbsp;&nbsp; 9610 |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A3, 1.26%, 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2423 | &nbsp;&nbsp;&nbsp;&nbsp; 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 3.10%, 2/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1062 | &nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 5.12%, 2/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2277 | &nbsp;&nbsp;&nbsp;&nbsp; 2279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A2A, 5.33%, 3/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2A, 4.44%, 1/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10901 | &nbsp;&nbsp;&nbsp;&nbsp; 10891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 4.66%, 2/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3615 | &nbsp;&nbsp;&nbsp;&nbsp; 3616 |
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 3.73%, 7/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2797 | &nbsp;&nbsp;&nbsp;&nbsp; 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A2, 5.36%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14731 | &nbsp;&nbsp;&nbsp;&nbsp; 14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 4.53%, 8/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 28279 | &nbsp;&nbsp;&nbsp;&nbsp; 28298 |
| &nbsp;&nbsp;&nbsp; HPEFS Equipment Trust Series 2023-2A, Class A3, 5.99%, 1/21/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1654 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust Series 2025-B, Class A2A, 4.58%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6290 | &nbsp;&nbsp;&nbsp;&nbsp; 6299 |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A3, 3.72%, 11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1232 | &nbsp;&nbsp;&nbsp;&nbsp; 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A2A, 5.80%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.29%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3314 | &nbsp;&nbsp;&nbsp;&nbsp; 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 5.15%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 34495 | &nbsp;&nbsp;&nbsp;&nbsp; 34575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.53%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16494 | &nbsp;&nbsp;&nbsp;&nbsp; 16491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A4, 2.35%, 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2459 | &nbsp;&nbsp;&nbsp;&nbsp; 2432 |
| &nbsp;&nbsp;&nbsp; John Deere Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.19%, 2/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5749 | &nbsp;&nbsp;&nbsp;&nbsp; 5757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A3, 5.09%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4155 | &nbsp;&nbsp;&nbsp;&nbsp; 4165 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 4.74%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2821 | &nbsp;&nbsp;&nbsp;&nbsp; 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.57%, 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8020 | &nbsp;&nbsp;&nbsp;&nbsp; 8035 |
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust Series 2023-A, Class A3, 4.91%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16238 | &nbsp;&nbsp;&nbsp;&nbsp; 16264 |
| &nbsp;&nbsp;&nbsp; Porsche Innovative Lease Owner Trust Series 2025-1A, Class A2A, 4.60%, 12/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4604 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A2, 5.91%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4673 | &nbsp;&nbsp;&nbsp;&nbsp; 4677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, 5.21%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 5.61%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1464 | &nbsp;&nbsp;&nbsp;&nbsp; 1466 |
| &nbsp;&nbsp;&nbsp; SBNA Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2, 4.94%, 11/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2498 | &nbsp;&nbsp;&nbsp;&nbsp; 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 5.39%, 11/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2954 | &nbsp;&nbsp;&nbsp;&nbsp; 2960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2, 5.67%, 11/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3316 | &nbsp;&nbsp;&nbsp;&nbsp; 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2, 4.68%, 4/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20190 | &nbsp;&nbsp;&nbsp;&nbsp; 20177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 6.51%, 4/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19691 | &nbsp;&nbsp;&nbsp;&nbsp; 19792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.56%, 2/22/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5638 | &nbsp;&nbsp;&nbsp;&nbsp; 5633 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC Series 2024-1A, Class A2, 5.88%, 11/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5553 | &nbsp;&nbsp;&nbsp;&nbsp; 5589 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Trust LLC Series 2025-1A, Class A2, 4.82%, 7/22/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2473 | &nbsp;&nbsp;&nbsp;&nbsp; 2476 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust Series 2024-A, Class A2A, 5.37%, 6/22/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1860 | &nbsp;&nbsp;&nbsp;&nbsp; 1861 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust Series 2021-1A, Class A, 1.07%, 2/27/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10914 | &nbsp;&nbsp;&nbsp;&nbsp; 10641 |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A2A, 5.60%, 8/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A3, 2.93%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 897 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A3, 3.76%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5120 | &nbsp;&nbsp;&nbsp;&nbsp; 5102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 4.63%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5456 | &nbsp;&nbsp;&nbsp;&nbsp; 5456 |
| &nbsp;&nbsp;&nbsp; Toyota Lease Owner Trust Series 2024-A, Class A3, 5.25%, 4/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18815 | &nbsp;&nbsp;&nbsp;&nbsp; 18905 |
| &nbsp;&nbsp;&nbsp; USAA Auto Owner Trust Series 2024-A, Class A2, 5.25%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2910 | &nbsp;&nbsp;&nbsp;&nbsp; 2914 |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust Series 2024-1, Class A1A, 5.00%, 12/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 13122 | &nbsp;&nbsp;&nbsp;&nbsp; 13150 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust Series 2023-A, Class A3, 5.81%, 10/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8526 | &nbsp;&nbsp;&nbsp;&nbsp; 8565 |
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A2A, 5.50%, 12/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A2A, 5.72%, 3/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7342 | &nbsp;&nbsp;&nbsp;&nbsp; 7362 |
| &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding LLC Series 2024-3A, Class A1, 4.80%, 9/19/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3646 | &nbsp;&nbsp;&nbsp;&nbsp; 3651 |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.05%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3041 | &nbsp;&nbsp;&nbsp;&nbsp; 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D, Class A3, 5.61%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2924 | &nbsp;&nbsp;&nbsp;&nbsp; 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.49%, 4/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 21690 | &nbsp;&nbsp;&nbsp;&nbsp; 21685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-D, Class A3, 5.79%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1645 | &nbsp;&nbsp;&nbsp;&nbsp; 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $672,370)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 673555 |
| **U.S. Treasury Obligations — 4.7%** | **U.S. Treasury Obligations — 4.7%** | **U.S. Treasury Obligations — 4.7%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 52500 | &nbsp;&nbsp;&nbsp;&nbsp; 52937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 97850 | &nbsp;&nbsp;&nbsp;&nbsp; 97739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 82600 | &nbsp;&nbsp;&nbsp;&nbsp; 82345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16400 | &nbsp;&nbsp;&nbsp;&nbsp; 16221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $249,203)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 249242 |
| **Short-Term Investments — 19.8%** | **Short-Term Investments — 19.8%** | **Short-Term Investments — 19.8%** |
| **Certificates of Deposits — 7.5%** | **Certificates of Deposits — 7.5%** | **Certificates of Deposits — 7.5%** |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) , 4.20%, 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 59921 | &nbsp;&nbsp;&nbsp;&nbsp; 59846 |
| &nbsp;&nbsp;&nbsp; Credit Agricole Corporate and Investment Bank (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30914 | &nbsp;&nbsp;&nbsp;&nbsp; 30897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 10/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp;&nbsp;&nbsp; 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.34%), 4.62%, 4/21/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27185 | &nbsp;&nbsp;&nbsp;&nbsp; 27194 |
| &nbsp;&nbsp;&nbsp; Credit Industriel et Commercial (France) , 5.42%, 6/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; DG Bank (Germany) , 4.43%, 8/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19999 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) , 4.75%, 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27340 | &nbsp;&nbsp;&nbsp;&nbsp; 27334 |
| &nbsp;&nbsp;&nbsp; Kookmin Bank (South Korea) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%), 4.83%, 6/9/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6292 | &nbsp;&nbsp;&nbsp;&nbsp; 6293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9986 | &nbsp;&nbsp;&nbsp;&nbsp; 9987 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Trust & Banking Corp. (Japan) (SOFR + 0.33%), 4.61%, 3/11/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21380 | &nbsp;&nbsp;&nbsp;&nbsp; 21384 |
| &nbsp;&nbsp;&nbsp; Mizuho Bank Ltd. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8898 | &nbsp;&nbsp;&nbsp;&nbsp; 8900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17816 | &nbsp;&nbsp;&nbsp;&nbsp; 17827 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.32%), 4.60%, 3/6/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4795 | &nbsp;&nbsp;&nbsp;&nbsp; 4796 |
| &nbsp;&nbsp;&nbsp; MUFG Bank Ltd. (Japan) (SOFR + 0.32%), 4.60%, 1/30/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25723 | &nbsp;&nbsp;&nbsp;&nbsp; 25730 |
| &nbsp;&nbsp;&nbsp; Norinchukin Bank (The) (Japan) , 4.51%, 10/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 28781 | &nbsp;&nbsp;&nbsp;&nbsp; 28771 |
| &nbsp;&nbsp;&nbsp; Shinhan Bank (South Korea) (SOFR + 0.55%), 4.83%, 6/9/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13376 | &nbsp;&nbsp;&nbsp;&nbsp; 13378 |
| &nbsp;&nbsp;&nbsp; Standard Chartered Bank (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9558 | &nbsp;&nbsp;&nbsp;&nbsp; 9553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 11/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 31300 | &nbsp;&nbsp;&nbsp;&nbsp; 31313 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) (SOFR + 0.45%), 4.73%, 4/27/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 51528 | &nbsp;&nbsp;&nbsp;&nbsp; 51586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit <br>(Cost $400,893)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 400889 |
| **Commercial Paper — 9.9%** | **Commercial Paper — 9.9%** | **Commercial Paper — 9.9%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. 4.71%, 9/16/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 24812 | &nbsp;&nbsp;&nbsp;&nbsp; 24467 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) 4.64%, 11/21/2025 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 11308 | &nbsp;&nbsp;&nbsp;&nbsp; 11071 |
| &nbsp;&nbsp;&nbsp; BAT International Finance plc (United Kingdom) 4.70%, 8/5/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2064 | &nbsp;&nbsp;&nbsp;&nbsp; 2046 |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) 4.57%, 2/11/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 32555 | &nbsp;&nbsp;&nbsp;&nbsp; 31550 |
| &nbsp;&nbsp;&nbsp; Brookfield Corporate Treasury Ltd. (Canada) 4.92%, 6/27/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 15106 | &nbsp;&nbsp;&nbsp;&nbsp; 15051 |
| &nbsp;&nbsp;&nbsp; CDP Financial, Inc. (Canada) 4.59%, 1/12/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 7607 | &nbsp;&nbsp;&nbsp;&nbsp; 7400 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) 4.60%, 7/22/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 41075 | &nbsp;&nbsp;&nbsp;&nbsp; 40811 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. 4.62%, 11/7/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp; 4215 |
| &nbsp;&nbsp;&nbsp; Credit Industriel et Commercial (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 2/11/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10654 | &nbsp;&nbsp;&nbsp;&nbsp; 10330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 5/12/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 25105 | &nbsp;&nbsp;&nbsp;&nbsp; 24086 |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 1/13/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 12379 | &nbsp;&nbsp;&nbsp;&nbsp; 12038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 2/6/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 13868 | &nbsp;&nbsp;&nbsp;&nbsp; 13449 |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) 4.58%, 11/25/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 7169 | &nbsp;&nbsp;&nbsp;&nbsp; 7016 |
| &nbsp;&nbsp;&nbsp; DZ Bank AG (Germany) 4.46%, 9/4/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17787 |
| &nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC (United Arab Emirates) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 11/10/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1176 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/13/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 58393 | &nbsp;&nbsp;&nbsp;&nbsp; 57207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 2/12/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2795 | &nbsp;&nbsp;&nbsp;&nbsp; 2709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 2/27/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 21495 | &nbsp;&nbsp;&nbsp;&nbsp; 20794 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) 4.66%, 10/31/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 38845 | &nbsp;&nbsp;&nbsp;&nbsp; 38080 |
| &nbsp;&nbsp;&nbsp; HSBC USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 6/3/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/3/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 10/10/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23600 |
| &nbsp;&nbsp;&nbsp; ING US Funding LLC (Netherlands) 4.49%, 10/7/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 34765 | &nbsp;&nbsp;&nbsp;&nbsp; 34212 |
| &nbsp;&nbsp;&nbsp; KEB Hana Bank (South Korea) 4.60%, 11/26/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 11339 | &nbsp;&nbsp;&nbsp;&nbsp; 11088 |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. (Australia) 4.62%, 11/20/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 33083 | &nbsp;&nbsp;&nbsp;&nbsp; 32376 |
| &nbsp;&nbsp;&nbsp; Mizuho Bank Ltd. (Japan) 4.62%, 11/18/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 17583 | &nbsp;&nbsp;&nbsp;&nbsp; 17219 |
| &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) 4.60%, 11/18/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 13586 | &nbsp;&nbsp;&nbsp;&nbsp; 13301 |
| &nbsp;&nbsp;&nbsp; RWE AG (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 7/16/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 7/17/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4174 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) 4.68%, 11/21/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2936 |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| &nbsp;&nbsp;&nbsp; Standard Chartered Bank (United Kingdom) 4.60%, 1/14/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp;&nbsp; 792 |
| &nbsp;&nbsp;&nbsp; TELUS Corp. (Canada) 4.70%, 8/26/2025 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Paper <br>(Cost $529,159)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 529085 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Investment Companies — 1.2%** | **Investment Companies — 1.2%** | **Investment Companies — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class Institutional Shares, 4.29% (h) (i) <br>(Cost $61,425)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 61420 | &nbsp;&nbsp;&nbsp;&nbsp; 61432 |
| **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.36% (h) (i) <br>(Cost $6,960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6960 | &nbsp;&nbsp;&nbsp;&nbsp; 6960 |
|  | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Repurchase Agreements — 1.1%** | **Repurchase Agreements — 1.1%** | **Repurchase Agreements — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC, 4.77%, dated 5/31/2025, due 8/29/2025, repurchase price $60,716, collateralized by <br> Collateralized Mortgage Obligations, 0.00% - 8.67%, due 6/15/2035 - 2/25/2069, with the value of $66,320. <br>(Cost $60,000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $1,058,437)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1058366 |
| **Total Investments — 100.2%** <br>**(Cost $5,341,388)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **5349278** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(10659)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **5338619** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CME | Chicago Mercantile Exchange |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | The security or a portion of this security is on loan at May 31, 2025. The total value of securities on loan at May 31, 2025 is $6,734. |
| (c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (d) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (e) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (f) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (g) | The rate shown is the effective yield as of May 31, 2025.  |
| (h) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (i) | The rate shown is the current yield as of May 31, 2025. |

---

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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.

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

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

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

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

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

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

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

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

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

------

**JPMorgan Managed Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $673555 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $673555 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3368115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3368115 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249242 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Certificates of Deposits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 400889 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 400889 |
| &nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 529085 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 529085 |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 61432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61432 |
| &nbsp;&nbsp;&nbsp; Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 6960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6960 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 68392 | &nbsp;&nbsp;&nbsp;&nbsp; 989974 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1058366 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $68392 | &nbsp;&nbsp;&nbsp;&nbsp; $5280886 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5349278<br>|

---

**B. Investment Transactions with Affiliates**— The Fund invested in Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the 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 May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.29% (a) (b)<br>| $158512 | $1790301 | $1887330 | $(34)<br>| $(17)<br>| $61432 | 61420 | $2666 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.36% (a) (b)<br>| 10941 | 30658 | 34639 |  |  | 6960 | 6960 | 100 |  |
| **Total** | $169453 | $1820959 | $1921969 | $(34)<br>| $(17)<br>| $68392 |  | $2766 | $— |

---

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

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

------

## 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 Managed Income Fund

- **b. EDGAR series identifier (if any):** S000029581

- **c. LEI of Series:** 54930080XGK0GXPQLV03

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5364223206.52

**Total Liabilities:** $48932077.05

**Net Assets:** $5315291129.47

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 56869.49045000 | **1-Year:** 306433.75449000 | **5-Year:** 834.14406000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000190446 | 0.37%                | 0.35%                | 0.36%                |
| Class ID C000090816 | 0.29%                | 0.47%                | 0.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $660787.28               | $-1583475.90                               |
| Month 2  | $548218.01               | $1056060.31                                |
| Month 3  | $1246966.06              | $-5187884.27                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                               | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Sumitomo Mitsui Trust Bank Ltd.                    | Sumitomo Mitsui Trust Bank Ltd.                                              | CUSIP: 86563VBG3<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   8335000 | PA      | $8406980.98   | 0.16%             | 2026-03-09      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Met Tower Global Funding                           | Met Tower Global Funding                                                     | CUSIP: 58989V2J2<br>LEI: 635400OFJCY9IOGBGY57 | Long             | DBT              | CORP              | US        |   2283000 | PA      | $2259703.22   | 0.04%             | 2027-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                | Volkswagen Auto Loan Enhanced Trust, Series 2023-2, Class A2A                | CUSIP: 92867YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7341885 | PA      | $7361697.26   | 0.14%             | 2027-03-22      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                      | Equinix, Inc.                                                                | CUSIP: 29444UBQ8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   8927000 | PA      | $8656118.58   | 0.16%             | 2026-05-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668BY7<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |  30187000 | PA      | $30212960.82  | 0.57%             | 2025-09-12      | Floating      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                       | Dell Equipment Finance Trust, Series 2025-1, Class A2                        | CUSIP: 24703UAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8090000 | PA      | $8106287.60   | 0.15%             | 2027-07-22      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| CNH Equipment Trust                                | CNH Equipment Trust, Series 2022-B, Class A3                                 | CUSIP: 12663JAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10213246 | PA      | $10170835.93  | 0.19%             | 2027-11-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2024-C, Class A3                               | CUSIP: 78398DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5638000 | PA      | $5632988.95   | 0.11%             | 2028-02-22      | Fixed         | 4.56%                 | Yes           |                  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        |  61419956 | NS      | $61432240.01  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Fleet Financing LLC                     | Enterprise Fleet Financing LLC, Series 2023-2, Class A2                      | CUSIP: 29375NAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1966460 | PA      | $1976801.55   | 0.04%             | 2030-04-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACK1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |  10300000 | PA      | $10311719.34  | 0.19%             | 2025-07-11      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Brookfield Corporate Treasury Ltd.                 | Brookfield Corporate Treasury Ltd.                                           | CUSIP: 11271ETT5<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |  15106000 | PA      | $15050564.00  | 0.28%             | 2025-06-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4646000 | PA      | $4638841.21   | 0.09%             | 2028-05-07      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280CM9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   7443000 | PA      | $7222508.64   | 0.14%             | 2027-05-24      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   8528000 | PA      | $8531668.83   | 0.16%             | 2025-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                 | Honda Auto Receivables Owner Trust, Series 2022-2, Class A3                  | CUSIP: 43815PAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2797352 | PA      | $2791953.86   | 0.05%             | 2026-07-20      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding LLC                     | Wheels Fleet Lease Funding LLC, Series 2024-3A, Class A1                     | CUSIP: 96328GBZ9<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |   3646000 | PA      | $3651469.36   | 0.07%             | 2039-09-19      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MAF7<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |  21043000 | PA      | $20619020.80  | 0.39%             | 2026-07-14      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Principal Life Global Funding II                   | Principal Life Global Funding II                                             | CUSIP: 74256LFA2<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |   4292000 | PA      | $4299449.15   | 0.08%             | 2027-08-19      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Virginia Power Fuel Securitization LLC             | Virginia Power Fuel Securitization LLC, Series A-1                           | CUSIP: 92808VAA0<br>LEI: 254900BELJ95ONW6U791 | Long             | DBT              | CORP              | US        |   8277149 | PA      | $8313381.96   | 0.16%             | 2027-05-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust              | GM Financial Automobile Leasing Trust, Series 2024-2, Class A2A              | CUSIP: 36269WAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9588460 | PA      | $9610380.97   | 0.18%             | 2026-09-21      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                      | Equinix, Inc.                                                                | CUSIP: 29444UBK1<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |  11524000 | PA      | $11402787.80  | 0.21%             | 2025-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                             | Goldman Sachs Bank USA                                                       | CUSIP: 38151LAE0<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |  11724000 | PA      | $11731364.55  | 0.22%             | 2027-03-18      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                  | Lowe's Cos., Inc.                                                            | CUSIP: 548661EP8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   5132000 | PA      | $5141812.59   | 0.10%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                     | HSBC USA, Inc.                                                               | CUSIP: 40434PX35<br>LEI: 549300LBOHZ4QSIWU288 | Long             | STIV             | CORP              | US        |   8000000 | PA      | $7873608.00   | 0.15%             | 2025-10-03      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 225401AQ1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  43014000 | PA      | $43005576.14  | 0.81%             | 2026-06-05      | Variable      | 2.19%                 | Yes           |                  2 | On Loan: No      |
| Teledyne Technologies, Inc.                        | Teledyne Technologies, Inc.                                                  | CUSIP: 879360AC9<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |   3445000 | PA      | $3359478.98   | 0.06%             | 2026-04-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2023-A, Class A3                               | CUSIP: 78436TAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19691271 | PA      | $19792070.19  | 0.37%             | 2027-04-20      | Fixed         | 6.51%                 | Yes           |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2025-A, Class A2                               | CUSIP: 78437KAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  20190000 | PA      | $20176906.79  | 0.38%             | 2027-04-20      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust           | Capital One Prime Auto Receivables Trust, Series 2022-2, Class A3            | CUSIP: 14043GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1940675 | PA      | $1932924.29   | 0.04%             | 2027-05-17      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78016HZX1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  19134000 | PA      | $19260464.64  | 0.36%             | 2027-07-23      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816DT3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   9997000 | PA      | $10087023.18  | 0.19%             | 2027-04-23      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices, Inc.                       | Advanced Micro Devices, Inc.                                                 | CUSIP: 007903BH9<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |   8013000 | PA      | $8017521.34   | 0.15%             | 2026-09-24      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| EIDP, Inc.                                         | EIDP, Inc.                                                                   | CUSIP: 263534CQ0<br>LEI: GLU7INWNWH88J9XBXD45 | Long             | DBT              | CORP              | US        |  11162000 | PA      | $11169349.28  | 0.21%             | 2026-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                     | Element Fleet Management Corp.                                               | CUSIP: 286181AD4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |  13841000 | PA      | $13832245.98  | 0.26%             | 2025-06-15      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  97850000 | PA      | $97739154.54  | 1.84%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 05593DCE1<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | STIV             | CORP              | FR        |  59921000 | PA      | $59845871.05  | 1.13%             | 2025-10-03      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets, Inc.                     | Citigroup Global Markets, Inc.                                               | CUSIP: 17327AY76<br>LEI: MBNUM2BPBDO7JBLYG310 | Long             | STIV             | CORP              | US        |   4300000 | PA      | $4215526.50   | 0.08%             | 2025-11-07      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Citibank Credit Card Issuance Trust                | Citibank Credit Card Issuance Trust, Series 2023-A2, Class A2                | CUSIP: 17305EGX7<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |  11413000 | PA      | $11420989.10  | 0.21%             | 2027-12-08      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Credit Agricole Corporate and Investment Bank      | Credit Agricole Corporate and Investment Bank                                | CUSIP: 22532XB98<br>LEI: 254900BN8XS34XZDJ223 | Long             | STIV             | CORP              | FR        |  27185000 | PA      | $27194000.95  | 0.51%             | 2026-04-21      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307A3D5<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   3186000 | PA      | $3199733.44   | 0.06%             | 2028-02-01      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co., Series W                                                  | CUSIP: 95000U3R2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  10931000 | PA      | $10971397.70  | 0.21%             | 2028-01-24      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| American Express Co.                               | American Express Co.                                                         | CUSIP: 025816CY3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   3497000 | PA      | $3495199.50   | 0.07%             | 2025-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Norinchukin BK NY BR                               | Norinchukin Bank (The)                                                       | CUSIP: 65603AL33<br>LEI: 549300KQZJBM38M51L16 | Long             | STIV             | CORP              | US        |  28781000 | PA      | $28771237.48  | 0.54%             | 2025-10-09      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |  13578000 | PA      | $13408410.78  | 0.25%             | 2026-04-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A2Z4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   5372000 | PA      | $5375652.96   | 0.10%             | 2025-10-10      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced Trust                | Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A2A                | CUSIP: 92867WAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    151976 | PA      | $152067.62    | 0.00%             | 2026-12-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                       | Marriott International, Inc.                                                 | CUSIP: 571903BM4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   1864000 | PA      | $1883302.61   | 0.04%             | 2026-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                        | Ally Auto Receivables Trust, Series 2024-1, Class A2                         | CUSIP: 02008FAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3220833 | PA      | $3223308.70   | 0.06%             | 2027-01-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust                           | Toyota Lease Owner Trust, Series 2024-A, Class A3                            | CUSIP: 89238GAD3<br>LEI: 254900MVSB4M6HOIRE71 | Long             | ABS-O            | CORP              | US        |  18815119 | PA      | $18904498.19  | 0.36%             | 2027-04-20      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                    | Santander UK Group Holdings plc                                              | CUSIP: 80281LAM7<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |  60118000 | PA      | $59669900.87  | 1.12%             | 2026-08-21      | Variable      | 1.53%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636ABE0<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   6965000 | PA      | $6991243.49   | 0.13%             | 2026-09-22      | Variable      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal, Series f2f                                                 | CUSIP: 06368L8K5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  20852000 | PA      | $20834999.36  | 0.39%             | 2027-09-10      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                            | BMW Vehicle Lease Trust, Series 2024-1, Class A3                             | CUSIP: 05611UAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3563000 | PA      | $3575533.57   | 0.07%             | 2027-03-25      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust            | Hyundai Auto Lease Securitization Trust, Series 2025-B, Class A2A            | CUSIP: 44935DAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6290000 | PA      | $6299218.00   | 0.12%             | 2027-09-15      | Fixed         | 4.58%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2022-A, Class A4                      | CUSIP: 448977AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2459000 | PA      | $2431619.04   | 0.05%             | 2028-04-17      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RBQ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $2016514.90   | 0.04%             | 2027-01-12      | Variable      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACB1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   6663000 | PA      | $6699040.17   | 0.13%             | 2026-03-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Auto Lease Trust                     | Mercedes-Benz Auto Lease Trust, Series 2023-A, Class A3                      | CUSIP: 58768RAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2821273 | PA      | $2821219.19   | 0.05%             | 2027-01-15      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2022-2, Class A3  | CUSIP: 362585AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1062331 | PA      | $1057788.78   | 0.02%             | 2027-02-16      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Laboratory Corp. of America Holdings               | Laboratory Corp. of America Holdings                                         | CUSIP: 50540RAX0<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |   8672000 | PA      | $8424550.20   | 0.16%             | 2026-06-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                 | General Motors Financial Co., Inc.                                           | CUSIP: 37045XDZ6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4265566.35   | 0.08%             | 2025-10-10      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                       | Mizuho Financial Group, Inc.                                                 | CUSIP: 60687YAG4<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   3375000 | PA      | $3306841.94   | 0.06%             | 2026-09-13      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Trans-Allegheny Interstate Line Co.                | Trans-Allegheny Interstate Line Co.                                          | CUSIP: 893045AE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11750000 | PA      | $11750000.00  | 0.22%             | 2025-06-01      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Element Fleet Management Corp.                     | Element Fleet Management Corp.                                               | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |  11988000 | PA      | $12164238.47  | 0.23%             | 2026-06-26      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Scentre Group Trust 1                              | Scentre Group Trust 1                                                        | CUSIP: 80622GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    626000 | PA      | $621388.84    | 0.01%             | 2026-01-28      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp., Series N                                              | CUSIP: 06051GJQ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1650962.42   | 0.03%             | 2027-03-11      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| Carmax Auto Owner Trust                            | Carmax Auto Owner Trust, Series 2022-2, Class A3                             | CUSIP: 14317HAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1273058 | PA      | $1269307.88   | 0.02%             | 2027-02-16      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                          | First Abu Dhabi Bank PJSC                                                    | CUSIP: 31849HYA4<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | STIV             | CORP              | AE        |   1176000 | PA      | $1152527.75   | 0.02%             | 2025-11-10      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599BJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $379531.53    | 0.01%             | 2025-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                 | Honda Auto Receivables Owner Trust, Series 2025-1, Class A2                  | CUSIP: 43814VAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  28279000 | PA      | $28297765.94  | 0.53%             | 2027-08-23      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                       | Zimmer Biomet Holdings, Inc.                                                 | CUSIP: 98956PBA9<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |  12792000 | PA      | $12815309.33  | 0.24%             | 2027-02-19      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Bank of New Zealand                                | Bank of New Zealand                                                          | CUSIP: 06407EAC9<br>LEI: N7LGVZM7X4UQ66T7LT74 | Long             | DBT              | CORP              | NZ        |  11036000 | PA      | $10748480.64  | 0.20%             | 2026-03-03      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: —       |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16400000 | PA      | $16220625.00  | 0.31%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Ventas Realty LP                                   | Ventas Realty LP                                                             | CUSIP: 92277GAG2<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |   3659000 | PA      | $3640755.20   | 0.07%             | 2026-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC            | Daimler Truck Finance North America LLC                                      | CUSIP: 233853BC3<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |  15014000 | PA      | $15104111.18  | 0.28%             | 2028-01-13      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85324UAE3<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | STIV             | CORP              | GB        |    814000 | PA      | $791626.07    | 0.01%             | 2026-01-14      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A2A | CUSIP: 362955AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10901000 | PA      | $10890524.14  | 0.20%             | 2028-01-18      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A4E8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  21517000 | PA      | $21572637.80  | 0.41%             | 2027-01-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables LLC             | Amur Equipment Finance Receivables LLC, Series 2022-1A, Class A2             | CUSIP: 03236VAB7<br>LEI: 549300K5Y88MV8B4M421 | Long             | ABS-O            | CORP              | US        |    230080 | PA      | $229703.02    | 0.00%             | 2027-10-20      | Fixed         | 1.64%                 | Yes           |                  2 | On Loan: No      |
| BA Credit Card Trust                               | BA Credit Card Trust, Series 2022-A1, Class A1                               | CUSIP: 05522RDE5<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |   2922000 | PA      | $2920951.59   | 0.05%             | 2027-11-15      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665WFH9<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2500208.78   | 0.05%             | 2025-06-13      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 225401AY4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  17946000 | PA      | $17971052.97  | 0.34%             | 2026-07-15      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                              | Nomura Holdings, Inc.                                                        | CUSIP: 65535HBG3<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   3227000 | PA      | $3243760.91   | 0.06%             | 2026-01-09      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CMY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  82600000 | PA      | $82345101.36  | 1.55%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 74977RDJ0<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   5522000 | PA      | $5454475.55   | 0.10%             | 2026-09-24      | Variable      | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Trust & Banking Corp.               | Mitsubishi UFJ Trust & Banking Corp.                                         | CUSIP: 60683DZ28<br>LEI: JBONEPAGQXF4QP29B387 | Long             | STIV             | CORP              | JP        |  21380000 | PA      | $21383794.95  | 0.40%             | 2026-03-11      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60710TF97<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   4795000 | PA      | $4795960.44   | 0.09%             | 2026-03-06      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83369BYM2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | STIV             | CORP              | FR        |   3000000 | PA      | $2936523.90   | 0.06%             | 2025-11-21      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  45990000 | PA      | $45070369.24  | 0.85%             | 2026-12-10      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05583JAH5<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   9833000 | PA      | $9716450.63   | 0.18%             | 2026-10-06      | Variable      | 1.65%                 | Yes           |                  2 | On Loan: No      |
| BAT International Finance plc                      | BAT International Finance plc                                                | CUSIP: 05531MV54<br>LEI: 21380041YBGOQDFAC823 | Long             | STIV             | CORP              | GB        |   2064000 | PA      | $2046359.40   | 0.04%             | 2025-08-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                              | Nomura Holdings, Inc.                                                        | CUSIP: 65535HBE8<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   4293000 | PA      | $4294009.89   | 0.08%             | 2025-07-03      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                     | Broadcom, Inc.                                                               | CUSIP: 11135FCE9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |  34651000 | PA      | $35052143.89  | 0.66%             | 2028-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                       | National Australia Bank Ltd.                                                 | CUSIP: 63253QAF1<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |   5375000 | PA      | $5381494.13   | 0.10%             | 2025-12-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  14247000 | PA      | $14212705.48  | 0.27%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Federal Realty OP LP                               | Federal Realty OP LP                                                         | CUSIP: 313747BB2<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              | CORP              | US        |  18178000 | PA      | $17730837.01  | 0.33%             | 2026-02-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2024-B, Class A2                               | CUSIP: 78437VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3316154 | PA      | $3321014.69   | 0.06%             | 2026-11-20      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Group Ltd.                               | Macquarie Group Ltd.                                                         | CUSIP: 55608JBF4<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |  16137000 | PA      | $16142844.98  | 0.30%             | 2026-08-09      | Variable      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.               | Mitsubishi UFJ Financial Group, Inc.                                         | CUSIP: 606822BY9<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |  12800000 | PA      | $12361179.90  | 0.23%             | 2027-07-20      | Variable      | 1.54%                 | No            |                  2 | On Loan: No      |
| NBN Co. Ltd.                                       | NBN Co. Ltd.                                                                 | CUSIP: 62878U2H4<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | NUSS              | AU        |   9275000 | PA      | $9170247.41   | 0.17%             | 2027-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                      | CUSIP: 58769JAT4<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |  10340000 | PA      | $10366535.54  | 0.20%             | 2026-07-31      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                         | CUSIP: 37790AXX6<br>LEI: 213800STG1QDNBY87K49 | Long             | STIV             | CORP              | US        |  38845000 | PA      | $38079621.43  | 0.72%             | 2025-10-31      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| New York Life Global Funding                       | New York Life Global Funding                                                 | CUSIP: 64953BBL1<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    473000 | PA      | $474173.23    | 0.01%             | 2027-04-02      | Floating      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                      | Enel Finance International NV                                                | CUSIP: 29278GAV0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   8809000 | PA      | $8807293.70   | 0.17%             | 2025-06-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| LYB International Finance III LLC                  | LYB International Finance III LLC                                            | CUSIP: 50249AAF0<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |   9698000 | PA      | $9580101.12   | 0.18%             | 2025-10-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| NatWest Markets plc                                | NatWest Markets plc                                                          | CUSIP: 63906EYJ5<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | STIV             | CORP              | GB        |  13586000 | PA      | $13301517.31  | 0.25%             | 2025-11-18      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2024-C, Class A2A                     | CUSIP: 448976AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16493926 | PA      | $16490637.08  | 0.31%             | 2027-09-15      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MDA5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   5181000 | PA      | $5257878.16   | 0.10%             | 2026-07-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Omnicom Group, Inc.                                | Omnicom Group, Inc.                                                          | CUSIP: 68217FAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2433000 | PA      | $2408872.86   | 0.05%             | 2026-04-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                          | Chesapeake Funding LLC, Series 2023-2A, Class A1                             | CUSIP: 165183CZ5<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |   7671838 | PA      | $7765152.09   | 0.15%             | 2035-10-15      | Fixed         | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAM3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |  13606000 | PA      | $13230338.34  | 0.25%             | 2026-02-21      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| LSEGA Financing plc                                | LSEGA Financing plc                                                          | CUSIP: 50220PAB9<br>LEI: 2138009YFYTGEHZNNZ09 | Long             | DBT              | CORP              | GB        |   4732000 | PA      | $4608614.85   | 0.09%             | 2026-04-06      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| WP Carey, Inc.                                     | WP Carey, Inc.                                                               | CUSIP: 92936UAE9<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |   2767000 | PA      | $2750175.20   | 0.05%             | 2026-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables XIV LLC         | Amur Equipment Finance Receivables LLC, Series 2024-2A, Class A2             | CUSIP: 03238BAB9<br>LEI: 254900VBZK8DVZNJFJ70 | Long             | ABS-O            | CORP              | US        |  43915084 | PA      | $44212635.53  | 0.83%             | 2031-07-21      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Credit Industriel et Commercial                    | Credit Industriel et Commercial                                              | CUSIP: 22536MBB3<br>LEI: N4JDFKKH2FTD8RKFXO39 | Long             | STIV             | CORP              | FR        |  10654000 | PA      | $10330439.09  | 0.19%             | 2026-02-11      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89114TZH8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   5457000 | PA      | $5452320.02   | 0.10%             | 2026-09-10      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CN0<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   2675000 | PA      | $2674531.07   | 0.05%             | 2027-03-25      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                 | Energy Transfer LP                                                           | CUSIP: 29273RBG3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2274000 | PA      | $2271315.79   | 0.04%             | 2026-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                           | Bunge Ltd. Finance Corp.                                                     | CUSIP: 120568BB5<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |   6356000 | PA      | $6312643.88   | 0.12%             | 2025-08-17      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| BofA Auto Trust                                    | BofA Auto Trust, Series 2024-1A, Class A2                                    | CUSIP: 09709AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500787 | PA      | $6512456.25   | 0.12%             | 2026-12-15      | Fixed         | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Rio Tinto Finance USA plc                          | Rio Tinto Finance USA plc                                                    | CUSIP: 76720AAQ9<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |   1783000 | PA      | $1787675.61   | 0.03%             | 2027-03-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 06418GAC1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  30841000 | PA      | $30847441.76  | 0.58%             | 2025-06-12      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Principal Life Global Funding II                   | Principal Life Global Funding II                                             | CUSIP: 74256LEX3<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |   3712000 | PA      | $3739653.18   | 0.07%             | 2027-01-16      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| HSBC USA, Inc.                                     | HSBC USA, Inc.                                                               | CUSIP: 40434PXA9<br>LEI: 549300LBOHZ4QSIWU288 | Long             | STIV             | CORP              | US        |  24000000 | PA      | $23599862.40  | 0.44%             | 2025-10-10      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |  17511000 | PA      | $17598359.93  | 0.33%             | 2026-06-24      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                          | First Abu Dhabi Bank PJSC                                                    | CUSIP: 31849MBC4<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | STIV             | CORP              | AE        |   2795000 | PA      | $2708760.55   | 0.05%             | 2026-02-12      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325X2A3<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $801042.54    | 0.02%             | 2026-10-08      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05571CBB6<br>LEI: 9695005MSX1OYEMGDF46 | Long             | STIV             | CORP              | FR        |  32555000 | PA      | $31550307.12  | 0.59%             | 2026-02-11      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38145GAN0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   7548000 | PA      | $7557359.52   | 0.14%             | 2026-08-10      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust, Series 2024-C, Class A2A                       | CUSIP: 34532UAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  22316541 | PA      | $22289783.76  | 0.42%             | 2027-08-15      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                               | Verizon Master Trust, Series 2024-1, Class A1A                               | CUSIP: 92348KCL5<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |  13122000 | PA      | $13149590.32  | 0.25%             | 2028-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                       | Nutrien Ltd.                                                                 | CUSIP: 67077MAY4<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |   5492000 | PA      | $5516411.89   | 0.10%             | 2025-11-07      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 05531FBE2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |  25609000 | PA      | $25606173.53  | 0.48%             | 2025-06-05      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd.                                       | Nutrien Ltd.                                                                 | CUSIP: 67077MBE7<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |  17592000 | PA      | $17574306.67  | 0.33%             | 2027-03-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 06418GAB3<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  11700000 | PA      | $11703708.90  | 0.22%             | 2025-06-12      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Capital One NA                                     | Capital One NA                                                               | CUSIP: 25466AAJ0<br>LEI: 207ALC1P1YM0OVDV0K75 | Long             | DBT              | CORP              | US        |   5250000 | PA      | $5175578.42   | 0.10%             | 2026-07-27      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                 | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABU8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |  13034000 | PA      | $12831991.12  | 0.24%             | 2026-04-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| USAA Auto Owner Trust                              | USAA Auto Owner Trust, Series 2024-A, Class A2                               | CUSIP: 90327VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2909844 | PA      | $2914104.49   | 0.05%             | 2027-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Nationwide Building Society                        | Nationwide Building Society                                                  | CUSIP: 638602BP6<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   8966000 | PA      | $8956165.73   | 0.17%             | 2025-07-21      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Pacific Life Global Funding II                     | Pacific Life Global Funding II                                               | CUSIP: 6944PL3G2<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |  15459000 | PA      | $15442060.03  | 0.29%             | 2027-02-04      | Floating      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Honda Auto Receivables Owner Trust                 | Honda Auto Receivables Owner Trust, Series 2024-1, Class A2                  | CUSIP: 437918AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14730729 | PA      | $14749766.71  | 0.28%             | 2026-09-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   8442000 | PA      | $8431392.63   | 0.16%             | 2025-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                         | Aviation Capital Group LLC                                                   | CUSIP: 05369AAK7<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   2268000 | PA      | $2223583.69   | 0.04%             | 2026-01-30      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Ecolab, Inc.                                       | Ecolab, Inc.                                                                 | CUSIP: 278865BQ2<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |   2985000 | PA      | $2993860.64   | 0.06%             | 2028-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                               | Royal Bank of Canada                                                         | CUSIP: 78017DAE8<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  26495000 | PA      | $26504803.15  | 0.50%             | 2026-08-03      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| KEB Hana Bank                                      | KEB Hana Bank                                                                | CUSIP: 48252PYS1<br>LEI: 6RPK2YDJN6L35AS0M510 | Long             | STIV             | CORP              | KR        |  11339000 | PA      | $11088408.10  | 0.21%             | 2025-11-26      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Exelon Corp.                                       | Exelon Corp.                                                                 | CUSIP: 30161NAN1<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |  29416000 | PA      | $29404120.94  | 0.55%             | 2025-06-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| KeyBank NA                                         | KeyBank NA                                                                   | CUSIP: 49327M2K9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   3828000 | PA      | $3828000.00   | 0.07%             | 2025-06-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2022-B, Class A3                      | CUSIP: 44918MAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1231530 | PA      | $1229370.56   | 0.02%             | 2026-11-16      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                            | MPLX LP                                                                      | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |  15379000 | PA      | $15032902.53  | 0.28%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACF2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   8214000 | PA      | $8217744.02   | 0.15%             | 2025-06-26      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Reliance Standard Life Global Funding II           | Reliance Standard Life Global Funding II                                     | CUSIP: 75951ACY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1933000 | PA      | $1938527.03   | 0.04%             | 2026-02-02      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2200000 | PA      | $2222475.75   | 0.04%             | 2026-11-02      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Credit Agricole Corporate and Investment Bank      | Credit Agricole Corporate and Investment Bank                                | CUSIP: 22536HW96<br>LEI: 254900BN8XS34XZDJ223 | Long             | STIV             | CORP              | FR        |   5100000 | PA      | $5100686.97   | 0.10%             | 2025-10-09      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                     | Enterprise Fleet Financing LLC, Series 2024-4, Class A2                      | CUSIP: 29374MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9718000 | PA      | $9721842.50   | 0.18%             | 2027-07-20      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A2A | CUSIP: 36268GAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2276667 | PA      | $2278987.90   | 0.04%             | 2027-02-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                | Toyota Auto Receivables Owner Trust, Series 2023-A, Class A3                 | CUSIP: 891940AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5455607 | PA      | $5456179.29   | 0.10%             | 2027-09-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RAZ5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  36330000 | PA      | $35648328.95  | 0.67%             | 2026-12-14      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                             | Tesla Auto Lease Trust, Series 2024-A, Class A2A                             | CUSIP: 88166VAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1859700 | PA      | $1861136.01   | 0.04%             | 2026-06-22      | Fixed         | 5.37%                 | Yes           |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                  | World Omni Auto Receivables Trust, Series 2025-A, Class A2A                  | CUSIP: 98164YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  21690000 | PA      | $21685390.88  | 0.41%             | 2028-04-17      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADF1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |  10031000 | PA      | $9900902.14   | 0.19%             | 2027-09-24      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding               | Jackson National Life Global Funding                                         | CUSIP: 46849LUZ2<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |  12996000 | PA      | $13103213.23  | 0.25%             | 2026-04-10      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| BAT International Finance plc                      | BAT International Finance plc                                                | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |  17304000 | PA      | $16894054.40  | 0.32%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Equitable Financial Life Global Funding            | Equitable Financial Life Global Funding                                      | CUSIP: 29449WAP2<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   3308000 | PA      | $3321349.86   | 0.06%             | 2025-12-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Discover Card Execution Note Trust                 | Discover Card Execution Note Trust, Series 2022-A3, Class A3                 | CUSIP: 254683CW3<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |   3826000 | PA      | $3821218.65   | 0.07%             | 2027-07-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                       | Barclays plc                                                                 | CUSIP: 06738EBZ7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   6000000 | PA      | $6005337.12   | 0.11%             | 2026-08-09      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                         | CNH Industrial Capital LLC                                                   | CUSIP: 12592BAL8<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |  10169000 | PA      | $9995109.49   | 0.19%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  16495000 | PA      | $15915419.64  | 0.30%             | 2027-07-20      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| TELUS Corp.                                        | TELUS Corp.                                                                  | CUSIP: 87974PVS9<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | STIV             | CORP              | CA        |   8000000 | PA      | $7910057.60   | 0.15%             | 2025-08-26      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307A3A1<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   9774000 | PA      | $9864631.86   | 0.19%             | 2027-07-02      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                          | CUSIP: 55607KYL4<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | STIV             | CORP              | AU        |  33083000 | PA      | $32375917.04  | 0.61%             | 2025-11-20      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC            | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   1686000 | PA      | $1686339.66   | 0.03%             | 2026-08-14      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                       | Mizuho Financial Group, Inc.                                                 | CUSIP: 60687YBP3<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   2636000 | PA      | $2551200.67   | 0.05%             | 2027-05-22      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60689FYJ1<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |  17583000 | PA      | $17218629.25  | 0.32%             | 2025-11-18      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ACQ8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   5048000 | PA      | $5073562.26   | 0.10%             | 2025-11-03      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MCT5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |  11188000 | PA      | $11239683.97  | 0.21%             | 2026-01-13      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 20271AAK3<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |  13594000 | PA      | $13623849.57  | 0.26%             | 2025-12-09      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Public Service Corp.                     | Wisconsin Public Service Corp.                                               | CUSIP: 976843BP6<br>LEI: 549300BJRHJVYNUMQZ30 | Long             | DBT              | CORP              | US        |   1895000 | PA      | $1901312.04   | 0.04%             | 2025-11-10      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  11289000 | PA      | $11020669.61  | 0.21%             | 2027-01-28      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                   | Brixmor Operating Partnership LP                                             | CUSIP: 11120VAC7<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |  29519000 | PA      | $29353006.99  | 0.55%             | 2026-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2024-B, Class A2A                     | CUSIP: 44934QAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  34495311 | PA      | $34574916.23  | 0.65%             | 2027-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                | CNH Equipment Trust, Series 2024-A, Class A2                                 | CUSIP: 18978FAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1951145 | PA      | $1953223.97   | 0.04%             | 2027-07-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| RWE AG                                             | RWE AG                                                                       | CUSIP: 7497MAUH5<br>LEI: 529900GB7KCA94ACC940 | Long             | STIV             | CORP              | DE        |   4200000 | PA      | $4173691.20   | 0.08%             | 2025-07-17      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| United States of America                           | U.S. Treasury Notes                                                          | CUSIP: 91282CJK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  52500000 | PA      | $52936816.28  | 1.00%             | 2026-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Credit Agricole Corporate and Investment Bank      | Credit Agricole Corporate and Investment Bank                                | CUSIP: 22536HVZ9<br>LEI: 254900BN8XS34XZDJ223 | Long             | STIV             | CORP              | FR        |  30914000 | PA      | $30897099.32  | 0.58%             | 2025-10-07      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                 | Credit Agricole SA                                                           | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   7619000 | PA      | $7442845.37   | 0.14%             | 2027-01-26      | Variable      | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 74977RDL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |  19396000 | PA      | $18612269.71  | 0.35%             | 2027-12-15      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| American Express Credit Account Master Trust       | American Express Credit Account Master Trust, Series 2022-3, Class A         | CUSIP: 02582JJV3<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |  28816000 | PA      | $28769663.87  | 0.54%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Credit Industriel et Commercial                    | Credit Industriel et Commercial                                              | CUSIP: 22536MEC8<br>LEI: N4JDFKKH2FTD8RKFXO39 | Long             | STIV             | CORP              | FR        |  25105000 | PA      | $24086126.13  | 0.45%             | 2026-05-12      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding               | Jackson National Life Global Funding                                         | CUSIP: 46849LVC2<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |  19836000 | PA      | $19911356.57  | 0.37%             | 2027-01-13      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 09659W2Q6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   5762000 | PA      | $5576441.59   | 0.10%             | 2027-06-30      | Variable      | 1.68%                 | Yes           |                  2 | On Loan: No      |
| Pernod Ricard SA                                   | Pernod Ricard SA                                                             | CUSIP: 714264AM0<br>LEI: 52990097YFPX9J0H5D87 | Long             | DBT              | CORP              | FR        |   7855000 | PA      | $7741681.02   | 0.15%             | 2026-06-08      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607PHT4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  22861000 | PA      | $22825296.38  | 0.43%             | 2027-09-11      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 456837BF9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1797000 | PA      | $1829184.67   | 0.03%             | 2027-09-11      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                        | CUSIP: 06675FBA4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |  18150000 | PA      | $18400588.16  | 0.35%             | 2026-07-13      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| NatWest Markets plc                                | NatWest Markets plc                                                          | CUSIP: 63906YAD0<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |    792000 | PA      | $761921.21    | 0.01%             | 2026-09-29      | Fixed         | 1.60%                 | Yes           |                  2 | On Loan: No      |
| Shinhan Bank                                       | Shinhan Bank                                                                 | CUSIP: 82460ARV2<br>LEI: 5493003P813VL21KG928 | Long             | STIV             | CORP              | KR        |  13376000 | PA      | $13377697.41  | 0.25%             | 2025-06-09      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio LP                                 | Essex Portfolio LP                                                           | CUSIP: 29717PAQ0<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |  15490000 | PA      | $15318811.34  | 0.29%             | 2026-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A3D1<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  14797000 | PA      | $14223373.73  | 0.27%             | 2026-10-02      | Fixed         | 1.73%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                             | Goldman Sachs Bank USA                                                       | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |  17189000 | PA      | $17309697.20  | 0.33%             | 2027-05-21      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325VNW6<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | STIV             | CORP              | GB        |   9558000 | PA      | $9553429.36   | 0.18%             | 2025-10-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                       | Fiserv, Inc.                                                                 | CUSIP: 337738AT5<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |  13316000 | PA      | $13122675.65  | 0.25%             | 2026-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.               | Caterpillar Financial Services Corp.                                         | CUSIP: 14913UAN0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |  11665000 | PA      | $11696616.93  | 0.22%             | 2026-10-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust                             | John Deere Owner Trust, Series 2022-C, Class A3                              | CUSIP: 47800BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4154572 | PA      | $4164815.95   | 0.08%             | 2027-06-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Bank of America Auto Trust                         | Bank of America Auto Trust, Series 2023-2A, Class A2                         | CUSIP: 06054YAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1357936 | PA      | $1358869.43   | 0.03%             | 2026-08-17      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                 | T-Mobile USA, Inc.                                                           | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |  35201000 | PA      | $34596320.04  | 0.65%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  19835000 | PA      | $19880673.26  | 0.37%             | 2026-09-29      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.               | Mitsubishi UFJ Financial Group, Inc.                                         | CUSIP: 606822BS2<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |  21109000 | PA      | $21024470.70  | 0.40%             | 2025-07-17      | Fixed         | 1.41%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565ECU7<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   7095000 | PA      | $7111165.46   | 0.13%             | 2027-03-19      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| DG Bank                                            | DG Bank                                                                      | CUSIP: 23344JCR4<br>LEI: 529900HNOAA1KXQJUQ27 | Long             | STIV             | CORP              | DE        |  20000000 | PA      | $19999126.00  | 0.38%             | 2025-08-07      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                              | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115D6G6<br>LEI: PT3QB789TSUIDF371261 | Long             | STIV             | CORP              | CA        |  51528000 | PA      | $51586108.13  | 0.97%             | 2026-04-27      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Ryder System, Inc.                                 | Ryder System, Inc.                                                           | CUSIP: 78355HKQ1<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |  10616000 | PA      | $10616000.00  | 0.20%             | 2025-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06369LYM1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | STIV             | CORP              | CA        |  11308000 | PA      | $11070623.59  | 0.21%             | 2025-11-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 064159VL7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1317000 | PA      | $1315865.77   | 0.02%             | 2025-06-11      | Fixed         | 1.30%                 | No            |                  2 | On Loan: —       |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                        | CUSIP: 06675DCD2<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   3224000 | PA      | $3223355.43   | 0.06%             | 2025-07-13      | Fixed         | 4.52%                 | Yes           |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp.                           | CUSIP: 63743HFY3<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |  17928000 | PA      | $17935933.50  | 0.34%             | 2026-11-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                | Toyota Auto Receivables Owner Trust, Series 2022-C, Class A3                 | CUSIP: 89231CAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5120016 | PA      | $5101702.11   | 0.10%             | 2027-04-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| CGI, Inc.                                          | CGI, Inc.                                                                    | CUSIP: 12532HAC8<br>LEI: 549300WSRCZY73ZG3090 | Long             | DBT              | CORP              | CA        |  11292000 | PA      | $10846067.06  | 0.20%             | 2026-09-14      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust, Series 2023-3, Class A3              | CUSIP: 80285XAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1463871 | PA      | $1465622.53   | 0.03%             | 2027-10-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636AAZ4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   8984000 | PA      | $8898997.61   | 0.17%             | 2026-09-11      | Variable      | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner Trust                | Nissan Auto Receivables Owner Trust, Series 2023-A, Class A3                 | CUSIP: 65480WAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16237784 | PA      | $16263499.84  | 0.31%             | 2027-11-15      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Trust LLC                            | SCF Equipment Trust LLC, Series 2025-1A, Class A2                            | CUSIP: 78437DAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2473000 | PA      | $2475804.63   | 0.05%             | 2030-07-22      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                            | CarMax Auto Owner Trust, Series 2023-4, Class A2A                            | CUSIP: 14318XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1244864 | PA      | $1246667.32   | 0.02%             | 2026-12-15      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607PVP6<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  33913000 | PA      | $34057162.47  | 0.64%             | 2028-01-13      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RBN1<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   5461000 | PA      | $5460179.32   | 0.10%             | 2025-06-13      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                | Wells Fargo Bank NA                                                          | CUSIP: 94988J6G7<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   6976000 | PA      | $7022919.04   | 0.13%             | 2026-12-11      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 06418JAA9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  44371000 | PA      | $44918992.06  | 0.85%             | 2026-12-07      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust           | AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A3            | CUSIP: 03065WAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    478676 | PA      | $478434.24    | 0.01%             | 2028-04-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Porsche Innovative Lease Owner Trust               | Porsche Innovative Lease Owner Trust, Series 2025-1A, Class A2A              | CUSIP: 73329KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4600000 | PA      | $4604477.64   | 0.09%             | 2027-12-20      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                              | Dominion Energy, Inc.                                                        | CUSIP: 25746UCE7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |  18548000 | PA      | $18507102.77  | 0.35%             | 2025-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA              | Banque Federative du Credit Mutuel SA                                        | CUSIP: 06675FAZ0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |  13749000 | PA      | $13780329.98  | 0.26%             | 2026-01-26      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636RAD6<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | STIV             | CORP              | DK        |  12379000 | PA      | $12038219.75  | 0.23%             | 2026-01-13      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank    | DZ Bank AG                                                                   | CUSIP: 26821LW43<br>LEI: 529900HNOAA1KXQJUQ27 | Long             | STIV             | CORP              | DE        |  18000000 | PA      | $17786705.40  | 0.33%             | 2025-09-04      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Entergy Corp.                                      | Entergy Corp.                                                                | CUSIP: 29364GAM5<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   7870000 | PA      | $7784351.89   | 0.15%             | 2025-09-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Lease Trust                        | Volkswagen Auto Lease Trust, Series 2023-A, Class A3                         | CUSIP: 92867UAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8526040 | PA      | $8564498.07   | 0.16%             | 2026-10-20      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                          | SCF Equipment Leasing LLC, Series 2024-1A, Class A2                          | CUSIP: 783896AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5552634 | PA      | $5589455.05   | 0.11%             | 2029-11-20      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Kookmin Bank                                       | Kookmin Bank                                                                 | CUSIP: 48668M5J8<br>LEI: 549300XXMOJSIW8P4769 | Long             | STIV             | CORP              | KR        |   6292000 | PA      | $6292676.39   | 0.12%             | 2025-06-09      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                        | Ally Auto Receivables Trust, Series 2022-3, Class A3                         | CUSIP: 02008DAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9850149 | PA      | $9860808.31   | 0.19%             | 2027-04-15      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Kia Corp.                                          | Kia Corp.                                                                    | CUSIP: 493738AD0<br>LEI: 988400V8MJK9N7OI5X76 | Long             | DBT              | CORP              | KR        |   4416000 | PA      | $4357090.56   | 0.08%             | 2026-04-21      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: —       |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12062000 | PA      | $11850210.34  | 0.22%             | 2025-11-15      | Fixed         | 1.20%                 | Yes           |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust           | Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3            | CUSIP: 14044CAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    292084 | PA      | $291355.79    | 0.01%             | 2026-09-15      | Fixed         | 0.77%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RCA8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    678000 | PA      | $677438.79    | 0.01%             | 2027-02-19      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Corebridge Global Funding                          | Corebridge Global Funding                                                    | CUSIP: 00138CAY4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |  23483000 | PA      | $23684066.85  | 0.45%             | 2026-06-24      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Jackson National Life Global Funding               | Jackson National Life Global Funding                                         | CUSIP: 46849LVA6<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |  12358000 | PA      | $12564348.45  | 0.24%             | 2027-07-02      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                 | Credit Agricole SA                                                           | CUSIP: 22534PAB9<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1500000 | PA      | $1439572.05   | 0.03%             | 2027-01-11      | Fixed         | 2.02%                 | Yes           |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5342000 | PA      | $5387234.56   | 0.10%             | 2026-05-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Corebridge Global Funding                          | Corebridge Global Funding                                                    | CUSIP: 00138CAU2<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   9329000 | PA      | $9446957.09   | 0.18%             | 2026-07-02      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                  | World Omni Auto Receivables Trust, Series 2024-A, Class A2A                  | CUSIP: 98164RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3040756 | PA      | $3042477.24   | 0.06%             | 2027-04-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                              | Cardinal Health, Inc.                                                        | CUSIP: 14149YBE7<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |  14832000 | PA      | $14800894.48  | 0.28%             | 2025-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US Bank NA                                         | US Bank NA                                                                   | CUSIP: 90331HPP2<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |  27710000 | PA      | $27677300.26  | 0.52%             | 2027-10-22      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC            | Mercedes-Benz Finance North America LLC                                      | CUSIP: 58769JAP2<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |  23032000 | PA      | $23081234.35  | 0.43%             | 2026-01-09      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Corebridge Global Funding                          | Corebridge Global Funding                                                    | CUSIP: 00138CBB3<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |  20717000 | PA      | $20766161.23  | 0.39%             | 2027-08-20      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                       | Ford Credit Auto Lease Trust, Series 2024-B, Class A2A                       | CUSIP: 345279AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16576945 | PA      | $16608073.19  | 0.31%             | 2027-02-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| HSBC USA, Inc.                                     | HSBC USA, Inc.                                                               | CUSIP: 40434PT30<br>LEI: 549300LBOHZ4QSIWU288 | Long             | STIV             | CORP              | US        |   7500000 | PA      | $7496370.00   | 0.14%             | 2025-06-03      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Mercedes-Benz Auto Lease Trust                     | Mercedes-Benz Auto Lease Trust, Series 2025-A, Class A2A                     | CUSIP: 58768YAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8020000 | PA      | $8035477.00   | 0.15%             | 2028-04-17      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38145GAM2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  13400000 | PA      | $13424711.48  | 0.25%             | 2026-08-10      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                          | First Abu Dhabi Bank PJSC                                                    | CUSIP: 31849MBT7<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | STIV             | CORP              | AE        |  21495000 | PA      | $20794170.57  | 0.39%             | 2026-02-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DNB Bank ASA                                       | DNB Bank ASA                                                                 | CUSIP: 23329PAF7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   3176000 | PA      | $3141874.74   | 0.06%             | 2026-09-16      | Variable      | 1.13%                 | Yes           |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |  12944000 | PA      | $12942285.57  | 0.24%             | 2026-12-11      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                         | Aviation Capital Group LLC                                                   | CUSIP: 05369AAR2<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   2642000 | PA      | $2631675.51   | 0.05%             | 2027-04-14      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                    | Danske Bank A/S                                                              | CUSIP: 23636RB60<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | STIV             | CORP              | DK        |  13868000 | PA      | $13448631.68  | 0.25%             | 2026-02-06      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                 | Canadian Imperial Bank of Commerce                                           | CUSIP: 13607L8C0<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  15175000 | PA      | $15397102.67  | 0.29%             | 2027-06-28      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                         | US Bancorp                                                                   | CUSIP: 91159HJH4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   7467000 | PA      | $7495095.78   | 0.14%             | 2026-10-21      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group, Inc.                             | WEC Energy Group, Inc.                                                       | CUSIP: 92939UAK2<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |  18085000 | PA      | $18097455.68  | 0.34%             | 2026-01-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                       | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1713000 | PA      | $1713222.69   | 0.03%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                         | Charles Schwab Corp. (The)                                                   | CUSIP: 8085A2UN5<br>LEI: 549300VSGCJ7E698NM85 | Long             | STIV             | CORP              | US        |  41075000 | PA      | $40810559.15  | 0.77%             | 2025-07-22      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DNB Bank ASA                                       | DNB Bank ASA                                                                 | CUSIP: 2332K0YR7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | STIV             | CORP              | NO        |   7169000 | PA      | $7015561.89   | 0.13%             | 2025-11-25      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| NNN REIT, Inc.                                     | NNN REIT, Inc.                                                               | CUSIP: 637417AH9<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |   7972000 | PA      | $7945614.59   | 0.15%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 89788MAA0<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4970032.95   | 0.09%             | 2025-08-05      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| KeyBank NA                                         | KeyBank NA                                                                   | CUSIP: 49327M3E2<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   8582000 | PA      | $8567924.58   | 0.16%             | 2025-08-08      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                | Toyota Auto Receivables Owner Trust, Series 2023-C, Class A2A                | CUSIP: 89231FAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365298 | PA      | $365475.37    | 0.01%             | 2026-08-17      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280CG2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   7450000 | PA      | $7448896.88   | 0.14%             | 2026-06-04      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bank NA                                | Fifth Third Bank NA                                                          | CUSIP: 31677QBM0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   3081000 | PA      | $3077944.97   | 0.06%             | 2025-07-28      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Bank Ltd.                    | Sumitomo Mitsui Trust Bank Ltd.                                              | CUSIP: 86563VBT5<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |  12666000 | PA      | $12663337.10  | 0.24%             | 2027-09-10      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ADP9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |  12802000 | PA      | $12784705.14  | 0.24%             | 2027-03-25      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Kookmin Bank                                       | Kookmin Bank                                                                 | CUSIP: 48668M5Z2<br>LEI: 549300XXMOJSIW8P4769 | Long             | STIV             | CORP              | KR        |   9986000 | PA      | $9987115.44   | 0.19%             | 2025-07-24      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| DLLAA LLC                                          | DLLAA LLC, Series 2023-1A, Class A2                                          | CUSIP: 23292HAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2917342 | PA      | $2921863.64   | 0.05%             | 2026-07-20      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                | Macquarie Bank Ltd.                                                          | CUSIP: 55608PBT0<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |  15460000 | PA      | $15736167.85  | 0.30%             | 2027-07-02      | Fixed         | 5.27%                 | Yes           |                  2 | On Loan: No      |
| HPEFS Equipment Trust                              | HPEFS Equipment Trust, Series 2023-2A, Class A3                              | CUSIP: 44328UAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1650000 | PA      | $1654449.39   | 0.03%             | 2031-01-21      | Fixed         | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                        | Ally Auto Receivables Trust, Series 2022-1, Class A3                         | CUSIP: 02008JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    244014 | PA      | $243536.22    | 0.00%             | 2026-11-15      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                    | CUSIP: 89236TML6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |  12598000 | PA      | $12646421.67  | 0.24%             | 2026-08-07      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Microchip Technology, Inc.                         | Microchip Technology, Inc.                                                   | CUSIP: 595017BA1<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |  26453000 | PA      | $26412764.46  | 0.50%             | 2025-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254CQ1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |  12977000 | PA      | $13076403.82  | 0.25%             | 2027-01-09      | Variable      | 6.17%                 | Yes           |                  2 | On Loan: —       |
| Penske Truck Leasing Co. LP                        | Penske Truck Leasing Co. LP                                                  | CUSIP: 709599AW4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9634000 | PA      | $9448401.66   | 0.18%             | 2026-11-15      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2024-A, Class A2A                     | CUSIP: 448973AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3313613 | PA      | $3319837.34   | 0.06%             | 2027-04-15      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp.                       | American Honda Finance Corp.                                                 | CUSIP: 02665WFR7<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   4157000 | PA      | $4154069.61   | 0.08%             | 2026-05-11      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                       | Santander Holdings USA, Inc.                                                 | CUSIP: 80282KBB1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |  15772000 | PA      | $15772000.00  | 0.30%             | 2025-06-02      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                          | First Abu Dhabi Bank PJSC                                                    | CUSIP: 31849HYD8<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | STIV             | CORP              | AE        |  58393000 | PA      | $57207277.58  | 1.08%             | 2025-11-13      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                  | NatWest Group plc                                                            | CUSIP: 639057AJ7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |  25613000 | PA      | $25820308.04  | 0.49%             | 2027-03-02      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                         | AT&T, Inc.                                                                   | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |  21328000 | PA      | $20828762.28  | 0.39%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GJD2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  22536000 | PA      | $22492190.92  | 0.42%             | 2026-06-19      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Loan Extended Note Trust               | Toyota Auto Loan Extended Note Trust, Series 2021-1A, Class A                | CUSIP: 89237MAA7<br>LEI: 54930055QDKD6LCRW256 | Long             | ABS-O            | CORP              | US        |  10914000 | PA      | $10640773.47  | 0.20%             | 2034-02-27      | Fixed         | 1.07%                 | Yes           |                  2 | On Loan: No      |
| Expedia Group, Inc.                                | Expedia Group, Inc.                                                          | CUSIP: 30212PAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  22284000 | PA      | $22309049.22  | 0.42%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 90351DAB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  11246000 | PA      | $11220089.67  | 0.21%             | 2025-09-24      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp.                                 | State Street Corp.                                                           | CUSIP: 857477DA8<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   8113000 | PA      | $8131111.54   | 0.15%             | 2028-04-24      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)           | PNC Financial Services Group, Inc. (The)                                     | CUSIP: 693475BL8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  26380000 | PA      | $26395037.66  | 0.50%             | 2027-01-26      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                              | CCG Receivables Trust, Series 2024-1, Class A2                               | CUSIP: 12515PAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  31041291 | PA      | $31162262.00  | 0.59%             | 2032-03-15      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 902613AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1439000 | PA      | $1406971.95   | 0.03%             | 2027-01-30      | Variable      | 1.36%                 | Yes           |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                       | Dell Equipment Finance Trust, Series 2024-1, Class A2                        | CUSIP: 24702GAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17550474 | PA      | $17591386.28  | 0.33%             | 2030-03-22      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GJK6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  17533000 | PA      | $17285994.22  | 0.33%             | 2026-10-24      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                     | Hewlett Packard Enterprise Co.                                               | CUSIP: 42824CBR9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |  16023000 | PA      | $15999581.10  | 0.30%             | 2026-09-25      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| AutoZone, Inc.                                     | AutoZone, Inc.                                                               | CUSIP: 053332AT9<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |   2834000 | PA      | $2803368.88   | 0.05%             | 2026-04-21      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                       | AbbVie, Inc.                                                                 | CUSIP: 00287BWG0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | STIV             | CORP              | US        |  24812000 | PA      | $24467138.01  | 0.46%             | 2025-09-16      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                    | Jefferies Financial Group, Inc.                                              | CUSIP: 47233WHZ5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   3699000 | PA      | $3698976.47   | 0.07%             | 2026-02-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp.                     | Element Fleet Management Corp.                                               | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   1982000 | PA      | $2010668.10   | 0.04%             | 2027-03-13      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                              | Dominion Energy, Inc., Series A                                              | CUSIP: 25746UDJ5<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   8400000 | PA      | $8173478.04   | 0.15%             | 2026-04-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| JPMorgan Securities Lending Money Market Fund      | JPMorgan Securities Lending Money Market Fund, Class Agency SL Shares        | CUSIP: 46645V642<br>LEI: 5493002FD4HXUJXMRO62 | Long             | STIV             | RF                | US        |   6960486 | NS      | $6960485.50   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                                 | General Motors Co.                                                           | CUSIP: 37045VAV2<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |  11702000 | PA      | $11737013.44  | 0.22%             | 2025-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                  | Enterprise Products Operating LLC                                            | CUSIP: 29379VCE1<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |  15042000 | PA      | $15114346.15  | 0.28%             | 2027-01-11      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                     | Morgan Stanley                                                               | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3183000 | PA      | $3092962.89   | 0.06%             | 2027-05-04      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                 | General Motors Financial Co., Inc.                                           | CUSIP: 37045XDD5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   6004000 | PA      | $5870471.16   | 0.11%             | 2026-01-08      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                  | NatWest Group plc                                                            | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |  11150000 | PA      | $11278056.97  | 0.21%             | 2026-11-10      | Variable      | 7.47%                 | No            |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60710TWK3<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   8898000 | PA      | $8900260.09   | 0.17%             | 2025-11-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                  | World Omni Auto Receivables Trust, Series 2023-D, Class A3                   | CUSIP: 98164DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1645000 | PA      | $1663325.63   | 0.03%             | 2029-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| DuPont de Nemours, Inc.                            | DuPont de Nemours, Inc.                                                      | CUSIP: 26078JAC4<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |   7707000 | PA      | $7701349.07   | 0.14%             | 2025-11-15      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.              | Alexandria Real Estate Equities, Inc.                                        | CUSIP: 015271AH2<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |  10838000 | PA      | $10809927.85  | 0.20%             | 2026-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                | Toyota Auto Receivables Owner Trust, Series 2022-B, Class A3                 | CUSIP: 89238FAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    896963 | PA      | $894062.82    | 0.02%             | 2026-09-15      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                     | BNP Paribas SA                                                               | CUSIP: 09659W2N3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   8971000 | PA      | $8784171.66   | 0.17%             | 2027-01-13      | Variable      | 1.32%                 | Yes           |                  2 | On Loan: No      |
| Interstate Power and Light Co.                     | Interstate Power and Light Co.                                               | CUSIP: 461070AM6<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |   9895000 | PA      | $9864640.46   | 0.19%             | 2025-08-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Dllad LLC                                          | Dllad LLC, Series 2024-1A, Class A2                                          | CUSIP: 23346MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2582396 | PA      | $2593218.37   | 0.05%             | 2027-08-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                           | Cooperatieve Rabobank UA                                                     | CUSIP: 74977RDK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   7069000 | PA      | $6881169.18   | 0.13%             | 2027-02-24      | Variable      | 1.11%                 | Yes           |                  2 | On Loan: No      |
| Brambles USA, Inc.                                 | Brambles USA, Inc.                                                           | CUSIP: 10510KAC1<br>LEI: 549300ELM3HO6HFZSW59 | Long             | DBT              | CORP              | US        |   6576000 | PA      | $6555085.16   | 0.12%             | 2025-10-23      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 456837AV5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  19545000 | PA      | $19076811.25  | 0.36%             | 2027-04-01      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RBC5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  17493000 | PA      | $16944246.86  | 0.32%             | 2027-06-09      | Variable      | 1.79%                 | Yes           |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                          | Williams Cos., Inc. (The)                                                    | CUSIP: 96949LAB1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   6989000 | PA      | $6973739.03   | 0.13%             | 2025-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust, Series 2023-2, Class A3              | CUSIP: 80287JAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118830 | PA      | $118858.03    | 0.00%             | 2027-07-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp.                                                        | CUSIP: 06051GHT9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  25815000 | PA      | $25550558.63  | 0.48%             | 2027-04-23      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                            | BPCE SA                                                                      | CUSIP: 05571AAT2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   4670000 | PA      | $4718998.67   | 0.09%             | 2027-01-18      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: —       |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A3  | CUSIP: 38013JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3615045 | PA      | $3615510.60   | 0.07%             | 2028-02-16      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                        | Marsh & McLennan Cos., Inc.                                                  | CUSIP: 571748AZ5<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |   8949000 | PA      | $8904060.09   | 0.17%             | 2026-03-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                 | BMW US Capital LLC                                                           | CUSIP: 05565ECP8<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   3549000 | PA      | $3553648.91   | 0.07%             | 2026-08-13      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| ERAC USA Finance LLC                               | ERAC USA Finance LLC                                                         | CUSIP: 26884TAP7<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |   8987000 | PA      | $8953824.31   | 0.17%             | 2025-11-01      | Fixed         | 3.80%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254BZ2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   4018000 | PA      | $3934465.78   | 0.07%             | 2027-01-14      | Variable      | 1.46%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307A2Y0<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |  24102000 | PA      | $24115324.31  | 0.45%             | 2027-03-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                             | Standard Chartered plc                                                       | CUSIP: 853254AZ3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   5269000 | PA      | $5236859.10   | 0.10%             | 2026-04-12      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                  | CUSIP: 17325FBL1<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |  21435000 | PA      | $21513087.71  | 0.40%             | 2027-11-19      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                | CNH Equipment Trust, Series 2022-A, Class A3                                 | CUSIP: 12660DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    649805 | PA      | $644230.11    | 0.01%             | 2027-07-15      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 902613AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   8333000 | PA      | $8376419.01   | 0.16%             | 2027-01-12      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2024-C, Class A2                               | CUSIP: 78398DAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2498444 | PA      | $2498972.84   | 0.05%             | 2026-11-20      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                | Societe Generale SA                                                          | CUSIP: 83368RBV3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   2500000 | PA      | $2518710.38   | 0.05%             | 2028-01-19      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| John Deere Owner Trust                             | John Deere Owner Trust, Series 2024-A, Class A2A                             | CUSIP: 47800RAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5749388 | PA      | $5757418.24   | 0.11%             | 2027-02-16      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.              | Alexandria Real Estate Equities, Inc.                                        | CUSIP: 015271AP4<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |   8433000 | PA      | $8368029.89   | 0.16%             | 2026-04-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| CDP Financial, Inc.                                | CDP Financial, Inc.                                                          | CUSIP: 12509TAC1<br>LEI: 549300OXMGVYFCBFV096 | Long             | STIV             | CORP              | CA        |   7607000 | PA      | $7400371.82   | 0.14%             | 2026-01-12      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Chevron Phillips Chemical Co. LLC                  | Chevron Phillips Chemical Co. LLC                                            | CUSIP: 166754AP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    740000 | PA      | $728278.45    | 0.01%             | 2026-12-01      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| Extra Space Storage LP                             | Extra Space Storage LP                                                       | CUSIP: 30225VAL1<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |  19297000 | PA      | $19085279.11  | 0.36%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A2U4<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   7319000 | PA      | $7176395.21   | 0.14%             | 2026-01-08      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: —       |
| Banco Santander SA                                 | Banco Santander SA                                                           | CUSIP: 05964HAR6<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    194000 | PA      | $194170.56    | 0.00%             | 2025-08-18      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ING US Funding LLC                                 | ING US Funding LLC                                                           | CUSIP: 45685QX79<br>LEI: 254900QX5Y2ZDZ6XBT08 | Long             | STIV             | CORP              | US        |  34765000 | PA      | $34212205.21  | 0.64%             | 2025-10-07      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| New York Life Global Funding                       | New York Life Global Funding                                                 | CUSIP: 64953BBW7<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |  22015000 | PA      | $22056048.51  | 0.41%             | 2028-04-25      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Truist Bank                                        | Truist Bank                                                                  | CUSIP: 89788JAE9<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   4904000 | PA      | $4907383.07   | 0.09%             | 2027-05-20      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280BX6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   9457000 | PA      | $9438715.46   | 0.18%             | 2026-09-12      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                    | Citigroup, Inc.                                                              | CUSIP: 172967MB4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  13912000 | PA      | $13928210.12  | 0.26%             | 2026-07-01      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Credit Industriel et Commercial                    | Credit Industriel et Commercial                                              | CUSIP: 22536WHC3<br>LEI: N4JDFKKH2FTD8RKFXO39 | Long             | STIV             | CORP              | FR        |   1000000 | PA      | $1000142.70   | 0.02%             | 2025-06-05      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                          | HCA, Inc.                                                                    | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   3260000 | PA      | $3266771.18   | 0.06%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  24154000 | PA      | $23546054.93  | 0.44%             | 2027-03-09      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                 | General Motors Financial Co., Inc.                                           | CUSIP: 37045XBG0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   5888000 | PA      | $5894682.35   | 0.11%             | 2026-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                        | Capital One Financial Corp.                                                  | CUSIP: 14040HCU7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $24999804.25  | 0.47%             | 2026-07-24      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 89788MAH5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   7063000 | PA      | $7054920.14   | 0.13%             | 2026-07-28      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                            | BMW Vehicle Lease Trust, Series 2024-2, Class A2A                            | CUSIP: 05613MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19877655 | PA      | $19834749.38  | 0.37%             | 2027-01-25      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                 | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAJ0<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   4600000 | PA      | $4551915.28   | 0.09%             | 2025-09-18      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                   | ABN AMRO Bank NV                                                             | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |  32423000 | PA      | $33035736.66  | 0.62%             | 2027-09-18      | Variable      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Canada                            | National Bank of Canada                                                      | CUSIP: 63307A3G8<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |  27811000 | PA      | $27776953.77  | 0.52%             | 2027-03-05      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                       | Ford Credit Auto Lease Trust, Series 2023-B, Class A3                        | CUSIP: 34529NAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17663662 | PA      | $17702638.41  | 0.33%             | 2026-10-15      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                  | World Omni Auto Receivables Trust, Series 2022-D, Class A3                   | CUSIP: 98163VAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2924165 | PA      | $2936753.85   | 0.06%             | 2028-02-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                  | HSBC Holdings plc                                                            | CUSIP: 404280CX5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   7400000 | PA      | $7128147.61   | 0.13%             | 2027-11-22      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368LC61<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  16665000 | PA      | $16815035.00  | 0.32%             | 2026-12-11      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                   | Bank of Montreal                                                             | CUSIP: 06368MFW9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  25285000 | PA      | $25266363.44  | 0.48%             | 2026-12-11      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                 | Banco Bilbao Vizcaya Argentaria SA                                           | CUSIP: 05946KAK7<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |  47640000 | PA      | $47743062.47  | 0.90%             | 2026-09-14      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                    | Oncor Electric Delivery Co. LLC                                              | CUSIP: 68233JCY8<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |   5609000 | PA      | $5619652.16   | 0.11%             | 2027-03-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TransCanada PipeLines Ltd.                         | TransCanada PipeLines Ltd.                                                   | CUSIP: 89352HAT6<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |  16706000 | PA      | $16713439.85  | 0.31%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                              | Nomura Holdings, Inc.                                                        | CUSIP: 65535HAR0<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |  31200000 | PA      | $31086929.02  | 0.58%             | 2025-07-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 456837AU7<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  12840000 | PA      | $12803462.37  | 0.24%             | 2026-07-01      | Variable      | 1.40%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp.                                 | State Street Corp.                                                           | CUSIP: 857477BX0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   8605000 | PA      | $8644888.31   | 0.16%             | 2026-11-04      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325X2B1<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | DBT              | CORP              | GB        |   8583000 | PA      | $8655183.03   | 0.16%             | 2027-12-03      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Amcor Finance USA, Inc.                            | Amcor Finance USA, Inc.                                                      | CUSIP: 02343UAG0<br>LEI: 549300ZMT7FVT8R77U18 | Long             | DBT              | CORP              | US        |   2858000 | PA      | $2829508.26   | 0.05%             | 2026-04-28      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                | Constellation Energy Generation LLC                                          | CUSIP: 30161MAS2<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |   9714000 | PA      | $9714000.00   | 0.18%             | 2025-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2022-1, Class A3  | CUSIP: 380146AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2422848 | PA      | $2416365.65   | 0.05%             | 2026-11-16      | Fixed         | 1.26%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                            | BMW Vehicle Lease Trust, Series 2023-2, Class A3                             | CUSIP: 055979AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7245454 | PA      | $7273729.85   | 0.14%             | 2026-09-25      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                       | Dell Equipment Finance Trust, Series 2023-1, Class A3                        | CUSIP: 24702HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2726090 | PA      | $2732364.20   | 0.05%             | 2028-09-22      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                         | AerCap Ireland Capital DAC                                                   | CUSIP: 00774MBN4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |  10783000 | PA      | $10837925.26  | 0.20%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Securities LLC                         | Wells Fargo Securities LLC                                                   | CUSIP: N/A<br>LEI: VYVVCKR63DVZZN70PB21       | Long             | RA               | CORP              | US        |  60000000 | PA      | $60000000.00  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Credit Corp.                          | Toyota Motor Credit Corp.                                                    | CUSIP: 89236TNG6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   7356000 | PA      | $7379215.46   | 0.14%             | 2027-05-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Manufacturers & Traders Trust Co.                  | Manufacturers & Traders Trust Co.                                            | CUSIP: 55279HAV2<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |  36903000 | PA      | $36871066.73  | 0.69%             | 2026-01-27      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                     | Hyundai Auto Receivables Trust, Series 2023-C, Class A2A                     | CUSIP: 44918CAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    495125 | PA      | $495919.80    | 0.01%             | 2027-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| KeyBank NA                                         | KeyBank NA                                                                   | CUSIP: 49327M3G7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |  18018000 | PA      | $18003650.83  | 0.34%             | 2026-01-26      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                       | Ford Credit Auto Owner Trust, Series 2022-D, Class A3                        | CUSIP: 345295AD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7805632 | PA      | $7829086.77   | 0.15%             | 2027-05-17      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                        | Citibank NA                                                                  | CUSIP: 17325FBJ6<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   3365000 | PA      | $3383950.13   | 0.06%             | 2026-08-06      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                        | Toronto-Dominion Bank (The)                                                  | CUSIP: 89115A3A8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |  15473000 | PA      | $15492281.37  | 0.29%             | 2026-12-17      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                              | Cardinal Health, Inc.                                                        | CUSIP: 14149YBQ0<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   7238000 | PA      | $7251508.21   | 0.14%             | 2026-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                        | CUSIP: 65339KCS7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |  16599000 | PA      | $16641171.92  | 0.31%             | 2026-01-29      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Xcel Energy, Inc.                                  | Xcel Energy, Inc.                                                            | CUSIP: 98389BAR1<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |   9678000 | PA      | $9678000.00   | 0.18%             | 2025-06-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                | Intesa Sanpaolo SpA                                                          | CUSIP: 46115K5M8<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | STIV             | CORP              | IT        |  27340000 | PA      | $27333908.65  | 0.51%             | 2025-11-06      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Reynolds American, Inc.                            | Reynolds American, Inc.                                                      | CUSIP: 761713BG0<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |   3568000 | PA      | $3567732.33   | 0.07%             | 2025-06-12      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                            | Standard Chartered Bank                                                      | CUSIP: 85325VPJ3<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | STIV             | CORP              | GB        |  31300000 | PA      | $31312845.52  | 0.59%             | 2025-11-12      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                              | Athene Global Funding                                                        | CUSIP: 04685A4A6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  35429000 | PA      | $35510951.88  | 0.67%             | 2026-08-27      | Fixed         | 4.86%                 | Yes           |                  2 | On Loan: No      |
| PNC Bank NA                                        | PNC Bank NA                                                                  | CUSIP: 69353RFX1<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |  32560000 | PA      | $32580701.65  | 0.61%             | 2027-01-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust, Series 2024-2, Class A2A | CUSIP: 379931AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2399820 | PA      | $2403338.73   | 0.05%             | 2027-03-16      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                       | ING Groep NV                                                                 | CUSIP: 45685NAA4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   8584000 | PA      | $8578467.96   | 0.16%             | 2026-01-06      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                            | Hyundai Capital America                                                      | CUSIP: 44891ABZ9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   3820000 | PA      | $3667044.37   | 0.07%             | 2026-09-17      | Fixed         | 1.65%                 | Yes           |                  2 | On Loan: No      |
| RWE AG                                             | RWE AG                                                                       | CUSIP: 7497MAUG7<br>LEI: 529900GB7KCA94ACC940 | Long             | STIV             | CORP              | DE        |  25000000 | PA      | $24846640.00  | 0.47%             | 2025-07-16      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  10300000 | PA      | $10061719.80  | 0.19%             | 2027-02-02      | Variable      | 1.30%                 | Yes           |                  2 | On Loan: No      |
| MassMutual Global Funding II                       | MassMutual Global Funding II                                                 | CUSIP: 57629TBQ9<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4029160.12   | 0.08%             | 2026-07-10      | Floating      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                       | UBS Group AG                                                                 | CUSIP: 902613BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  15515000 | PA      | $15509539.50  | 0.29%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                          | Bank of Nova Scotia (The)                                                    | CUSIP: 06417XAN1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  18495000 | PA      | $18517274.08  | 0.35%             | 2026-02-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                     | Commonwealth Bank of Australia                                               | CUSIP: 2027A0KG3<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   3188000 | PA      | $3188765.12   | 0.06%             | 2025-07-07      | Floating      | 4.74%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                    | Goldman Sachs Group, Inc. (The)                                              | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4176000 | PA      | $4096816.73   | 0.08%             | 2026-12-09      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| Equitable Financial Life Global Funding            | Equitable Financial Life Global Funding                                      | CUSIP: 29449WAU1<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |  41748000 | PA      | $41731641.05  | 0.79%             | 2027-04-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 89788MAD4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |  13894000 | PA      | $13519745.24  | 0.25%             | 2027-03-02      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                  | BAT Capital Corp.                                                            | CUSIP: 05526DBJ3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9830379.10   | 0.18%             | 2026-09-06      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| US Bank NA                                         | US Bank NA                                                                   | CUSIP: 90331HPS6<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |  14266000 | PA      | $14279624.46  | 0.27%             | 2028-05-15      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)           | PNC Financial Services Group, Inc. (The)                                     | CUSIP: 693475BQ7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  12280000 | PA      | $12282454.53  | 0.23%             | 2026-06-12      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                             | Morgan Stanley Bank NA                                                       | CUSIP: 61690U7U8<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   1738000 | PA      | $1738786.41   | 0.03%             | 2025-07-16      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.              | NextEra Energy Capital Holdings, Inc.                                        | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |  24616000 | PA      | $24679828.55  | 0.46%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                    | Jefferies Financial Group, Inc.                                              | CUSIP: 47233WJG5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |  23357000 | PA      | $23385656.94  | 0.44%             | 2026-03-16      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| MUFG Bank Ltd.                                     | MUFG Bank Ltd.                                                               | CUSIP: 55381BDP0<br>LEI: C3GTMMZIHMY46P4OIX74 | Long             | STIV             | CORP              | JP        |  25723000 | PA      | $25729904.05  | 0.48%             | 2026-01-30      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                             | Truist Financial Corp.                                                       | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   4333000 | PA      | $4388939.68   | 0.08%             | 2027-06-08      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust             | Santander Drive Auto Receivables Trust, Series 2024-3, Class A2              | CUSIP: 80287LAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4673062 | PA      | $4677460.08   | 0.09%             | 2027-06-15      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                               | Glencore Funding LLC                                                         | CUSIP: 378272BX5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   2331000 | PA      | $2332489.84   | 0.04%             | 2026-10-01      | Floating      | 5.09%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Bank Ltd.                                   | Mizuho Bank Ltd.                                                             | CUSIP: 60710TYR6<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |  17816000 | PA      | $17827537.64  | 0.34%             | 2026-01-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.              | Sumitomo Mitsui Financial Group, Inc.                                        | CUSIP: 86562MCA6<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    700000 | PA      | $697869.32    | 0.01%             | 2025-07-08      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                              | SBNA Auto Lease Trust, Series 2024-A, Class A3                               | CUSIP: 78414SAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2953642 | PA      | $2959642.72   | 0.06%             | 2026-11-20      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| HP, Inc.                                           | HP, Inc.                                                                     | CUSIP: 40434LAA3<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |   7330000 | PA      | $7322962.69   | 0.14%             | 2025-06-17      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Manufacturers & Traders Trust Co.                  | Manufacturers & Traders Trust Co.                                            | CUSIP: 55279HAT7<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |   4015000 | PA      | $4024086.51   | 0.08%             | 2025-11-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer