# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-25-180661
**Filing Date:** 2025-7
**Character Count:** 972836
**Document Hash:** bab3262517f2cc493446d9cc096aacdd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180661.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180661

**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:** 251154618

**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 Global Bond Opportunities Fund (Series ID: S000037860)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000116841 | Class A      | GBOAX           |
| C000116842 | Class C      | GBOCX           |
| C000116843 | Class I      | GBOSX           |
| C000116844 | Class R6     | GBONX           |

## Nport-Ex

**JPMorgan Global Bond Opportunities 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 Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 60.8%** | **Corporate Bonds — 60.8%** | **Corporate Bonds — 60.8%** |
| **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/6/2030 (a) | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 4/27/2031 (a) | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 6648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/4/2034 (a) | &nbsp;&nbsp; 4771 | &nbsp;&nbsp; 4798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 4/1/2035 (a) | &nbsp;&nbsp; 4440 | &nbsp;&nbsp; 4452 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (b) (c) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 891 |
|  |  | &nbsp;&nbsp; 17224 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG 12.25%, 3/30/2029 (a) | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1236 |
| &nbsp;&nbsp;&nbsp; Benteler International AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 5/15/2028 (a) | &nbsp;&nbsp; EUR576 | &nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 5/15/2028 (d) | &nbsp;&nbsp; EUR1,350 | &nbsp;&nbsp; 1612 |
|  |  | &nbsp;&nbsp; 3536 |
| **Belgium — 0.4%** | **Belgium — 0.4%** | **Belgium — 0.4%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. 5.80%, 1/23/2059 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp; Azelis Finance NV 5.75%, 3/15/2028 (d) | &nbsp;&nbsp; EUR2,390 | &nbsp;&nbsp; 2802 |
| &nbsp;&nbsp;&nbsp; KBC Group NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 4.93%), 8.00%, 9/5/2028 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR7,200 | &nbsp;&nbsp; 8985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (a) (c) | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 1376 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028 (d) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2253 |
|  |  | &nbsp;&nbsp; 15789 |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV 7.25%, 2/13/2033 (d) | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 2699 |
| &nbsp;&nbsp;&nbsp; Guara Norte SARL 5.20%, 6/15/2034 (a) | &nbsp;&nbsp; 3438 | &nbsp;&nbsp; 3207 |
| &nbsp;&nbsp;&nbsp; Klabin Austria GmbH 7.00%, 4/3/2049 (d) | &nbsp;&nbsp; 2991 | &nbsp;&nbsp; 2969 |
| &nbsp;&nbsp;&nbsp; MV24 Capital BV 6.75%, 6/1/2034 (a) | &nbsp;&nbsp; 2422 | &nbsp;&nbsp; 2318 |
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2031 | &nbsp;&nbsp; 806 | &nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/16/2047 (d) | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1703 |
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd. 6.40%, 6/28/2054 | &nbsp;&nbsp; 4517 | &nbsp;&nbsp; 4301 |
|  |  | &nbsp;&nbsp; 17926 |
| **Canada — 0.9%** | **Canada — 0.9%** | **Canada — 0.9%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/15/2028 (a) | &nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 (a) | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 897 |
| &nbsp;&nbsp;&nbsp; Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 4/30/2030 (a) | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/2032 (a) | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 876 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/1/2032 (a) | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/2033 (a) | &nbsp;&nbsp; 731 | &nbsp;&nbsp; 741 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. 3.50%, 5/1/2050 | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 862 |
| &nbsp;&nbsp;&nbsp; Emera US Finance LP 2.64%, 6/15/2031 | &nbsp;&nbsp; 6984 | &nbsp;&nbsp; 6014 |
| &nbsp;&nbsp;&nbsp; Emera, Inc. Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (c) | &nbsp;&nbsp; 1903 | &nbsp;&nbsp; 1912 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Canada — continued** | **Canada — continued** | **Canada — continued** |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.25%, 1/15/2084 (c) | &nbsp;&nbsp; 9388 | &nbsp;&nbsp; 9841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.43%), 8.50%, 1/15/2084 (c) | &nbsp;&nbsp; 1077 | &nbsp;&nbsp; 1169 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 8/1/2032 (a) | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032 (a) | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2027 (a) | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/2030 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1077 |
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 1/15/2026 (a) | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/2029 (a) | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. 7.75%, 3/15/2031 (a) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp; Transcanada Trust Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (c) | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 981 |
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp. 6.63%, 4/1/2032 (a) | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 284 |
|  |  | &nbsp;&nbsp; 30504 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| &nbsp;&nbsp;&nbsp; Alfa Desarrollo SpA 4.55%, 9/27/2051 (a) | &nbsp;&nbsp; 4470 | &nbsp;&nbsp; 3231 |
| **China — 0.1%** | **China — 0.1%** | **China — 0.1%** |
| &nbsp;&nbsp;&nbsp; CFAMC III Co. Ltd. 4.25%, 11/7/2027 (d) | &nbsp;&nbsp; 3620 | &nbsp;&nbsp; 3528 |
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd. 3.13%, 10/22/2025 (d) (g) | &nbsp;&nbsp; 6408 | &nbsp;&nbsp; 481 |
|  |  | &nbsp;&nbsp; 4009 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| &nbsp;&nbsp;&nbsp; AI Candelaria - spain- SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/15/2028 (d) | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/2033 (a) | &nbsp;&nbsp; 1869 | &nbsp;&nbsp; 1561 |
|  |  | &nbsp;&nbsp; 2396 |
| **Denmark — 0.5%** | **Denmark — 0.5%** | **Denmark — 0.5%** |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S |  |  |
| &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; 719 | &nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 1 Year + 1.70%), 4.75%, 6/21/2030 (c) (d) | &nbsp;&nbsp; EUR12,600 | &nbsp;&nbsp; 15294 |
|  |  | &nbsp;&nbsp; 16006 |
| **Finland — 0.0% ^** | **Finland — 0.0% ^** | **Finland — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amer Sports Co. 6.75%, 2/16/2031 (a) | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 945 |
| **France — 4.8%** | **France — 4.8%** | **France — 4.8%** |
| &nbsp;&nbsp;&nbsp; Alstom SA (EURIBOR ICE Swap Rate 5 Year + 2.93%), 5.87%, 5/29/2029 (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,300 | &nbsp;&nbsp; 2695 |
| &nbsp;&nbsp;&nbsp; Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/1/2027 (d) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/1/2027 (a) | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/15/2028 (d) | &nbsp;&nbsp; EUR3,519 | &nbsp;&nbsp; 3388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/2029 (d) | &nbsp;&nbsp; EUR2,105 | &nbsp;&nbsp; 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029 (a) | &nbsp;&nbsp; 1745 | &nbsp;&nbsp; 1483 |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/2029 (d) | &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1187 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/2029 (a) | &nbsp;&nbsp; EUR791 | &nbsp;&nbsp; 939 |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/18/2030 (a) | &nbsp;&nbsp; EUR583 | &nbsp;&nbsp; 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/18/2030 (d) | &nbsp;&nbsp; EUR2,020 | &nbsp;&nbsp; 2315 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.35%), 8.50%, 8/14/2028 (a) (b) (c) (e) (f) | &nbsp;&nbsp; 8200 | &nbsp;&nbsp; 8686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (a) (b) (c) (e) (f) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 4.63%), 7.38%, 6/11/2030 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR3,000 | &nbsp;&nbsp; 3700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%), 5.79%, 1/13/2033 (a) (c) | &nbsp;&nbsp; 2720 | &nbsp;&nbsp; 2786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%), 5.91%, 11/19/2035 (a) (c) | &nbsp;&nbsp; 6035 | &nbsp;&nbsp; 6000 |
| &nbsp;&nbsp;&nbsp; BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%), 5.98%, 1/18/2027 (a) (c) | &nbsp;&nbsp; 10985 | &nbsp;&nbsp; 11053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/13/2028 (d) | &nbsp;&nbsp; EUR3,000 | &nbsp;&nbsp; 3561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 2.28%, 1/20/2032 (a) (c) | &nbsp;&nbsp; 3640 | &nbsp;&nbsp; 3091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 3.12%, 10/19/2032 (a) (c) | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.59%), 7.00%, 10/19/2034 (a) (c) | &nbsp;&nbsp; 4435 | &nbsp;&nbsp; 4804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 6.29%, 1/14/2036 (a) (c) | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 2149 |
| &nbsp;&nbsp;&nbsp; Cerba Healthcare SACA 3.50%, 5/31/2028 (d) | &nbsp;&nbsp; EUR805 | &nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp; Chrome Holdco SAS 5.00%, 5/31/2029 (d) | &nbsp;&nbsp; EUR642 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 1.25%, 1/26/2027 (a) (c) | &nbsp;&nbsp; 827 | &nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.86%, 1/9/2036 (a) (c) | &nbsp;&nbsp; 4240 | &nbsp;&nbsp; 4308 |
| &nbsp;&nbsp;&nbsp; Electricite de France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 12 Year + 3.04%), 5.00%, 1/22/2026 (c) (d) (e) (f) | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 3.37%), 2.88%, 12/15/2026 (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,200 | &nbsp;&nbsp; 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.20%), 3.00%, 9/3/2027 (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,200 | &nbsp;&nbsp; 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.86%), 2.63%, 12/1/2027 (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,800 | &nbsp;&nbsp; 3086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 5/23/2028 (a) | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.86%), 7.50%, 9/6/2028 (c) (d) (e) (f) | &nbsp;&nbsp; EUR1,600 | &nbsp;&nbsp; 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.97%), 3.38%, 6/15/2030 (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,200 | &nbsp;&nbsp; 2347 |
| &nbsp;&nbsp;&nbsp; Elis SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 2/15/2026 (d) | &nbsp;&nbsp; EUR2,400 | &nbsp;&nbsp; 2727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 4/3/2028 (d) | &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp; ELO SACA 3.25%, 7/23/2027 (d) | &nbsp;&nbsp; EUR1,300 | &nbsp;&nbsp; 1437 |
| &nbsp;&nbsp;&nbsp; Forvia SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 2/15/2027 (d) | &nbsp;&nbsp; EUR700 | &nbsp;&nbsp; 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 6/15/2027 (d) | &nbsp;&nbsp; EUR5,100 | &nbsp;&nbsp; 5618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 6/15/2028 (d) | &nbsp;&nbsp; EUR2,370 | &nbsp;&nbsp; 2648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/2030 (a) | &nbsp;&nbsp; EUR623 | &nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/2030 (d) | &nbsp;&nbsp; EUR2,200 | &nbsp;&nbsp; 2516 |
| &nbsp;&nbsp;&nbsp; Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028 (d) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2031 (a) | &nbsp;&nbsp; EUR1,116 | &nbsp;&nbsp; 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2031 (d) | &nbsp;&nbsp; EUR500 | &nbsp;&nbsp; 604 |
| &nbsp;&nbsp;&nbsp; iliad SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/14/2027 (d) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/11/2028 (d) | &nbsp;&nbsp; EUR6,400 | &nbsp;&nbsp; 6985 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| &nbsp;&nbsp;&nbsp; Loxam SAS 4.50%, 2/15/2027 (a) | &nbsp;&nbsp; EUR1,136 | &nbsp;&nbsp; 1298 |
| &nbsp;&nbsp;&nbsp; Orange SA (EUR Swap Annual 5 Year + 1.49%), 1.38%, 2/11/2029 (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,300 | &nbsp;&nbsp; 2402 |
| &nbsp;&nbsp;&nbsp; Paprec Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/2028 (d) | &nbsp;&nbsp; EUR1,713 | &nbsp;&nbsp; 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/17/2029 (a) | &nbsp;&nbsp; EUR651 | &nbsp;&nbsp; 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/17/2029 (d) | &nbsp;&nbsp; EUR180 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp; RCI Banque SA (EURIBOR ICE Swap Rate 5 Year + 2.75%), 5.50%, 10/9/2034 (c) (d) | &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2266 |
| &nbsp;&nbsp;&nbsp; Renault SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 6/24/2025 (d) | &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/2/2027 (d) | &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/4/2027 (d) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2177 |
| &nbsp;&nbsp;&nbsp; Rexel SA 2.13%, 12/15/2028 (d) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2183 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.93%), 4.75%, 5/26/2026 (a) (b) (c) (e) (f) | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.45%), 10.00%, 11/14/2028 (a) (b) (c) (e) (f) | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.13%, 11/21/2029 (a) (b) (c) (e) (f) | &nbsp;&nbsp; 7250 | &nbsp;&nbsp; 7290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (a) (b) (c) (e) (f) | &nbsp;&nbsp; 2927 | &nbsp;&nbsp; 2611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.10%, 4/13/2033 (a) (c) | &nbsp;&nbsp; 3040 | &nbsp;&nbsp; 3127 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 1/10/2030 | &nbsp;&nbsp; 4885 | &nbsp;&nbsp; 4590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 5/29/2050 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital SA 5.28%, 9/10/2054 | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 790 |
| &nbsp;&nbsp;&nbsp; Valeo SE 4.50%, 4/11/2030 (d) | &nbsp;&nbsp; EUR2,300 | &nbsp;&nbsp; 2591 |
| &nbsp;&nbsp;&nbsp; Veolia Environnement SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 2.15%), 1.63%, 6/1/2026 (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,500 | &nbsp;&nbsp; 2779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.82%), 5.99%, 11/22/2028 (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,200 | &nbsp;&nbsp; 2667 |
| &nbsp;&nbsp;&nbsp; Viridien 8.50%, 10/15/2030 (a) | &nbsp;&nbsp; EUR929 | &nbsp;&nbsp; 1008 |
|  |  | &nbsp;&nbsp; 167986 |
| **Germany — 2.4%** | **Germany — 2.4%** | **Germany — 2.4%** |
| &nbsp;&nbsp;&nbsp; Adler Pelzer Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 4/1/2027 (d) | &nbsp;&nbsp; EUR170 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 4/1/2027 (a) | &nbsp;&nbsp; EUR1,368 | &nbsp;&nbsp; 1479 |
| &nbsp;&nbsp;&nbsp; Allianz SE (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 5.60%, 9/3/2054 (a) (c) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1957 |
| &nbsp;&nbsp;&nbsp; ASK Chemicals Deutschland Holding GmbH 10.00%, 11/15/2029 (a) | &nbsp;&nbsp; EUR1,080 | &nbsp;&nbsp; 1202 |
| &nbsp;&nbsp;&nbsp; Bayer AG (EUR Swap Annual 5 Year + 3.90%), 7.00%, 9/25/2083 (c) (d) | &nbsp;&nbsp; EUR4,400 | &nbsp;&nbsp; 5302 |
| &nbsp;&nbsp;&nbsp; Birkenstock Financing SARL 5.25%, 4/30/2029 (d) | &nbsp;&nbsp; EUR4,379 | &nbsp;&nbsp; 5041 |
| &nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/11/2027 (d) | &nbsp;&nbsp; EUR2,550 | &nbsp;&nbsp; 2889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/2030 (d) | &nbsp;&nbsp; EUR1,190 | &nbsp;&nbsp; 1365 |
| &nbsp;&nbsp;&nbsp; Commerzbank AG (EURIBOR ICE Swap Rate 5 Year + 5.13%), 7.88%, 10/9/2031 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR600 | &nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp; CT Investment GmbH 6.38%, 4/15/2030 (a) | &nbsp;&nbsp; EUR905 | &nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 3.74%, 1/7/2033 (c) | &nbsp;&nbsp; 4391 | &nbsp;&nbsp; 3865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%), 5.40%, 9/11/2035 (c) | &nbsp;&nbsp; 7150 | &nbsp;&nbsp; 6978 |
| &nbsp;&nbsp;&nbsp; Evonik Industries AG (EUR Swap Annual 5 Year + 1.84%), 1.38%, 9/2/2081 (c) (d) | &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1099 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% (Cash), 5/15/2028 (a) (h) | &nbsp;&nbsp; EUR1,215 | &nbsp;&nbsp; 1445 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% (Cash), 5/15/2028 (d) (h) (i) | &nbsp;&nbsp; EUR1,410 | &nbsp;&nbsp; 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% (Cash), 11/15/2030 (a) (h) | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% (Cash), 11/15/2031 (a) (h) | &nbsp;&nbsp; EUR1,669 | &nbsp;&nbsp; 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% (Cash), 11/15/2031 (d) (h) | &nbsp;&nbsp; EUR2,320 | &nbsp;&nbsp; 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% (Cash), 11/15/2032 (a) (h) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/21/2030 (d) | &nbsp;&nbsp; EUR1,400 | &nbsp;&nbsp; 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/21/2030 (d) | &nbsp;&nbsp; EUR800 | &nbsp;&nbsp; 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/23/2030 (a) | &nbsp;&nbsp; EUR1,355 | &nbsp;&nbsp; 1569 |
| &nbsp;&nbsp;&nbsp; Phoenix PIB Dutch Finance BV 4.88%, 7/10/2029 (d) | &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2245 |
| &nbsp;&nbsp;&nbsp; ProGroup AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/2029 (a) | &nbsp;&nbsp; EUR583 | &nbsp;&nbsp; 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/2029 (d) | &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2152 |
| &nbsp;&nbsp;&nbsp; Schaeffler AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 3/26/2027 (d) | &nbsp;&nbsp; EUR1,390 | &nbsp;&nbsp; 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/12/2028 (d) | &nbsp;&nbsp; EUR2,300 | &nbsp;&nbsp; 2557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/1/2031 (d) | &nbsp;&nbsp; EUR1,200 | &nbsp;&nbsp; 1383 |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (d) | &nbsp;&nbsp; EUR1,547 | &nbsp;&nbsp; 1757 |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 675 mbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 7/15/2029 (a) | &nbsp;&nbsp; EUR624 | &nbsp;&nbsp; 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 7/15/2029 (d) | &nbsp;&nbsp; EUR900 | &nbsp;&nbsp; 1046 |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH 4.38%, 7/15/2027 (d) | &nbsp;&nbsp; EUR1,306 | &nbsp;&nbsp; 1481 |
| &nbsp;&nbsp;&nbsp; TUI Cruises GmbH 6.25%, 4/15/2029 (a) | &nbsp;&nbsp; EUR406 | &nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC 5.80%, 3/27/2035 (a) | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp; Volkswagen International Finance NV (EUR Swap Annual 10 Year + 3.98%), 4.63%, 6/27/2028 (c) (d) (e) (f) | &nbsp;&nbsp; EUR3,500 | &nbsp;&nbsp; 3954 |
| &nbsp;&nbsp;&nbsp; Volkswagen Leasing GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 1/12/2029 (d) | &nbsp;&nbsp; EUR4,300 | &nbsp;&nbsp; 4487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 7/19/2029 (d) | &nbsp;&nbsp; EUR3,100 | &nbsp;&nbsp; 3194 |
| &nbsp;&nbsp;&nbsp; ZF Europe Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/23/2026 (d) | &nbsp;&nbsp; EUR3,000 | &nbsp;&nbsp; 3361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/23/2027 (d) | &nbsp;&nbsp; EUR1,100 | &nbsp;&nbsp; 1188 |
| &nbsp;&nbsp;&nbsp; ZF Finance GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/21/2025 (d) | &nbsp;&nbsp; EUR1,300 | &nbsp;&nbsp; 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 5/3/2028 (d) | &nbsp;&nbsp; EUR1,200 | &nbsp;&nbsp; 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/21/2028 (d) | &nbsp;&nbsp; EUR3,000 | &nbsp;&nbsp; 3230 |
|  |  | &nbsp;&nbsp; 84422 |
| **India — 0.2%** | **India — 0.2%** | **India — 0.2%** |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV 3.85%, 3/29/2026 (a) | &nbsp;&nbsp; 1921 | &nbsp;&nbsp; 1880 |
| &nbsp;&nbsp;&nbsp; Greenko Power II Ltd. 4.30%, 12/13/2028 (a) | &nbsp;&nbsp; 4585 | &nbsp;&nbsp; 4292 |
|  |  | &nbsp;&nbsp; 6172 |
| **Indonesia — 0.3%** | **Indonesia — 0.3%** | **Indonesia — 0.3%** |
| &nbsp;&nbsp;&nbsp; Indonesia Asahan Aluminium PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 5/15/2030 (a) | &nbsp;&nbsp; 2380 | &nbsp;&nbsp; 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.76%, 11/15/2048 (d) | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 604 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT 3.65%, 7/30/2029 (a) | &nbsp;&nbsp; 3619 | &nbsp;&nbsp; 3447 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Indonesia — continued** | **Indonesia — continued** | **Indonesia — continued** |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/15/2027 (d) | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 6/30/2030 (a) | &nbsp;&nbsp; 2940 | &nbsp;&nbsp; 2675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/5/2050 (d) | &nbsp;&nbsp; 879 | &nbsp;&nbsp; 643 |
|  |  | &nbsp;&nbsp; 10363 |
| **Ireland — 1.8%** | **Ireland — 1.8%** | **Ireland — 1.8%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | &nbsp;&nbsp; 1108 | &nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 1/15/2027 | &nbsp;&nbsp; 5715 | &nbsp;&nbsp; 5827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/6/2028 | &nbsp;&nbsp; 2752 | &nbsp;&nbsp; 2828 |
| &nbsp;&nbsp;&nbsp; AIB Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 6.63%), 6.25%, 6/23/2025 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR6,400 | &nbsp;&nbsp; 7280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 1 Year + 1.95%), 4.63%, 7/23/2029 (c) (d) | &nbsp;&nbsp; EUR7,400 | &nbsp;&nbsp; 8826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.33%), 6.61%, 9/13/2029 (a) (c) | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (a) | &nbsp;&nbsp; 3740 | &nbsp;&nbsp; 3741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (a) | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (a) | &nbsp;&nbsp; 796 | &nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/4/2028 (a) | &nbsp;&nbsp; 2593 | &nbsp;&nbsp; 2684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2029 (a) | &nbsp;&nbsp; 12055 | &nbsp;&nbsp; 12274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029 (a) | &nbsp;&nbsp; 3479 | &nbsp;&nbsp; 3528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 1/15/2030 (a) | &nbsp;&nbsp; 4850 | &nbsp;&nbsp; 4827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/30/2030 (a) | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (EUR Swap Annual 5 Year + 6.43%), 6.00%, 9/1/2025 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR4,800 | &nbsp;&nbsp; 5481 |
| &nbsp;&nbsp;&nbsp; eircom Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/15/2026 (d) | &nbsp;&nbsp; EUR761 | &nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/15/2029 (d) | &nbsp;&nbsp; EUR1,990 | &nbsp;&nbsp; 2361 |
|  |  | &nbsp;&nbsp; 64771 |
| **Italy — 3.5%** | **Italy — 3.5%** | **Italy — 3.5%** |
| &nbsp;&nbsp;&nbsp; Agrifarma SpA 4.50%, 10/31/2028 (d) | &nbsp;&nbsp; EUR3,860 | &nbsp;&nbsp; 4394 |
| &nbsp;&nbsp;&nbsp; Autostrade per l'Italia SpA 5.13%, 6/14/2033 (d) | &nbsp;&nbsp; EUR6,100 | &nbsp;&nbsp; 7473 |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/6/2028 (a) | &nbsp;&nbsp; 3665 | &nbsp;&nbsp; 3555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 7/12/2028 (a) (j) | &nbsp;&nbsp; 4745 | &nbsp;&nbsp; 4401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/12/2031 (a) (j) | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/2032 (a) | &nbsp;&nbsp; 3570 | &nbsp;&nbsp; 3529 |
| &nbsp;&nbsp;&nbsp; Enel SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 9.5Y, (EUR Swap Annual 5 Year + 2.01%), 1.88%, 6/8/2030 (c) (d) (e) (f) | &nbsp;&nbsp; EUR7,000 | &nbsp;&nbsp; 7007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.77%), 6.63%, 4/16/2031 (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,500 | &nbsp;&nbsp; 3155 |
| &nbsp;&nbsp;&nbsp; Eni SpA 5.75%, 5/19/2035 (a) | &nbsp;&nbsp; 1480 | &nbsp;&nbsp; 1482 |
| &nbsp;&nbsp;&nbsp; Fibercop SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/25/2026 (d) | &nbsp;&nbsp; EUR5,460 | &nbsp;&nbsp; 6211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/12/2027 (d) | &nbsp;&nbsp; EUR990 | &nbsp;&nbsp; 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 1/18/2029 | &nbsp;&nbsp; EUR1,145 | &nbsp;&nbsp; 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 1/24/2033 | &nbsp;&nbsp; EUR1,920 | &nbsp;&nbsp; 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2033, 6.38%, 11/15/2033 (a) | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 448 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 7/18/2036 (a) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 529 |
| &nbsp;&nbsp;&nbsp; Generali (EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047 (c) (d) | &nbsp;&nbsp; EUR1,200 | &nbsp;&nbsp; 1432 |
| &nbsp;&nbsp;&nbsp; Guala Closures SpA 3.25%, 6/15/2028 (d) | &nbsp;&nbsp; EUR1,006 | &nbsp;&nbsp; 1105 |
| &nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA 1.63%, 10/21/2028 (d) | &nbsp;&nbsp; EUR1,840 | &nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/21/2025 (a) | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,510 | &nbsp;&nbsp; 2989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 5.56%), 6.38%, 3/30/2028 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR1,411 | &nbsp;&nbsp; 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 5/19/2030 (d) | &nbsp;&nbsp; EUR3,000 | &nbsp;&nbsp; 3696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/20/2033 (a) | &nbsp;&nbsp; 10220 | &nbsp;&nbsp; 10884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (a) (c) | &nbsp;&nbsp; 5464 | &nbsp;&nbsp; 4306 |
| &nbsp;&nbsp;&nbsp; Lottomatica Group Spa 4.88%, 1/31/2031 (a) | &nbsp;&nbsp; EUR1,060 | &nbsp;&nbsp; 1233 |
| &nbsp;&nbsp;&nbsp; Lottomatica Group SpA 5.38%, 6/1/2030 (a) | &nbsp;&nbsp; EUR1,077 | &nbsp;&nbsp; 1270 |
| &nbsp;&nbsp;&nbsp; Mundys SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 7/13/2027 (d) | &nbsp;&nbsp; EUR1,990 | &nbsp;&nbsp; 2215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 2/12/2028 (d) | &nbsp;&nbsp; EUR1,980 | &nbsp;&nbsp; 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/24/2030 (d) | &nbsp;&nbsp; EUR2,200 | &nbsp;&nbsp; 2578 |
| &nbsp;&nbsp;&nbsp; Neopharmed Gentili SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 4/8/2030 (a) | &nbsp;&nbsp; EUR1,397 | &nbsp;&nbsp; 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 4/8/2030 (d) | &nbsp;&nbsp; EUR600 | &nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp; Pro-Gest SpA 3.25%, 12/15/2024 (d) (g) | &nbsp;&nbsp; EUR1,700 | &nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp; Rekeep SpA 9.00%, 9/15/2029 (a) | &nbsp;&nbsp; EUR651 | &nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp; Rossini Sarl 6.75%, 12/31/2029 (d) | &nbsp;&nbsp; EUR1,600 | &nbsp;&nbsp; 1919 |
| &nbsp;&nbsp;&nbsp; Rossini SARL 6.75%, 12/31/2029 (a) | &nbsp;&nbsp; EUR849 | &nbsp;&nbsp; 1018 |
| &nbsp;&nbsp;&nbsp; TeamSystem SpA 3.50%, 2/15/2028 (d) | &nbsp;&nbsp; EUR353 | &nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/2033 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 7/18/2036 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; Telecom Italia SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 7/31/2028 (d) | &nbsp;&nbsp; EUR3,690 | &nbsp;&nbsp; 4719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 1/18/2029 (d) | &nbsp;&nbsp; EUR565 | &nbsp;&nbsp; 609 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.93%), 5.38%, 6/3/2025 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR3,400 | &nbsp;&nbsp; 3860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR4,400 | &nbsp;&nbsp; 5171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (c) | &nbsp;&nbsp; 2806 | &nbsp;&nbsp; 2725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.61%), 4.45%, 12/3/2027 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR1,800 | &nbsp;&nbsp; 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.90%), 4.80%, 1/17/2029 (c) (d) | &nbsp;&nbsp; EUR4,986 | &nbsp;&nbsp; 5989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (a) (c) | &nbsp;&nbsp; 4935 | &nbsp;&nbsp; 4411 |
|  |  | &nbsp;&nbsp; 122584 |
| **Jersey — 0.0% ^** | **Jersey — 0.0% ^** | **Jersey — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Waga Bondco Ltd. 8.50%, 6/15/2030 (a) | &nbsp;&nbsp; GBP553 | &nbsp;&nbsp; 737 |
| **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** |
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/24/2030 (d) | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 5329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/19/2047 (d) | &nbsp;&nbsp; 5480 | &nbsp;&nbsp; 4598 |
|  |  | &nbsp;&nbsp; 9927 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Luxembourg — 0.8%** | **Luxembourg — 0.8%** | **Luxembourg — 0.8%** |
| &nbsp;&nbsp;&nbsp; AccorInvest Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/15/2029 (a) | &nbsp;&nbsp; EUR575 | &nbsp;&nbsp; 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/15/2029 (d) | &nbsp;&nbsp; EUR1,700 | &nbsp;&nbsp; 2020 |
| &nbsp;&nbsp;&nbsp; Altice Financing SA 3.00%, 1/15/2028 (d) | &nbsp;&nbsp; EUR700 | &nbsp;&nbsp; 614 |
| &nbsp;&nbsp;&nbsp; Altice France Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/2027 (d) | &nbsp;&nbsp; EUR400 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/2027 (a) | &nbsp;&nbsp; EUR2,823 | &nbsp;&nbsp; 1154 |
| &nbsp;&nbsp;&nbsp; GCB144A Endo 0.00%, 4/1/2029 ‡ | &nbsp;&nbsp; 2955 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Herens Midco SARL 5.25%, 5/15/2029 (d) | &nbsp;&nbsp; EUR2,926 | &nbsp;&nbsp; 2510 |
| &nbsp;&nbsp;&nbsp; INEOS Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2028 (d) | &nbsp;&nbsp; EUR1,200 | &nbsp;&nbsp; 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 4/15/2029 (a) | &nbsp;&nbsp; EUR1,069 | &nbsp;&nbsp; 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2029 (a) | &nbsp;&nbsp; 2535 | &nbsp;&nbsp; 2491 |
| &nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA 6.50%, 3/15/2030 (a) | &nbsp;&nbsp; 4329 | &nbsp;&nbsp; 4257 |
| &nbsp;&nbsp;&nbsp; Matterhorn Telecom SA 3.13%, 9/15/2026 (d) | &nbsp;&nbsp; EUR1,914 | &nbsp;&nbsp; 2169 |
| &nbsp;&nbsp;&nbsp; Monitchem HoldCo 3 SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/1/2028 (a) | &nbsp;&nbsp; EUR460 | &nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/1/2028 (d) | &nbsp;&nbsp; EUR570 | &nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp; PLT VII Finance SARL 6.00%, 6/15/2031 (a) | &nbsp;&nbsp; EUR3,713 | &nbsp;&nbsp; 4355 |
| &nbsp;&nbsp;&nbsp; SES SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 3.19%), 2.88%, 5/27/2026 (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,680 | &nbsp;&nbsp; 2922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 3.23%), 5.50%, 9/12/2054 (c) (d) | &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1082 |
| &nbsp;&nbsp;&nbsp; Summer BC Holdco A SARL 9.25%, 10/31/2027 (d) | &nbsp;&nbsp; EUR270 | &nbsp;&nbsp; 307 |
|  |  | &nbsp;&nbsp; 28534 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| &nbsp;&nbsp;&nbsp; Petronas Capital Ltd. 3.40%, 4/28/2061 (a) | &nbsp;&nbsp; 6007 | &nbsp;&nbsp; 3769 |
| **Mexico — 0.8%** | **Mexico — 0.8%** | **Mexico — 0.8%** |
| &nbsp;&nbsp;&nbsp; America Movil SAB de CV 2.88%, 5/7/2030 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (a) (b) (c)<br>| &nbsp;&nbsp; 4300 | &nbsp;&nbsp; 4079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.13%, 6/8/2026 (a) (c) (e) <br> (f)<br>| &nbsp;&nbsp; 5558 | &nbsp;&nbsp; 5483 |
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad 6.45%, 1/24/2035 (a) | &nbsp;&nbsp; 2693 | &nbsp;&nbsp; 2587 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%, 1/31/2041 (a) | &nbsp;&nbsp; 5402 | &nbsp;&nbsp; 5315 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos 6.50%, 1/23/2029 | &nbsp;&nbsp; 3582 | &nbsp;&nbsp; 3416 |
| &nbsp;&nbsp;&nbsp; Saavi Energia Sarl 8.88%, 2/10/2035 (a) | &nbsp;&nbsp; 3887 | &nbsp;&nbsp; 3957 |
| &nbsp;&nbsp;&nbsp; Southern Copper Corp. 5.88%, 4/23/2045 | &nbsp;&nbsp; 3070 | &nbsp;&nbsp; 2911 |
|  |  | &nbsp;&nbsp; 30033 |
| **Morocco — 0.1%** | **Morocco — 0.1%** | **Morocco — 0.1%** |
| &nbsp;&nbsp;&nbsp; OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 4/30/2030 (a) | &nbsp;&nbsp; 2985 | &nbsp;&nbsp; 2984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/25/2044 (d) | &nbsp;&nbsp; 2280 | &nbsp;&nbsp; 2131 |
|  |  | &nbsp;&nbsp; 5115 |
| **Netherlands — 1.1%** | **Netherlands — 1.1%** | **Netherlands — 1.1%** |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (EUR Swap Annual 5 Year + 4.67%), 4.38%, 9/22/2025 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2273 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.68%), 4.38%, 6/29/2027 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR8,200 | &nbsp;&nbsp; 9226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 3.65%, 4/6/2028 (a) (c) | &nbsp;&nbsp; 5350 | &nbsp;&nbsp; 5260 |
| &nbsp;&nbsp;&nbsp; Flora Food Management BV 6.88%, 7/2/2029 (a) | &nbsp;&nbsp; EUR1,500 | &nbsp;&nbsp; 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026 (b) (c) (e) <br> (f)<br>| &nbsp;&nbsp; 5752 | &nbsp;&nbsp; 5716 |
| &nbsp;&nbsp;&nbsp; Q-Park Holding I BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/2029 (a) | &nbsp;&nbsp; EUR1,398 | &nbsp;&nbsp; 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/2029 (d) | &nbsp;&nbsp; EUR2,860 | &nbsp;&nbsp; 3345 |
| &nbsp;&nbsp;&nbsp; Sigma Holdco BV 5.75%, 5/15/2026 (d) | &nbsp;&nbsp; EUR299 | &nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp; Sunrise HoldCo IV BV 3.88%, 6/15/2029 (d) | &nbsp;&nbsp; EUR2,370 | &nbsp;&nbsp; 2665 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV 6.63%, 7/15/2030 (a) | &nbsp;&nbsp; EUR593 | &nbsp;&nbsp; 692 |
| &nbsp;&nbsp;&nbsp; VZ Vendor Financing II BV 2.88%, 1/15/2029 (d) | &nbsp;&nbsp; EUR2,030 | &nbsp;&nbsp; 2086 |
| &nbsp;&nbsp;&nbsp; Ziggo Bond Co. BV 3.38%, 2/28/2030 (d) | &nbsp;&nbsp; EUR4,434 | &nbsp;&nbsp; 4332 |
| &nbsp;&nbsp;&nbsp; Ziggo BV 2.88%, 1/15/2030 (d) | &nbsp;&nbsp; EUR1,065 | &nbsp;&nbsp; 1118 |
|  |  | &nbsp;&nbsp; 40437 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| &nbsp;&nbsp;&nbsp; Aker BP ASA 6.00%, 6/13/2033 (a) | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026 (a) (c) | &nbsp;&nbsp; 2803 | &nbsp;&nbsp; 2773 |
|  |  | &nbsp;&nbsp; 3066 |
| **Portugal — 0.4%** | **Portugal — 0.4%** | **Portugal — 0.4%** |
| &nbsp;&nbsp;&nbsp; EDP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080 (c) (d) | &nbsp;&nbsp; EUR4,600 | &nbsp;&nbsp; 5206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5., (EUR Swap Annual 5 Year + 1.89%), 1.50%, 3/14/2082 (c) (d) | &nbsp;&nbsp; EUR3,900 | &nbsp;&nbsp; 4290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.18%), 5.94%, 4/23/2083 (c) (d) | &nbsp;&nbsp; EUR3,500 | &nbsp;&nbsp; 4202 |
|  |  | &nbsp;&nbsp; 13698 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital plc 5.50%, 5/2/2033 (a) | &nbsp;&nbsp; 7480 | &nbsp;&nbsp; 7442 |
| **Spain — 2.2%** | **Spain — 2.2%** | **Spain — 2.2%** |
| &nbsp;&nbsp;&nbsp; Abertis Infraestructuras Finance BV (EUR Swap Annual 5 Year + 3.27%), 2.63%, 1/26/2027 (c) (d) (e) (f) | &nbsp;&nbsp; EUR3,700 | &nbsp;&nbsp; 4135 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 5.54%), 8.38%, 6/21/2028 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR1,800 | &nbsp;&nbsp; 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, 3/19/2029 (b) (c) (e) (f) | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 7463 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (b) (c) (e) (f) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.43%), 7.00%, 11/20/2029 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,600 | &nbsp;&nbsp; 3096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (b) (c) (e) (f) | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 3679 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 6.35%), 5.88%, 10/9/2027 (b) (c) (d) (e) (f) | &nbsp;&nbsp; EUR6,400 | &nbsp;&nbsp; 7476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.77%), 6.84%, 9/13/2034 (a) (c) | &nbsp;&nbsp; 3945 | &nbsp;&nbsp; 4273 |
| &nbsp;&nbsp;&nbsp; Cellnex Telecom SA 1.88%, 6/26/2029 (d) | &nbsp;&nbsp; EUR2,400 | &nbsp;&nbsp; 2621 |
| &nbsp;&nbsp;&nbsp; Cirsa Finance International SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 11/30/2027 (a) | &nbsp;&nbsp; EUR351 | &nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 11/30/2027 (d) | &nbsp;&nbsp; EUR2,250 | &nbsp;&nbsp; 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/15/2029 (a) | &nbsp;&nbsp; EUR524 | &nbsp;&nbsp; 624 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| &nbsp;&nbsp;&nbsp; eDreams ODIGEO SA 5.50%, 7/15/2027 (d) | &nbsp;&nbsp; EUR1,517 | &nbsp;&nbsp; 1740 |
| &nbsp;&nbsp;&nbsp; Grifols SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 (d) | &nbsp;&nbsp; EUR781 | &nbsp;&nbsp; 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2028 (d) | &nbsp;&nbsp; EUR2,362 | &nbsp;&nbsp; 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 (a) | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp; Grupo Antolin-Irausa SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/30/2028 (d) | &nbsp;&nbsp; EUR1,055 | &nbsp;&nbsp; 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 1/30/2030 (a) | &nbsp;&nbsp; EUR725 | &nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp; Kaixo Bondco Telecom SA 5.13%, 9/30/2029 (d) | &nbsp;&nbsp; EUR1,924 | &nbsp;&nbsp; 2217 |
| &nbsp;&nbsp;&nbsp; Lorca Telecom Bondco SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/18/2027 (d) | &nbsp;&nbsp; EUR7,112 | &nbsp;&nbsp; 8075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/30/2029 (d) | &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1185 |
| &nbsp;&nbsp;&nbsp; Telefonica Emisiones SA 4.67%, 3/6/2038 | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 1723 |
| &nbsp;&nbsp;&nbsp; Telefonica Europe BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 8 Year + 2.97%), 3.88%, 6/22/2026 (c) (d) (e) (f) | &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 6 Year + 4.32%), 7.13%, 8/23/2028 (c) (d) (e) (f) | &nbsp;&nbsp; EUR3,000 | &nbsp;&nbsp; 3714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 7 Year + 3.35%), 6.14%, 2/3/2030 (c) (d) (e) (f) | &nbsp;&nbsp; EUR5,100 | &nbsp;&nbsp; 6141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 8 Year + 3.62%), 6.75%, 6/7/2031 (c) (d) (e) (f) | &nbsp;&nbsp; EUR2,800 | &nbsp;&nbsp; 3469 |
|  |  | &nbsp;&nbsp; 77733 |
| **Sweden — 0.6%** | **Sweden — 0.6%** | **Sweden — 0.6%** |
| &nbsp;&nbsp;&nbsp; Asmodee Group AB 5.75%, 12/15/2029 (a) | &nbsp;&nbsp; EUR293 | &nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, <br> 3/1/2031 (b) (c) (d) (e) (f)<br>| &nbsp;&nbsp; 8200 | &nbsp;&nbsp; 7442 |
| &nbsp;&nbsp;&nbsp; Verisure Holding AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/15/2026 (d) | &nbsp;&nbsp; EUR1,247 | &nbsp;&nbsp; 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/15/2027 (d) | &nbsp;&nbsp; EUR3,620 | &nbsp;&nbsp; 4075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/2030 (a) | &nbsp;&nbsp; EUR1,309 | &nbsp;&nbsp; 1546 |
| &nbsp;&nbsp;&nbsp; Verisure Midholding AB 5.25%, 2/15/2029 (d) | &nbsp;&nbsp; EUR3,903 | &nbsp;&nbsp; 4465 |
| &nbsp;&nbsp;&nbsp; Volvo Car AB 2.50%, 10/7/2027 (d) | &nbsp;&nbsp; EUR840 | &nbsp;&nbsp; 935 |
|  |  | &nbsp;&nbsp; 20226 |
| **Switzerland — 0.8%** | **Switzerland — 0.8%** | **Switzerland — 0.8%** |
| &nbsp;&nbsp;&nbsp; Dufry One BV 2.00%, 2/15/2027 (d) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Re Finance Luxembourg SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, <br> 4/2/2049 (a) (c)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp; UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (a) (c) | &nbsp;&nbsp; 3558 | &nbsp;&nbsp; 3555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 1/9/2028 (a) | &nbsp;&nbsp; 6530 | &nbsp;&nbsp; 6462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (a) (b) (c) (e) (f) | &nbsp;&nbsp; 3035 | &nbsp;&nbsp; 3303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH SOFR + 1.41%), 3.87%, 1/12/2029 (a) (c) | &nbsp;&nbsp; 1585 | &nbsp;&nbsp; 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.31%), 4.38%, 2/10/2031 (a) (b) (c) (e) (f) | &nbsp;&nbsp; 1760 | &nbsp;&nbsp; 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.73%), 4.19%, 4/1/2031 (a) (c) | &nbsp;&nbsp; 1853 | &nbsp;&nbsp; 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 3.09%, 5/14/2032 (a) (c) | &nbsp;&nbsp; 5132 | &nbsp;&nbsp; 4594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (a) (b) (c) (e) (f) | &nbsp;&nbsp; 2746 | &nbsp;&nbsp; 3135 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc 9.50%, 6/1/2028 (a) | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 507 |
|  |  | &nbsp;&nbsp; 28877 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** |
| &nbsp;&nbsp;&nbsp; DP World Crescent Ltd. 4.85%, 9/26/2028 (d) | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 2481 |
| **United Kingdom — 4.3%** | **United Kingdom — 4.3%** | **United Kingdom — 4.3%** |
| &nbsp;&nbsp;&nbsp; 888 Acquisitions Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56%, 7/15/2027 (a) | &nbsp;&nbsp; EUR1,070 | &nbsp;&nbsp; 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56%, 7/15/2027 (d) | &nbsp;&nbsp; EUR495 | &nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp; Amber Finco plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2029 (a) | &nbsp;&nbsp; EUR777 | &nbsp;&nbsp; 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2029 (d) | &nbsp;&nbsp; EUR1,300 | &nbsp;&nbsp; 1544 |
| &nbsp;&nbsp;&nbsp; Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 5/9/2028 | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.22%), 6.49%, 9/13/2029 (c) | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH SOFR + 3.05%), 5.09%, 6/20/2030 (c) | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 8/2/2030 | &nbsp;&nbsp; 3370 | &nbsp;&nbsp; 3594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 8/2/2043 | &nbsp;&nbsp; 9535 | &nbsp;&nbsp; 10311 |
| &nbsp;&nbsp;&nbsp; Cadent Finance plc 0.63%, 3/19/2030 (d) | &nbsp;&nbsp; EUR6,500 | &nbsp;&nbsp; 6583 |
| &nbsp;&nbsp;&nbsp; ContourGlobal Power Holdings SA 3.13%, 1/1/2028 (d) | &nbsp;&nbsp; EUR1,412 | &nbsp;&nbsp; 1566 |
| &nbsp;&nbsp;&nbsp; CPUK Finance Ltd. 4.50%, 8/28/2027 (d) | &nbsp;&nbsp; GBP430 | &nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp; EC Finance plc 3.25%, 10/15/2026 (d) (j) | &nbsp;&nbsp; EUR2,809 | &nbsp;&nbsp; 3150 |
| &nbsp;&nbsp;&nbsp; Heathrow Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/8/2030 (d) | &nbsp;&nbsp; EUR10,300 | &nbsp;&nbsp; 10476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 5/13/2041 (d) | &nbsp;&nbsp; GBP1,900 | &nbsp;&nbsp; 2465 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.03%), 7.34%, 11/3/2026 (c) | &nbsp;&nbsp; 2420 | &nbsp;&nbsp; 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%), 5.21%, 8/11/2028 (c) | &nbsp;&nbsp; 4135 | &nbsp;&nbsp; 4178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 2.01%, 9/22/2028 (c) | &nbsp;&nbsp; 8500 | &nbsp;&nbsp; 7991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (c) | &nbsp;&nbsp; 1981 | &nbsp;&nbsp; 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 7.05%, 6/5/2030 (c) (e) (f) | &nbsp;&nbsp; 4640 | &nbsp;&nbsp; 4679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (b) (c) (e) (f) | &nbsp;&nbsp; 6075 | &nbsp;&nbsp; 5467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%), 5.87%, 11/18/2035 (c) | &nbsp;&nbsp; 3130 | &nbsp;&nbsp; 3102 |
| &nbsp;&nbsp;&nbsp; Iceland Bondco plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 12/15/2027 (d) | &nbsp;&nbsp; GBP150 | &nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 12/15/2027 (a) | &nbsp;&nbsp; GBP537 | &nbsp;&nbsp; 767 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 3/15/2029 (a) | &nbsp;&nbsp; EUR1,033 | &nbsp;&nbsp; 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 3/15/2029 (d) | &nbsp;&nbsp; EUR280 | &nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2030 (a) | &nbsp;&nbsp; EUR1,305 | &nbsp;&nbsp; 1411 |
| &nbsp;&nbsp;&nbsp; INEOS Styrolution Ludwigshafen GmbH 2.25%, 1/16/2027 (d) | &nbsp;&nbsp; EUR1,263 | &nbsp;&nbsp; 1390 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (c) | &nbsp;&nbsp; 3670 | &nbsp;&nbsp; 3721 |
| &nbsp;&nbsp;&nbsp; Mobico Group plc (U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.14%), 4.25%, 11/26/2025 (c) (d) (e) (f) | &nbsp;&nbsp; GBP469 | &nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp; National Grid plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 9/1/2028 (d) | &nbsp;&nbsp; EUR3,600 | &nbsp;&nbsp; 3783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 9/18/2029 (d) | &nbsp;&nbsp; EUR6,800 | &nbsp;&nbsp; 6987 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (b) (c) (e) (f) | &nbsp;&nbsp; 2257 | &nbsp;&nbsp; 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.27%), 5.52%, 9/30/2028 (c) | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 4879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.13%, 11/10/2033 (b) (c) (e) (f) | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1548 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| &nbsp;&nbsp;&nbsp; NGG Finance plc (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082 (c) (d) | &nbsp;&nbsp; EUR2,534 | &nbsp;&nbsp; 2799 |
| &nbsp;&nbsp;&nbsp; Nomad Foods Bondco plc 2.50%, 6/24/2028 (d) | &nbsp;&nbsp; EUR1,860 | &nbsp;&nbsp; 2051 |
| &nbsp;&nbsp;&nbsp; OEG Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 9/27/2029 (a) | &nbsp;&nbsp; EUR669 | &nbsp;&nbsp; 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 9/27/2029 (d) | &nbsp;&nbsp; EUR800 | &nbsp;&nbsp; 930 |
| &nbsp;&nbsp;&nbsp; Pinnacle Bidco plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/11/2028 (d) | &nbsp;&nbsp; EUR1,090 | &nbsp;&nbsp; 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/11/2028 (a) | &nbsp;&nbsp; EUR1,084 | &nbsp;&nbsp; 1299 |
| &nbsp;&nbsp;&nbsp; Punch Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/30/2026 (d) | &nbsp;&nbsp; GBP1,856 | &nbsp;&nbsp; 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/30/2030 (a) (k) | &nbsp;&nbsp; GBP1,073 | &nbsp;&nbsp; 1460 |
| &nbsp;&nbsp;&nbsp; RAC Bond Co. plc 5.25%, 11/4/2027 (d) | &nbsp;&nbsp; GBP2,398 | &nbsp;&nbsp; 3156 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.75%), 6.83%, 11/21/2026 (c) | &nbsp;&nbsp; 2785 | &nbsp;&nbsp; 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.99%), 1.67%, 6/14/2027 (c) | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 5024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%), 6.53%, 1/10/2029 (c) | &nbsp;&nbsp; 7950 | &nbsp;&nbsp; 8254 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (a) (c) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031 (a) (c) | &nbsp;&nbsp; 1007 | &nbsp;&nbsp; 983 |
| &nbsp;&nbsp;&nbsp; Synthomer plc 3.88%, 7/1/2025 (d) | &nbsp;&nbsp; EUR165 | &nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp; Virgin Media Finance plc 3.75%, 7/15/2030 (d) | &nbsp;&nbsp; EUR1,325 | &nbsp;&nbsp; 1422 |
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes III DAC 4.88%, 7/15/2028 (d) | &nbsp;&nbsp; GBP849 | &nbsp;&nbsp; 1085 |
| &nbsp;&nbsp;&nbsp; Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.48%), 3.00%, 8/27/2080 (c) (d) | &nbsp;&nbsp; EUR3,570 | &nbsp;&nbsp; 3815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.49%), 6.50%, 8/30/2084 (c) (d) | &nbsp;&nbsp; EUR4,050 | &nbsp;&nbsp; 5005 |
|  |  | &nbsp;&nbsp; 153166 |
| **United States — 32.7%** | **United States — 32.7%** | **United States — 32.7%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 1629 |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/2034 | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/14/2045 | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049 | &nbsp;&nbsp; 14597 | &nbsp;&nbsp; 11695 |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2028 (a) | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/2029 (a) | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 833 |
| &nbsp;&nbsp;&nbsp; Accenture Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/4/2031 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/4/2034 | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 1614 |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. 4.25%, 3/15/2029 (a) | &nbsp;&nbsp; 4826 | &nbsp;&nbsp; 4263 |
| &nbsp;&nbsp;&nbsp; Acushnet Co. 7.38%, 10/15/2028 (a) | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/2028 (a) | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 4/15/2031 (a) | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/2033 (a) | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp; ADT Security Corp. (The) 4.13%, 8/1/2029 (a) | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1645 |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) 3.95%, 7/15/2030 (a) | &nbsp;&nbsp; 1568 | &nbsp;&nbsp; 1463 |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1099 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2027 (a) | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/2030 (a) | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC 4.63%, 6/1/2028 (a) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/2027 (a) | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/2029 (a) | &nbsp;&nbsp; 3545 | &nbsp;&nbsp; 3559 |
| &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2030 (a) | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/2032 (a) | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp; Ameren Corp. 3.50%, 1/15/2031 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 792 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc. 5.50%, 4/20/2026 (a) | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 651 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. 6.50%, 4/1/2027 | &nbsp;&nbsp; 1780 | &nbsp;&nbsp; 1771 |
| &nbsp;&nbsp;&nbsp; American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (c) (e) (f) | &nbsp;&nbsp; 1388 | &nbsp;&nbsp; 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%), 5.67%, 4/25/2036 (c) | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1562 |
| &nbsp;&nbsp;&nbsp; American Medical Systems Europe BV 1.63%, 3/8/2031 | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP 9.50%, 6/1/2030 (a) | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. 5.75%, 3/2/2063 | &nbsp;&nbsp; 999 | &nbsp;&nbsp; 944 |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2027 (a) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 (a) | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (a) | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. 7.63%, 2/1/2029 (a) | &nbsp;&nbsp; 913 | &nbsp;&nbsp; 935 |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC 5.25%, 4/15/2030 (a) | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp; APi Group DE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/15/2029 (a) | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2029 (a) | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 485 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. 2.65%, 2/8/2051 | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2028 (a) | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/1/2028 (a) | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1111 |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP 6.63%, 9/1/2032 (a) | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 8/15/2026 (d) | &nbsp;&nbsp; EUR4,115 | &nbsp;&nbsp; 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/2026 (a) | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/2027 (d) | &nbsp;&nbsp; GBP1,120 | &nbsp;&nbsp; 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/15/2027 (a) | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. 4.63%, 11/15/2029 (a) | &nbsp;&nbsp; 1236 | &nbsp;&nbsp; 1175 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC 6.63%, 10/15/2032 (a) | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; Ashland Services BV 2.00%, 1/30/2028 (d) | &nbsp;&nbsp; EUR407 | &nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/2053 | &nbsp;&nbsp; 3980 | &nbsp;&nbsp; 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 8/15/2056 | &nbsp;&nbsp; 3665 | &nbsp;&nbsp; 3672 |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | &nbsp;&nbsp; 2305 | &nbsp;&nbsp; 2221 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; ATI, Inc. 4.88%, 10/1/2029 | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 858 |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/15/2028 (d) | &nbsp;&nbsp; EUR2,425 | &nbsp;&nbsp; 2753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/15/2028 (a) | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 1127 |
| &nbsp;&nbsp;&nbsp; Avient Corp. 7.13%, 8/1/2030 (a) | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/2027 (a) | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/1/2029 (a) | &nbsp;&nbsp; 3070 | &nbsp;&nbsp; 2895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2030 (a) | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/15/2031 (a) | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp; Avis Budget Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/28/2029 (a) | &nbsp;&nbsp; EUR955 | &nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/31/2030 (a) | &nbsp;&nbsp; EUR1,765 | &nbsp;&nbsp; 2029 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC 4.75%, 6/15/2027 (a) | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp; Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 3/15/2027 | &nbsp;&nbsp; EUR750 | &nbsp;&nbsp; 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/1/2032 | &nbsp;&nbsp; EUR919 | &nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.08%, 1/20/2027 (c) | &nbsp;&nbsp; 1910 | &nbsp;&nbsp; 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.32%), 3.56%, 4/23/2027 (c) | &nbsp;&nbsp; 4060 | &nbsp;&nbsp; 4018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 1.73%, 7/22/2027 (c) | &nbsp;&nbsp; 5405 | &nbsp;&nbsp; 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 2.55%, 2/4/2028 (c) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.20%, 4/25/2029 (c) | &nbsp;&nbsp; 5085 | &nbsp;&nbsp; 5167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%), 2.09%, 6/14/2029 (c) | &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.82%, 9/15/2029 (c) | &nbsp;&nbsp; 2035 | &nbsp;&nbsp; 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 6.63%, 5/1/2030 (c) (e) (f) | &nbsp;&nbsp; 1616 | &nbsp;&nbsp; 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.45%), 2.88%, 10/22/2030 (c) | &nbsp;&nbsp; 9282 | &nbsp;&nbsp; 8599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%), 1.90%, 7/23/2031 (c) | &nbsp;&nbsp; 6260 | &nbsp;&nbsp; 5419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%), 1.92%, 10/24/2031 (c) | &nbsp;&nbsp; 3490 | &nbsp;&nbsp; 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 2.57%, 10/20/2032 (c) | &nbsp;&nbsp; 517 | &nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.43%, 8/15/2035 (c) | &nbsp;&nbsp; 5675 | &nbsp;&nbsp; 5561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.51%, 1/24/2036 (c) | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.68%, 6/19/2041 (c) | &nbsp;&nbsp; 1965 | &nbsp;&nbsp; 1370 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. 7.50%, 6/15/2029 | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/1/2026 (a) | &nbsp;&nbsp; 2760 | &nbsp;&nbsp; 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/2027 (a) | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/30/2028 (a) | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2028 (a) | &nbsp;&nbsp; 1480 | &nbsp;&nbsp; 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/30/2030 (a) | &nbsp;&nbsp; 2354 | &nbsp;&nbsp; 1336 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. 2.54%, 2/1/2032 | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 4974 |
| &nbsp;&nbsp;&nbsp; Belden, Inc. 3.38%, 7/15/2027 (d) | &nbsp;&nbsp; EUR5,600 | &nbsp;&nbsp; 6322 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co. 4.60%, 5/1/2053 | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. 5.80%, 6/15/2031 | &nbsp;&nbsp; 5935 | &nbsp;&nbsp; 6161 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC 6.63%, 1/31/2029 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp; Block, Inc. 6.50%, 5/15/2032 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 533 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC 6.63%, 7/15/2026 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/1/2035 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/1/2039 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 5/1/2040 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 8/1/2059 | &nbsp;&nbsp; 3333 | &nbsp;&nbsp; 2210 |
| &nbsp;&nbsp;&nbsp; Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1528 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (c) (e) (f) | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.52%), 3.25%, 3/22/2026 (c) (d) (e) (f) | &nbsp;&nbsp; EUR7,100 | &nbsp;&nbsp; 8050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.78%), 3.63%, 3/22/2029 (c) (d) (e) (f) | &nbsp;&nbsp; EUR800 | &nbsp;&nbsp; 898 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/22/2034 | &nbsp;&nbsp; 4370 | &nbsp;&nbsp; 4403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/22/2054 | &nbsp;&nbsp; 4290 | &nbsp;&nbsp; 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 2/22/2064 | &nbsp;&nbsp; 1245 | &nbsp;&nbsp; 1177 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 2/15/2032 | &nbsp;&nbsp; 1240 | &nbsp;&nbsp; 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 4/15/2034 (a) | &nbsp;&nbsp; 6955 | &nbsp;&nbsp; 6109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035 (a) | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 540 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/2027 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/2028 (a) | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/2030 (a) | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2032 (a) | &nbsp;&nbsp; 1317 | &nbsp;&nbsp; 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2034 (a) | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2035 (a) | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC 2.88%, 6/15/2052 | &nbsp;&nbsp; 1760 | &nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 7/1/2027 (a) | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2032 (a) | &nbsp;&nbsp; 541 | &nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp; Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2027 (a) | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/2033 (a) | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1043 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/1/2027 (a) | &nbsp;&nbsp; 6110 | &nbsp;&nbsp; 6047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2028 (a) | &nbsp;&nbsp; 3665 | &nbsp;&nbsp; 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/1/2029 (a) | &nbsp;&nbsp; 3848 | &nbsp;&nbsp; 3795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 (a) | &nbsp;&nbsp; 7188 | &nbsp;&nbsp; 6862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/2030 (a) | &nbsp;&nbsp; 3210 | &nbsp;&nbsp; 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2031 (a) | &nbsp;&nbsp; 2422 | &nbsp;&nbsp; 2218 |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (a) | &nbsp;&nbsp; 767 | &nbsp;&nbsp; 637 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. 2.70%, 3/15/2031 | &nbsp;&nbsp; 5053 | &nbsp;&nbsp; 4508 |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. 4.13%, 10/15/2030 | &nbsp;&nbsp; 3445 | &nbsp;&nbsp; 3186 |
| &nbsp;&nbsp;&nbsp; CF Industries, Inc. 4.95%, 6/1/2043 | &nbsp;&nbsp; 3016 | &nbsp;&nbsp; 2583 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc. 7.50%, 1/1/2030 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 731 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 1/15/2029 | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/2031 | &nbsp;&nbsp; 6120 | &nbsp;&nbsp; 5374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2041 | &nbsp;&nbsp; 3375 | &nbsp;&nbsp; 2372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/1/2047 | &nbsp;&nbsp; 2844 | &nbsp;&nbsp; 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 3/1/2050 | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/1/2051 | &nbsp;&nbsp; 4637 | &nbsp;&nbsp; 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 6/1/2052 | &nbsp;&nbsp; 4238 | &nbsp;&nbsp; 2797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/2053 | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 952 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/15/2027 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028 (a) | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 1/15/2033 (a) | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/2029 | &nbsp;&nbsp; 6060 | &nbsp;&nbsp; 5933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/30/2033 | &nbsp;&nbsp; 4670 | &nbsp;&nbsp; 4778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/2034 | &nbsp;&nbsp; 8125 | &nbsp;&nbsp; 8154 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. 6.75%, 3/15/2033 (a) | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 445 |
| &nbsp;&nbsp;&nbsp; Ciena Corp. 4.00%, 1/31/2030 (a) | &nbsp;&nbsp; 1420 | &nbsp;&nbsp; 1322 |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2028 (a) | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (a) | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (c) (e) (f) | &nbsp;&nbsp; 2321 | &nbsp;&nbsp; 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (c) (e) (f) | &nbsp;&nbsp; 6687 | &nbsp;&nbsp; 6551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.12%, 1/28/2027 (c) | &nbsp;&nbsp; 5465 | &nbsp;&nbsp; 5335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.82%), 3.89%, 1/10/2028 (c) | &nbsp;&nbsp; 3415 | &nbsp;&nbsp; 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%), 7.13%, 8/15/2029 (c) (e) (f) | &nbsp;&nbsp; 5130 | &nbsp;&nbsp; 5188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 5.17%, 2/13/2030 (c) | &nbsp;&nbsp; 2080 | &nbsp;&nbsp; 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.57%), 6.75%, 2/15/2030 (c) (e) (f) | &nbsp;&nbsp; 2330 | &nbsp;&nbsp; 2305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.54%, 9/19/2030 (c) | &nbsp;&nbsp; 5530 | &nbsp;&nbsp; 5462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%), 2.57%, 6/3/2031 (c) | &nbsp;&nbsp; 9400 | &nbsp;&nbsp; 8420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.52%, 11/3/2032 (c) | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.34%), 6.27%, 11/17/2033 (c) | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 5.83%, 2/13/2035 (c) | &nbsp;&nbsp; 3345 | &nbsp;&nbsp; 3336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.47%), 5.33%, 3/27/2036 (c) | &nbsp;&nbsp; 2655 | &nbsp;&nbsp; 2619 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/1/2028 (a) | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/2031 (a) | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/15/2033 (a) | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2026 (a) | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/2027 (a) | &nbsp;&nbsp; 1873 | &nbsp;&nbsp; 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/2030 (a) | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp. 4.88%, 7/1/2029 (a) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/15/2027 (a) | &nbsp;&nbsp; 2762 | &nbsp;&nbsp; 2702 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2028 (a) | &nbsp;&nbsp; 2985 | &nbsp;&nbsp; 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/15/2028 (a) | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/2029 (a) | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/2029 (a) | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/2031 (a) | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/2032 (a) | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. 6.75%, 4/15/2032 (a) | &nbsp;&nbsp; 1362 | &nbsp;&nbsp; 1376 |
| &nbsp;&nbsp;&nbsp; Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp; 5309 | &nbsp;&nbsp; 5144 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. 3.38%, 10/1/2028 (a) | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1330 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 8/15/2030 (a) | &nbsp;&nbsp; 8155 | &nbsp;&nbsp; 8473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 11/15/2033 (a) | &nbsp;&nbsp; 1790 | &nbsp;&nbsp; 1842 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 1/15/2051 | &nbsp;&nbsp; 6899 | &nbsp;&nbsp; 4040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 5/15/2053 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/1/2063 | &nbsp;&nbsp; 3052 | &nbsp;&nbsp; 1680 |
| &nbsp;&nbsp;&nbsp; CommScope LLC 4.75%, 9/1/2029 (a) | &nbsp;&nbsp; 1433 | &nbsp;&nbsp; 1372 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/2030 (a) | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2030 (a) | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2031 (a) | &nbsp;&nbsp; 2275 | &nbsp;&nbsp; 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 1/15/2032 (a) | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 874 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc. 6.75%, 3/1/2029 (a) | &nbsp;&nbsp; 2382 | &nbsp;&nbsp; 2348 |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC 6.00%, 11/1/2029 (a) | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC 5.60%, 6/15/2042 | &nbsp;&nbsp; 1882 | &nbsp;&nbsp; 1805 |
| &nbsp;&nbsp;&nbsp; Constellium SE 5.63%, 6/15/2028 (a) | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 913 |
| &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.50% (Cash), 3/31/2027 (a) (h) | &nbsp;&nbsp; 2452 | &nbsp;&nbsp; 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% (Cash), 5/15/2027 (a) (h) | &nbsp;&nbsp; 2652 | &nbsp;&nbsp; 2245 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc. 9.25%, 6/1/2030 (a) | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. 5.40%, 2/15/2035 | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; 2137 |
| &nbsp;&nbsp;&nbsp; Coty, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/15/2026 (d) | &nbsp;&nbsp; EUR1,760 | &nbsp;&nbsp; 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2029 (a) | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 2/15/2028 (a) | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/2032 (a) | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/2033 (a) | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp; Crown European Holdings SACA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2028 (d) | &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/2030 (a) | &nbsp;&nbsp; EUR731 | &nbsp;&nbsp; 858 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/1/2028 (a) | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/2029 (a) | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2030 (a) | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 399 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2030 (a) | &nbsp;&nbsp; 2975 | &nbsp;&nbsp; 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (a) | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/1/2032 (a) | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP 6.75%, 9/15/2037 (a) | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 549 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 3/24/2031 | &nbsp;&nbsp; 3145 | &nbsp;&nbsp; 2838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/18/2054 | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 3764 |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a) | &nbsp;&nbsp; 1911 | &nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/2026 | &nbsp;&nbsp; 1691 | &nbsp;&nbsp; 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (a) | &nbsp;&nbsp; 3925 | &nbsp;&nbsp; 3623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2028 (a) | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp. 11.75%, 11/15/2027 (a) | &nbsp;&nbsp; 5473 | &nbsp;&nbsp; 5647 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.00%, 6/1/2054 (c) | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.88%, 2/1/2055 (c) | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.21%), 6.63%, 5/15/2055 (c) | &nbsp;&nbsp; 4056 | &nbsp;&nbsp; 4061 |
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 1030 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC 5.40%, 1/15/2054 | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC 5.40%, 4/1/2053 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/2033 | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 4/1/2053 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 4/1/2032 | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 3/15/2055 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (a) | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 1637 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/2028 (a) | &nbsp;&nbsp; 2281 | &nbsp;&nbsp; 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/1/2029 (a) | &nbsp;&nbsp; 1469 | &nbsp;&nbsp; 1374 |
| &nbsp;&nbsp;&nbsp; Edison International (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%, 6/15/2053 (c) | &nbsp;&nbsp; 2235 | &nbsp;&nbsp; 2208 |
| &nbsp;&nbsp;&nbsp; Elastic NV 4.13%, 7/15/2029 (a) | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 872 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 1272 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/2030 (a) | &nbsp;&nbsp; EUR1,597 | &nbsp;&nbsp; 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/2030 (d) | &nbsp;&nbsp; EUR1,700 | &nbsp;&nbsp; 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/2030 (a) | &nbsp;&nbsp; 1795 | &nbsp;&nbsp; 1813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/2031 (a) | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/1/2028 (a) | &nbsp;&nbsp; 1960 | &nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/1/2031 (a) | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/2025 | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2028 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2030 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 292 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/2031 | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1516 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc. 8.50%, 4/15/2031 (a) | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp; Energizer Gamma Acquisition BV 3.50%, 6/30/2029 (d) | &nbsp;&nbsp; EUR1,589 | &nbsp;&nbsp; 1710 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2028 (a) | &nbsp;&nbsp; 2192 | &nbsp;&nbsp; 2114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/31/2029 (a) | &nbsp;&nbsp; 3230 | &nbsp;&nbsp; 3034 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.02%), 8.00%, 5/15/2054 (c) | &nbsp;&nbsp; 4170 | &nbsp;&nbsp; 4371 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/15/2028 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/15/2030 (a) | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3502 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (c) | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1309 |
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC 5.15%, 9/15/2034 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp; Entergy Mississippi LLC 5.80%, 4/15/2055 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp; Entergy Texas, Inc. 1.75%, 3/15/2031 | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 1154 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 2/15/2052 | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/16/2055 | &nbsp;&nbsp; 2330 | &nbsp;&nbsp; 2174 |
| &nbsp;&nbsp;&nbsp; EQT Corp. 4.50%, 1/15/2029 (a) | &nbsp;&nbsp; 2823 | &nbsp;&nbsp; 2759 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 5/15/2028 (a) | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 5/15/2032 (a) | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/2033 (a) | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp; Escrow Rite Aid 0.00%, 12/31/2049 ‡ | &nbsp;&nbsp; 247 | &nbsp;&nbsp; —<br> (l)<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.50%, 3/15/2055 (c) | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 719 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2029 (a) | &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/15/2030 | &nbsp;&nbsp; 5915 | &nbsp;&nbsp; 5883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 1/15/2035 | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; 1318 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. 3.00%, 8/16/2039 | &nbsp;&nbsp; 3735 | &nbsp;&nbsp; 2860 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. 6.00%, 5/15/2033 (a) | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 (a) | &nbsp;&nbsp; 2795 | &nbsp;&nbsp; 2718 |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc. 4.00%, 7/31/2029 (a) | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 9/15/2028 (a) | &nbsp;&nbsp; 4375 | &nbsp;&nbsp; 4138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 4/1/2049 (a) | &nbsp;&nbsp; 2223 | &nbsp;&nbsp; 1866 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/16/2025 | &nbsp;&nbsp; 2965 | &nbsp;&nbsp; 2965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 6/10/2026 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 5/28/2027 | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2512 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC 5.50%, 1/25/2031 (a) | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 1727 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. 4.13%, 3/1/2028 | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 (a) | &nbsp;&nbsp; 2430 | &nbsp;&nbsp; 2436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/2028 (a) | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 783 |
| &nbsp;&nbsp;&nbsp; GCI LLC 4.75%, 10/15/2028 (a) | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 2173 |
| &nbsp;&nbsp;&nbsp; General Electric Co. 4.13%, 9/19/2035 (d) | &nbsp;&nbsp; EUR493 | &nbsp;&nbsp; 586 |
| &nbsp;&nbsp;&nbsp; General Motors Co. 5.15%, 4/1/2038 | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1445 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 1/8/2031 | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 1962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/18/2031 | &nbsp;&nbsp; 1636 | &nbsp;&nbsp; 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/6/2034 | &nbsp;&nbsp; 6980 | &nbsp;&nbsp; 6682 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/2028 | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/2033 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (a) | &nbsp;&nbsp; 2110 | &nbsp;&nbsp; 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2029 (a) | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/2029 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 384 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/1/2050 | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/15/2053 | &nbsp;&nbsp; 2477 | &nbsp;&nbsp; 2375 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/1/2029 (a) | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2032 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 698 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 5/15/2030 | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/2031 | &nbsp;&nbsp; 3450 | &nbsp;&nbsp; 2997 |
| &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (a) | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 785 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (c) (e) (f) | &nbsp;&nbsp; 3709 | &nbsp;&nbsp; 3645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 1.43%, 3/9/2027 (c) | &nbsp;&nbsp; 3770 | &nbsp;&nbsp; 3675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 4.39%, 6/15/2027 (c) | &nbsp;&nbsp; 4905 | &nbsp;&nbsp; 4891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.95%, 10/21/2027 (c) | &nbsp;&nbsp; 3790 | &nbsp;&nbsp; 3650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 2.64%, 2/24/2028 (c) | &nbsp;&nbsp; 4540 | &nbsp;&nbsp; 4386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.50%, 5/10/2029 (c) (e) (f) | &nbsp;&nbsp; 5020 | &nbsp;&nbsp; 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.85%, 2/10/2030 (c) (e) (f) | &nbsp;&nbsp; 1328 | &nbsp;&nbsp; 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.69%, 10/23/2030 (c) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 5.21%, 1/28/2031 (c) | &nbsp;&nbsp; 2090 | &nbsp;&nbsp; 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.22%, 4/23/2031 (c) | &nbsp;&nbsp; 2165 | &nbsp;&nbsp; 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 2.62%, 4/22/2032 (c) | &nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.65%, 10/21/2032 (c) | &nbsp;&nbsp; 11190 | &nbsp;&nbsp; 9715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 3.10%, 2/24/2033 (c) | &nbsp;&nbsp; 2515 | &nbsp;&nbsp; 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.02%, 10/23/2035 (c) | &nbsp;&nbsp; 1114 | &nbsp;&nbsp; 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 5.54%, 1/28/2036 (c) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.63%), 4.02%, 10/31/2038 (c) | &nbsp;&nbsp; 2665 | &nbsp;&nbsp; 2270 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2029 | &nbsp;&nbsp; 2228 | &nbsp;&nbsp; 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2030 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 668 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC 3.50%, 3/15/2028 (a) | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/15/2027 (a) | &nbsp;&nbsp; 2408 | &nbsp;&nbsp; 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/2029 (a) | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 1430 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 (a) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 869 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC, 2.60%, 10/15/2025 (a) | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp; 3780 | &nbsp;&nbsp; 3757 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. 6.38%, 1/15/2030 (a) | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (a) | &nbsp;&nbsp; 577 | &nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp; Hanesbrands, Inc. 9.00%, 2/15/2031 (a) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2027 | &nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 6/1/2028 | &nbsp;&nbsp; 1740 | &nbsp;&nbsp; 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/1/2028 | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 7/15/2031 | &nbsp;&nbsp; 4335 | &nbsp;&nbsp; 3708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/15/2034 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2035 | &nbsp;&nbsp; 4670 | &nbsp;&nbsp; 4707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/2047 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2049 | &nbsp;&nbsp; 3010 | &nbsp;&nbsp; 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/2051 | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2052 | &nbsp;&nbsp; 5168 | &nbsp;&nbsp; 4042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/15/2054 | &nbsp;&nbsp; 3730 | &nbsp;&nbsp; 3518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 3/1/2055 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC, REIT 5.25%, 12/15/2032 | &nbsp;&nbsp; 4042 | &nbsp;&nbsp; 4037 |
| &nbsp;&nbsp;&nbsp; Herc Holdings Escrow, Inc. 7.00%, 6/15/2030 (a) (k) | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | &nbsp;&nbsp; 3465 | &nbsp;&nbsp; 3440 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2026 (a) | &nbsp;&nbsp; 1706 | &nbsp;&nbsp; 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 7/15/2029 (a) | &nbsp;&nbsp; 762 | &nbsp;&nbsp; 776 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The), Escrow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2024 ‡ (g) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 8/1/2026 ‡ (g) | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2028 ‡ (g) | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/1/2028 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/2028 (a) | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP 5.75%, 2/1/2029 (a) | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1151 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc. 5.88%, 3/15/2033 (a) | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 632 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | &nbsp;&nbsp; 1413 | &nbsp;&nbsp; 990 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. (SOFRINDX + 1.87%), 5.71%, 2/2/2035 (c) | &nbsp;&nbsp; 3851 | &nbsp;&nbsp; 3874 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/2/2026 (a) | &nbsp;&nbsp; 8025 | &nbsp;&nbsp; 7873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/2/2026 (d) | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/16/2029 (a) | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 1/8/2031 (a) | &nbsp;&nbsp; 3460 | &nbsp;&nbsp; 3489 |
| &nbsp;&nbsp;&nbsp; ICITII 6.00%, 1/31/2033 ‡ (a) | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/1/2029 (a) | &nbsp;&nbsp; 1943 | &nbsp;&nbsp; 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/2030 (a) | &nbsp;&nbsp; 2182 | &nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/2030 (a) | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; 1350 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; ILFC E-Capital Trust I (3-MONTH CME TERM SOFR + 1.81%), 6.12%, 12/21/2065 (a) (c) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp; ILFC E-Capital Trust II (3-MONTH CME TERM SOFR + 2.06%), 6.37%, 12/21/2065 (a) (c) | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp; 2780 | &nbsp;&nbsp; 2664 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. 5.50%, 12/1/2028 (a) | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 765 |
| &nbsp;&nbsp;&nbsp; International Game Technology plc 2.38%, 4/15/2028 (d) | &nbsp;&nbsp; EUR2,912 | &nbsp;&nbsp; 3240 |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 9/15/2025 (d) | &nbsp;&nbsp; EUR325 | &nbsp;&nbsp; 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 3/15/2026 (d) | &nbsp;&nbsp; EUR946 | &nbsp;&nbsp; 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 1/15/2028 (d) | &nbsp;&nbsp; EUR1,120 | &nbsp;&nbsp; 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 6/15/2028 (d) | &nbsp;&nbsp; EUR3,359 | &nbsp;&nbsp; 3740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 3/15/2029 (d) | &nbsp;&nbsp; EUR1,090 | &nbsp;&nbsp; 1180 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc., REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/2027 (a) | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2028 (a) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/2029 (a) | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2031 (a) | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp., 2.95%, 5/14/2030 (a) | &nbsp;&nbsp; 7371 | &nbsp;&nbsp; 6774 |
| &nbsp;&nbsp;&nbsp; Jazz Securities DAC 4.38%, 1/15/2029 (a) | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 877 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl 7.25%, 11/15/2053 | &nbsp;&nbsp; 2820 | &nbsp;&nbsp; 3110 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2034 | &nbsp;&nbsp; 4761 | &nbsp;&nbsp; 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/2/2052 | &nbsp;&nbsp; 1177 | &nbsp;&nbsp; 886 |
| &nbsp;&nbsp;&nbsp; JBS USA LUX SARL 5.95%, 4/20/2035 (a) | &nbsp;&nbsp; 1804 | &nbsp;&nbsp; 1837 |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/2027 (a) | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/1/2032 (a) | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co. 2.75%, 3/1/2032 (a) | &nbsp;&nbsp; 2715 | &nbsp;&nbsp; 2349 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | &nbsp;&nbsp; 1391 | &nbsp;&nbsp; 1376 |
| &nbsp;&nbsp;&nbsp; KeyCorp (SOFRINDX + 2.42%), 6.40%, 3/6/2035 (c) | &nbsp;&nbsp; 7059 | &nbsp;&nbsp; 7408 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. 5.20%, 6/1/2033 | &nbsp;&nbsp; 3440 | &nbsp;&nbsp; 3395 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP 5.88%, 6/15/2030 (a) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (a) | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/2029 (a) | &nbsp;&nbsp; 1925 | &nbsp;&nbsp; 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 11/15/2029 (a) | &nbsp;&nbsp; 994 | &nbsp;&nbsp; 1127 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2027 (a) | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 (a) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2461 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2029 (a) | &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2030 (a) | &nbsp;&nbsp; 1011 | &nbsp;&nbsp; 981 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/2028 (a) | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/2029 (a) | &nbsp;&nbsp; 1475 | &nbsp;&nbsp; 1427 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. 5.35%, 3/15/2035 | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1726 |
| &nbsp;&nbsp;&nbsp; Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/1/2035 (a) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2989 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 5/1/2045 (a) | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 672 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. 2.95%, 4/15/2031 | &nbsp;&nbsp; 2350 | &nbsp;&nbsp; 2101 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc. 7.00%, 7/15/2032 (a) | &nbsp;&nbsp; 2396 | &nbsp;&nbsp; 2383 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. 6.25%, 4/15/2033 (a) | &nbsp;&nbsp; 1342 | &nbsp;&nbsp; 1293 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2027 (a) | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 2514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/15/2027 (a) | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a) | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 780 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/2029 (a) | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2029 (a) | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/2029 (a) | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1534 |
| &nbsp;&nbsp;&nbsp; Medtronic Global Holdings SCA 1.50%, 7/2/2039 | &nbsp;&nbsp; EUR1,500 | &nbsp;&nbsp; 1281 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 8/15/2052 | &nbsp;&nbsp; 3701 | &nbsp;&nbsp; 3061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 8/15/2054 | &nbsp;&nbsp; 2075 | &nbsp;&nbsp; 1970 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/2036 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/8/2038 (a) | &nbsp;&nbsp; 3935 | &nbsp;&nbsp; 4613 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I 3.30%, 3/21/2029 (a) | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2029 | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 998 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications 8.00%, 8/15/2032 (a) | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. 3.88%, 11/15/2030 (a) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 731 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%), 1.59%, 5/4/2027 (c) | &nbsp;&nbsp; 11955 | &nbsp;&nbsp; 11617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 4.21%, 4/20/2028 (c) | &nbsp;&nbsp; 967 | &nbsp;&nbsp; 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.12%, 2/1/2029 (c) | &nbsp;&nbsp; 3015 | &nbsp;&nbsp; 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.16%, 4/20/2029 (c) | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.45%, 7/20/2029 (c) | &nbsp;&nbsp; 7680 | &nbsp;&nbsp; 7855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 4.65%, 10/18/2030 (c) | &nbsp;&nbsp; 2520 | &nbsp;&nbsp; 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.23%, 1/15/2031 (c) | &nbsp;&nbsp; 4235 | &nbsp;&nbsp; 4298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 2.70%, 1/22/2031 (c) | &nbsp;&nbsp; 11330 | &nbsp;&nbsp; 10336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%), 1.79%, 2/13/2032 (c) | &nbsp;&nbsp; 882 | &nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 2.51%, 10/20/2032 (c) | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.32%, 7/19/2035 (c) | &nbsp;&nbsp; 3570 | &nbsp;&nbsp; 3547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%), 5.66%, 4/17/2036 (c) | &nbsp;&nbsp; 2192 | &nbsp;&nbsp; 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 2.48%, 9/16/2036 (c) | &nbsp;&nbsp; 5235 | &nbsp;&nbsp; 4375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 7/22/2038 (i) | &nbsp;&nbsp; 3985 | &nbsp;&nbsp; 3406 |
| &nbsp;&nbsp;&nbsp; MPLX LP, 2.65%, 8/15/2030 | &nbsp;&nbsp; 1246 | &nbsp;&nbsp; 1115 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP, REIT 8.50%, 2/15/2032 (a) | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/2028 (a) | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2030 (a) | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1344 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/2032 (a) | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. 9.50%, 4/1/2029 (a) | &nbsp;&nbsp; 1207 | &nbsp;&nbsp; 1318 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2028 (a) | &nbsp;&nbsp; 2480 | &nbsp;&nbsp; 2446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/2029 (a) | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. 5.38%, 11/15/2029 (a) | &nbsp;&nbsp; 9956 | &nbsp;&nbsp; 10317 |
| &nbsp;&nbsp;&nbsp; New Albertsons LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 8/1/2029 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/1/2031 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 505 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/2026 (j) | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/1/2028 (a) | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/15/2029 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2030 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2032 | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/1/2046 (j) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2027 (a) | &nbsp;&nbsp; 1612 | &nbsp;&nbsp; 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/2028 (a) | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1116 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 3/15/2035 | &nbsp;&nbsp; 4670 | &nbsp;&nbsp; 4667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.75%, 6/15/2054 (c) | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.36%), 6.70%, 9/1/2054 (c) | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 6.38%, 8/15/2055 (c) | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.50%, 8/15/2055 (c) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 554 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC 8.13%, 2/15/2029 (a) | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 6.95%, 11/30/2054 (c) | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; 1128 |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc., REIT 5.50%, 6/15/2034 | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC 8.00%, 4/15/2030 (a) | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. 3.70%, 3/15/2053 | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 1359 |
| &nbsp;&nbsp;&nbsp; Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/30/2030 (a) | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/30/2030 (a) | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; Novelis Sheet Ingot GmbH 3.38%, 4/15/2029 (d) | &nbsp;&nbsp; EUR1,368 | &nbsp;&nbsp; 1509 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (a) | &nbsp;&nbsp; 1420 | &nbsp;&nbsp; 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/2031 (a) | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 784 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP 5.63%, 4/28/2027 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp; OI European Group BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2028 (d) | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2028 (a) | &nbsp;&nbsp; EUR989 | &nbsp;&nbsp; 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2029 (a) | &nbsp;&nbsp; EUR1,043 | &nbsp;&nbsp; 1211 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp; 2301 | &nbsp;&nbsp; 2198 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/15/2028 | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/2030 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 630 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/3/2035 | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/1/2050 | &nbsp;&nbsp; 2749 | &nbsp;&nbsp; 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 9/27/2054 | &nbsp;&nbsp; 5610 | &nbsp;&nbsp; 4976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/3/2055 | &nbsp;&nbsp; 2220 | &nbsp;&nbsp; 2152 |
| &nbsp;&nbsp;&nbsp; Organon & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/30/2028 (d) | &nbsp;&nbsp; EUR2,996 | &nbsp;&nbsp; 3276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2028 (a) | &nbsp;&nbsp; 2880 | &nbsp;&nbsp; 2705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/30/2031 (a) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/2027 (a) | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2030 (a) | &nbsp;&nbsp; 383 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/31/2029 (a) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/2030 (a) | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 4/15/2030 (a) | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 482 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1131 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 8/1/2028 | &nbsp;&nbsp; 4230 | &nbsp;&nbsp; 4181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 1/15/2033 | &nbsp;&nbsp; 2570 | &nbsp;&nbsp; 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 6/15/2033 | &nbsp;&nbsp; 5220 | &nbsp;&nbsp; 5371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/2042 (j) | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/15/2043 | &nbsp;&nbsp; 2692 | &nbsp;&nbsp; 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2044 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical, Inc. 0.00%, 4/1/2027 ‡ (g) | &nbsp;&nbsp; 248 | &nbsp;&nbsp; —<br> (l)<br>|
| &nbsp;&nbsp;&nbsp; Paysafe Finance plc 3.00%, 6/15/2029 (d) | &nbsp;&nbsp; EUR860 | &nbsp;&nbsp; 928 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027 (a) | &nbsp;&nbsp; 824 | &nbsp;&nbsp; 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/2029 (a) | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2032 (a) | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2032 (a) | &nbsp;&nbsp; 2020 | &nbsp;&nbsp; 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/2033 (a) | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 9/30/2032 | &nbsp;&nbsp; EUR1,070 | &nbsp;&nbsp; 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series USD, 6.13%, 9/30/2032 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2028 (a) | &nbsp;&nbsp; 2385 | &nbsp;&nbsp; 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/2029 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 973 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/2028 | &nbsp;&nbsp; 1363 | &nbsp;&nbsp; 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/1/2030 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.88%), 7.38%, 3/15/2055 (c) | &nbsp;&nbsp; 5273 | &nbsp;&nbsp; 5163 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. 5.63%, 11/17/2029 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3131 |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050 | &nbsp;&nbsp; 853 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp; Pike Corp. 5.50%, 9/1/2028 (a) | &nbsp;&nbsp; 827 | &nbsp;&nbsp; 820 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (c) (e) (f) | &nbsp;&nbsp; 3704 | &nbsp;&nbsp; 3526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 4.81%, 10/21/2032 (c) | &nbsp;&nbsp; 1975 | &nbsp;&nbsp; 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%), 5.68%, 1/22/2035 (c) | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 (a) | &nbsp;&nbsp; 1409 | &nbsp;&nbsp; 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2030 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 946 |
| &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc. 5.25%, 9/1/2034 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp; Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1264 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/15/2026 (a) | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/31/2027 (a) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. 6.25%, 4/1/2029 (a) | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.50%, 3/15/2054 (c) | &nbsp;&nbsp; 2395 | &nbsp;&nbsp; 2431 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. 1.60%, 8/15/2030 | &nbsp;&nbsp; 2695 | &nbsp;&nbsp; 2302 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a) | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 1552 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc. 6.75%, 4/30/2032 (a) | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 943 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2030 (a) | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC 6.88%, 11/15/2031 (a) | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP, REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 | &nbsp;&nbsp; 3624 | &nbsp;&nbsp; 3581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2029 (a) | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/2033 (a) (k) | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 1911 |
| &nbsp;&nbsp;&nbsp; Rite Aid Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/18/2024 ‡ | &nbsp;&nbsp; 707 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/1/2025 ‡ (g) | &nbsp;&nbsp; 871 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026 ‡ (g) | &nbsp;&nbsp; 1643 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 7.00%), 11.32%, 8/30/2031 ‡ (a) (c) (g) | &nbsp;&nbsp; 263 | &nbsp;&nbsp; —<br> (l)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 15.00%, 8/30/2031 ‡ (g) | &nbsp;&nbsp; 760 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 15.00%, 8/30/2031 ‡ (g) | &nbsp;&nbsp; 358 | &nbsp;&nbsp; —<br> (l)<br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (a) | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/1/2029 (a) | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2033 (a) | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC 6.75%, 3/15/2033 (a) | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/30/2031 (a) | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2032 (a) | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (a) | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 695 |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC 11.00%, 12/15/2029 (a) | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp., REIT 3.13%, 2/1/2029 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2026 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 | &nbsp;&nbsp; 2197 | &nbsp;&nbsp; 2089 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/2031 | &nbsp;&nbsp; 2495 | &nbsp;&nbsp; 2240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/2032 | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 1337 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 602 |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 6/1/2029 | &nbsp;&nbsp; 1369 | &nbsp;&nbsp; 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/2029 | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 879 |
| &nbsp;&nbsp;&nbsp; Sempra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 2/1/2038 | &nbsp;&nbsp; 1865 | &nbsp;&nbsp; 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.79%), 6.88%, 10/1/2054 (c) | &nbsp;&nbsp; 2210 | &nbsp;&nbsp; 2155 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies BV 4.00%, 4/15/2029 (a) | &nbsp;&nbsp; 1970 | &nbsp;&nbsp; 1849 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc. 3.75%, 2/15/2031 (a) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/1/2029 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/15/2030 | &nbsp;&nbsp; 974 | &nbsp;&nbsp; 883 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC 6.75%, 8/15/2032 (a) | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027 (a) (h) | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/1/2027 (a) | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. 2.25%, 6/1/2028 | &nbsp;&nbsp; EUR433 | &nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 8.13%, 2/15/2033 (a) | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2027 (a) | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2028 (a) | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2029 (a) | &nbsp;&nbsp; 2426 | &nbsp;&nbsp; 2386 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 (a) | &nbsp;&nbsp; 4110 | &nbsp;&nbsp; 4101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2029 | &nbsp;&nbsp; 1134 | &nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2027 | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 2182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/2029 (a) | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (a) | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp; Snap, Inc. 6.88%, 3/1/2033 (a) | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (a) | &nbsp;&nbsp; 3965 | &nbsp;&nbsp; 3734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2031 (a) | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) | &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 1734 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.20%, 3/1/2029 | &nbsp;&nbsp; 2217 | &nbsp;&nbsp; 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13-A, 3.90%, 3/15/2043 | &nbsp;&nbsp; 564 | &nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 2/1/2050 | &nbsp;&nbsp; 1513 | &nbsp;&nbsp; 980 |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp. Series 20-A, 1.75%, 1/15/2031 | &nbsp;&nbsp; 1724 | &nbsp;&nbsp; 1466 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands, Inc. 3.88%, 3/15/2031 (a) | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (a) | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 490 |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp. 6.88%, 11/15/2028 | &nbsp;&nbsp; 4210 | &nbsp;&nbsp; 4504 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/30/2027 (a) | &nbsp;&nbsp; 2035 | &nbsp;&nbsp; 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/2032 (a) | &nbsp;&nbsp; 1795 | &nbsp;&nbsp; 1843 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC 5.63%, 8/15/2029 (a) | &nbsp;&nbsp; 1464 | &nbsp;&nbsp; 1377 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/2027 (a) | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2028 (a) | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 3830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/2030 (a) | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp; Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 9/1/2029 (a) | &nbsp;&nbsp; 1990 | &nbsp;&nbsp; 1802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 1/15/2030 (a) | &nbsp;&nbsp; 1063 | &nbsp;&nbsp; 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, <br> 3/15/2029 (c) (e) (f)<br>| &nbsp;&nbsp; 1129 | &nbsp;&nbsp; 1152 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC 6.63%, 3/15/2032 (a) | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/18/2030 (a) | &nbsp;&nbsp; 1181 | &nbsp;&nbsp; 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 3/18/2035 (a) | &nbsp;&nbsp; 2660 | &nbsp;&nbsp; 2630 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc. 4.00%, 6/15/2029 (a) | &nbsp;&nbsp; 2590 | &nbsp;&nbsp; 2407 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 4/1/2035 | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/2055 | &nbsp;&nbsp; 2510 | &nbsp;&nbsp; 2396 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 6/12/2029 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/12/2034 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1238 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2028 (a) | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/2029 (a) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/2031 (a) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1430 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. 4.63%, 3/15/2028 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 490 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/2027 | &nbsp;&nbsp; 3565 | &nbsp;&nbsp; 3568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/2027 | &nbsp;&nbsp; 1237 | &nbsp;&nbsp; 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/2028 | &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/1/2028 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2029 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2030 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2031 | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 757 |
| &nbsp;&nbsp;&nbsp; Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2029 (a) | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2032 (a) | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. 5.00%, 3/14/2053 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. 0.88%, 10/1/2031 | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 2/15/2029 | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 4/15/2029 | &nbsp;&nbsp; 4380 | &nbsp;&nbsp; 4177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2031 | &nbsp;&nbsp; 3778 | &nbsp;&nbsp; 3239 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2029 (a) | &nbsp;&nbsp; 611 | &nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/2032 (a) | &nbsp;&nbsp; 612 | &nbsp;&nbsp; 625 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Transocean, Inc. 8.25%, 5/15/2029 (a) | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | &nbsp;&nbsp; 1370 | &nbsp;&nbsp; 1424 |
| &nbsp;&nbsp;&nbsp; Trinseo Luxco Finance SPV Sarl 7.63% (Blend (Cash 5.13% + PIK 2.50%)), 5/3/2029 (a) (h) | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp; Triumph Group, Inc. 9.00%, 3/15/2028 (a) | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.30%), 6.12%, 10/28/2033 (c) | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%), 5.12%, 1/26/2034 (c) | &nbsp;&nbsp; 3876 | &nbsp;&nbsp; 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%), 5.87%, 6/8/2034 (c) | &nbsp;&nbsp; 3181 | &nbsp;&nbsp; 3259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%), 5.71%, 1/24/2035 (c) | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 589 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. 5.35%, 9/15/2054 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp; UGI International LLC 2.50%, 12/1/2029 (d) | &nbsp;&nbsp; EUR905 | &nbsp;&nbsp; 960 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. 3.90%, 4/1/2052 | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 653 |
| &nbsp;&nbsp;&nbsp; United States Cellular Corp. 6.70%, 12/15/2033 | &nbsp;&nbsp; 2099 | &nbsp;&nbsp; 2259 |
| &nbsp;&nbsp;&nbsp; United States Steel Corp. 6.88%, 3/1/2029 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/1/2027 (a) | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/2028 (a) | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 690 |
| &nbsp;&nbsp;&nbsp; US Bancorp (SOFR + 1.86%), 5.68%, 1/23/2035 (c) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1121 |
| &nbsp;&nbsp;&nbsp; US Foods, Inc. 4.75%, 2/15/2029 (a) | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. 6.50%, 5/15/2032 (a) | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp; Ventas Realty LP, REIT 5.00%, 1/15/2035 | &nbsp;&nbsp; 2645 | &nbsp;&nbsp; 2543 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 6/1/2028 (a) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/2029 (a) | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2030 (a) | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 2/1/2032 (a) | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 796 |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc. 3.75%, 10/1/2029 (a) | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP, REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/1/2027 (a) | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2027 (a) | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2029 (a) | &nbsp;&nbsp; 664 | &nbsp;&nbsp; 644 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/2026 (a) | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 1/30/2027 (a) | &nbsp;&nbsp; 3157 | &nbsp;&nbsp; 3098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/2027 (a) | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2029 (a) | &nbsp;&nbsp; 1126 | &nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2032 (a) | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/2034 (a) | &nbsp;&nbsp; 4180 | &nbsp;&nbsp; 4239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/30/2034 (a) | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 872 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc. 7.88%, 4/15/2032 (a) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 892 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. 4.50%, 10/15/2028 (a) | &nbsp;&nbsp; 2825 | &nbsp;&nbsp; 2411 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) 3.60%, 1/13/2051 | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 1580 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 890 |
| &nbsp;&nbsp;&nbsp; Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/31/2029 (a) | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 9/15/2030 (a) | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 679 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC 4.88%, 9/15/2028 (a) | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 3.53%, 3/24/2028 (c) | &nbsp;&nbsp; 4820 | &nbsp;&nbsp; 4727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.57%), 3.58%, 5/22/2028 (c) | &nbsp;&nbsp; 3320 | &nbsp;&nbsp; 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.57%, 7/25/2029 (c) | &nbsp;&nbsp; 7130 | &nbsp;&nbsp; 7315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 6.85%, 9/15/2029 (c) (e) (f) | &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 2518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.24%, 1/24/2031 (c) | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.78%), 5.50%, 1/23/2035 (c) | &nbsp;&nbsp; 3930 | &nbsp;&nbsp; 3952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.60%, 4/23/2036 (c) | &nbsp;&nbsp; 4165 | &nbsp;&nbsp; 4214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/17/2045 | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp; Welltower OP LLC, REIT 3.85%, 6/15/2032 | &nbsp;&nbsp; 1390 | &nbsp;&nbsp; 1302 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/2028 (a) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2029 (a) | &nbsp;&nbsp; 803 | &nbsp;&nbsp; 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/2032 (a) | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2033 (a) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp; White Cap Buyer LLC 6.88%, 10/15/2028 (a) | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) 3.50%, 10/15/2051 | &nbsp;&nbsp; 3945 | &nbsp;&nbsp; 2617 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/2029 (a) | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/2030 (a) | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc., REIT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2031 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2033 | &nbsp;&nbsp; 1302 | &nbsp;&nbsp; 1045 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/2027 (a) | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2029 (a) | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1392 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/2029 (a) | &nbsp;&nbsp; 3544 | &nbsp;&nbsp; 3456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 (a) | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp; Xerox Corp. 10.25%, 10/15/2030 (a) | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. 8.88%, 11/30/2029 (a) | &nbsp;&nbsp; 1093 | &nbsp;&nbsp; 737 |
| &nbsp;&nbsp;&nbsp; XPO, Inc. 7.13%, 2/1/2032 (a) | &nbsp;&nbsp; 1655 | &nbsp;&nbsp; 1718 |
|  |  | &nbsp;&nbsp; 1153399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $2,175,304)<br>|  | &nbsp;&nbsp; 2146504 |
| **Foreign Government Securities — 17.3%** | **Foreign Government Securities — 17.3%** | **Foreign Government Securities — 17.3%** |
| **Brazil — 1.1%** | **Brazil — 1.1%** | **Brazil — 1.1%** |
| &nbsp;&nbsp;&nbsp; Notas do Tesouro Nacional 10.00%, 1/1/2027 (g) | &nbsp;&nbsp; BRL229,960 | &nbsp;&nbsp; 38037 |
| **Colombia — 0.4%** | **Colombia — 0.4%** | **Colombia — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/25/2030 | &nbsp;&nbsp; 10268 | &nbsp;&nbsp; 10575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/15/2031 | &nbsp;&nbsp; 3402 | &nbsp;&nbsp; 2784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/2/2034 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 635 |
|  |  | &nbsp;&nbsp; 13994 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Costa Rica — 0.1%** | **Costa Rica — 0.1%** | **Costa Rica — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Costa Rica 7.30%, 11/13/2054 (a) | &nbsp;&nbsp; 2994 | &nbsp;&nbsp; 3060 |
| **Czech Republic — 1.6%** | **Czech Republic — 1.6%** | **Czech Republic — 1.6%** |
| &nbsp;&nbsp;&nbsp; Czech Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/14/2034 | &nbsp;&nbsp; CZK434,150 | &nbsp;&nbsp; 21044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/30/2035 | &nbsp;&nbsp; CZK504,790 | &nbsp;&nbsp; 21793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 7/30/2037 | &nbsp;&nbsp; CZK401,000 | &nbsp;&nbsp; 14167 |
|  |  | &nbsp;&nbsp; 57004 |
| **Dominican Republic — 0.3%** | **Dominican Republic — 0.3%** | **Dominican Republic — 0.3%** |
| &nbsp;&nbsp;&nbsp; Dominican Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/15/2037 (a) | &nbsp;&nbsp; 8226 | &nbsp;&nbsp; 8255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 1/27/2045 (d) | &nbsp;&nbsp; 3027 | &nbsp;&nbsp; 2925 |
|  |  | &nbsp;&nbsp; 11180 |
| **Egypt — 0.3%** | **Egypt — 0.3%** | **Egypt — 0.3%** |
| &nbsp;&nbsp;&nbsp; Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/4/2030 (a) | &nbsp;&nbsp; 5037 | &nbsp;&nbsp; 5007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/29/2032 (d) | &nbsp;&nbsp; 7780 | &nbsp;&nbsp; 6985 |
|  |  | &nbsp;&nbsp; 11992 |
| **Guatemala — 0.3%** | **Guatemala — 0.3%** | **Guatemala — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 8/6/2031 (a) | &nbsp;&nbsp; 6433 | &nbsp;&nbsp; 6439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 2/6/2037 (a) | &nbsp;&nbsp; 4022 | &nbsp;&nbsp; 4022 |
|  |  | &nbsp;&nbsp; 10461 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| &nbsp;&nbsp;&nbsp; Hungary Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/26/2036 (a) | &nbsp;&nbsp; 8143 | &nbsp;&nbsp; 7698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/25/2052 (a) | &nbsp;&nbsp; 3931 | &nbsp;&nbsp; 3928 |
|  |  | &nbsp;&nbsp; 11626 |
| **Indonesia — 1.7%** | **Indonesia — 1.7%** | **Indonesia — 1.7%** |
| &nbsp;&nbsp;&nbsp; Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2029 | &nbsp;&nbsp; IDR276,148,000 | &nbsp;&nbsp; 17206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2033 | &nbsp;&nbsp; IDR168,525,000 | &nbsp;&nbsp; 10490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/2035 | &nbsp;&nbsp; IDR537,558,000 | &nbsp;&nbsp; 32793 |
|  |  | &nbsp;&nbsp; 60489 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| &nbsp;&nbsp;&nbsp; State of Israel Government Bond 3.38%, 1/15/2050 | &nbsp;&nbsp; 7840 | &nbsp;&nbsp; 4858 |
| **Ivory Coast — 0.4%** | **Ivory Coast — 0.4%** | **Ivory Coast — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/3/2028 (d) | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2033 (d) | &nbsp;&nbsp; 2327 | &nbsp;&nbsp; 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 4/1/2036 (a) | &nbsp;&nbsp; 3908 | &nbsp;&nbsp; 3684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/17/2040 (a) | &nbsp;&nbsp; EUR7,400 | &nbsp;&nbsp; 6877 |
|  |  | &nbsp;&nbsp; 13712 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Jordan — 0.2%** | **Jordan — 0.2%** | **Jordan — 0.2%** |
| &nbsp;&nbsp;&nbsp; Hashemite Kingdom of Jordan 5.85%, 7/7/2030 (d) | &nbsp;&nbsp; 6958 | &nbsp;&nbsp; 6506 |
| **Kenya — 0.1%** | **Kenya — 0.1%** | **Kenya — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Kenya 9.50%, 3/5/2036 (a) | &nbsp;&nbsp; 4372 | &nbsp;&nbsp; 3987 |
| **Lebanon — 0.0% ^** | **Lebanon — 0.0% ^** | **Lebanon — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Lebanese Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 4/22/2024 (d) (g) | &nbsp;&nbsp; 3207 | &nbsp;&nbsp; 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/3/2028 (d) (g) | &nbsp;&nbsp; 3134 | &nbsp;&nbsp; 542 |
|  |  | &nbsp;&nbsp; 1097 |
| **Mexico — 3.7%** | **Mexico — 3.7%** | **Mexico — 3.7%** |
| &nbsp;&nbsp;&nbsp; Mex Bonos Desarr Fix Rt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 2/28/2030 | &nbsp;&nbsp; MXN924,400 | &nbsp;&nbsp; 47042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/29/2031 | &nbsp;&nbsp; MXN721,220 | &nbsp;&nbsp; 35164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/24/2035 | &nbsp;&nbsp; MXN647,590 | &nbsp;&nbsp; 30685 |
| &nbsp;&nbsp;&nbsp; United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 5/25/2032 | &nbsp;&nbsp; EUR4,321 | &nbsp;&nbsp; 4923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 2/9/2035 | &nbsp;&nbsp; 3247 | &nbsp;&nbsp; 3236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 5/13/2055 | &nbsp;&nbsp; 3983 | &nbsp;&nbsp; 3937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 5/24/2061 | &nbsp;&nbsp; 7068 | &nbsp;&nbsp; 3958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/19/2071 | &nbsp;&nbsp; 2997 | &nbsp;&nbsp; 1618 |
|  |  | &nbsp;&nbsp; 130563 |
| **Oman — 0.3%** | **Oman — 0.3%** | **Oman — 0.3%** |
| &nbsp;&nbsp;&nbsp; Sultanate of Oman Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/17/2028 (d) | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/25/2031 (d) | &nbsp;&nbsp; 5140 | &nbsp;&nbsp; 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/17/2048 (d) | &nbsp;&nbsp; 3450 | &nbsp;&nbsp; 3464 |
|  |  | &nbsp;&nbsp; 12065 |
| **Paraguay — 0.3%** | **Paraguay — 0.3%** | **Paraguay — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Paraguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/28/2031 (a) | &nbsp;&nbsp; 4630 | &nbsp;&nbsp; 4542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/28/2033 (a) | &nbsp;&nbsp; 1521 | &nbsp;&nbsp; 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/13/2048 (d) | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/30/2050 (d) | &nbsp;&nbsp; 2278 | &nbsp;&nbsp; 1914 |
|  |  | &nbsp;&nbsp; 8670 |
| **Poland — 3.0%** | **Poland — 3.0%** | **Poland — 3.0%** |
| &nbsp;&nbsp;&nbsp; Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/25/2029 | &nbsp;&nbsp; PLN70,080 | &nbsp;&nbsp; 18643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 4/25/2032 | &nbsp;&nbsp; PLN100,730 | &nbsp;&nbsp; 21711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/25/2033 | &nbsp;&nbsp; PLN56,349 | &nbsp;&nbsp; 15771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/25/2036 | &nbsp;&nbsp; PLN169,467 | &nbsp;&nbsp; 40296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/18/2054 | &nbsp;&nbsp; 8439 | &nbsp;&nbsp; 7634 |
|  |  | &nbsp;&nbsp; 104055 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Romania — 0.2%** | **Romania — 0.2%** | **Romania — 0.2%** |
| &nbsp;&nbsp;&nbsp; Romania Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/30/2034 (a) | &nbsp;&nbsp; 3966 | &nbsp;&nbsp; 3782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/3/2049 (a) | &nbsp;&nbsp; EUR3,467 | &nbsp;&nbsp; 2883 |
|  |  | &nbsp;&nbsp; 6665 |
| **Senegal — 0.1%** | **Senegal — 0.1%** | **Senegal — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Senegal 6.25%, 5/23/2033 (d) | &nbsp;&nbsp; 2919 | &nbsp;&nbsp; 2093 |
| **South Africa — 1.3%** | **South Africa — 1.3%** | **South Africa — 1.3%** |
| &nbsp;&nbsp;&nbsp; Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/12/2028 | &nbsp;&nbsp; 5530 | &nbsp;&nbsp; 5288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 9/30/2029 | &nbsp;&nbsp; 5370 | &nbsp;&nbsp; 5114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 1/31/2040 | &nbsp;&nbsp; ZAR737,800 | &nbsp;&nbsp; 34616 |
|  |  | &nbsp;&nbsp; 45018 |
| **Turkey — 1.4%** | **Turkey — 1.4%** | **Turkey — 1.4%** |
| &nbsp;&nbsp;&nbsp; Istanbul Metropolitan Municipality |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/9/2025 (d) | &nbsp;&nbsp; 3440 | &nbsp;&nbsp; 3431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 12/6/2028 (d) | &nbsp;&nbsp; 3120 | &nbsp;&nbsp; 3320 |
| &nbsp;&nbsp;&nbsp; Republic of Turkiye (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 36.00%, 8/12/2026 | &nbsp;&nbsp; TRY1,062,297 | &nbsp;&nbsp; 25754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 30.00%, 9/12/2029 | &nbsp;&nbsp; TRY328,411 | &nbsp;&nbsp; 7403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/29/2032 | &nbsp;&nbsp; 10266 | &nbsp;&nbsp; 10087 |
|  |  | &nbsp;&nbsp; 49995 |
| **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** |
| &nbsp;&nbsp;&nbsp; United Arab Emirates Government Bond 4.00%, 7/28/2050 (a) | &nbsp;&nbsp; 6850 | &nbsp;&nbsp; 4281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $642,033)<br>|  | &nbsp;&nbsp; 611408 |
| **Mortgage-Backed Securities — 9.1%** | **Mortgage-Backed Securities — 9.1%** | **Mortgage-Backed Securities — 9.1%** |
| **United States — 9.1%** | **United States — 9.1%** | **United States — 9.1%** |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year Pool # SD8342, 5.50%, 7/1/2053 | &nbsp;&nbsp; 3256 | &nbsp;&nbsp; 3230 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS8290, 5.50%, 9/1/2053 | &nbsp;&nbsp; 40647 | &nbsp;&nbsp; 40491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS8365, 5.50%, 6/1/2054 | &nbsp;&nbsp; 13640 | &nbsp;&nbsp; 13583 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year Pool # MA8200, 4.00%, 8/20/2052 | &nbsp;&nbsp; 81538 | &nbsp;&nbsp; 75010 |
| &nbsp;&nbsp;&nbsp; GNMA II, Single Family, 30 Year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 6/15/2055 (k) | &nbsp;&nbsp; 84300 | &nbsp;&nbsp; 83691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 7/15/2055 (k) | &nbsp;&nbsp; 88604 | &nbsp;&nbsp; 85893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 7/15/2055 (k) | &nbsp;&nbsp; 15700 | &nbsp;&nbsp; 15572 |
| &nbsp;&nbsp;&nbsp; P4 SFR, 9.25%, 10/11/2026 ‡ | &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 3743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $323,061)<br>|  | &nbsp;&nbsp; 321213 |
| **Convertible Bonds — 4.1%** | **Convertible Bonds — 4.1%** | **Convertible Bonds — 4.1%** |
| **Austria — 0.0% ^** | **Austria — 0.0% ^** | **Austria — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG 2.13%, 11/3/2027 (d) | &nbsp;&nbsp; EUR1,700 | &nbsp;&nbsp; 1781 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Convertible Bonds — continued** | **Convertible Bonds — continued** | **Convertible Bonds — continued** |
| **China — 0.3%** | **China — 0.3%** | **China — 0.3%** |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. 0.50%, 6/1/2031 (a) | &nbsp;&nbsp; 4375 | &nbsp;&nbsp; 5552 |
| &nbsp;&nbsp;&nbsp; H World Group Ltd. 3.00%, 5/1/2026 | &nbsp;&nbsp; 3640 | &nbsp;&nbsp; 3940 |
|  |  | &nbsp;&nbsp; 9492 |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| &nbsp;&nbsp;&nbsp; Sea Ltd. 2.38%, 12/1/2025 | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 3123 |
| **United States — 3.7%** | **United States — 3.7%** | **United States — 3.7%** |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. 2.50%, 9/15/2028 | &nbsp;&nbsp; 3238 | &nbsp;&nbsp; 3631 |
| &nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc. 2.25%, 6/1/2029 (a) | &nbsp;&nbsp; 2565 | &nbsp;&nbsp; 2501 |
| &nbsp;&nbsp;&nbsp; Bentley Systems, Inc. 0.13%, 1/15/2026 | &nbsp;&nbsp; 2276 | &nbsp;&nbsp; 2240 |
| &nbsp;&nbsp;&nbsp; Box, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 1/15/2026 | &nbsp;&nbsp; 2548 | &nbsp;&nbsp; 3740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 9/15/2029 (a) | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 591 |
| &nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 6/15/2026 | &nbsp;&nbsp; 876 | &nbsp;&nbsp; 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/15/2030 (a) | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1152 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. Zero Coupon, 3/1/2028 | &nbsp;&nbsp; 3396 | &nbsp;&nbsp; 3461 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. Zero Coupon, 3/1/2028 | &nbsp;&nbsp; 4040 | &nbsp;&nbsp; 3336 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc. 0.13%, 10/1/2026 | &nbsp;&nbsp; 3150 | &nbsp;&nbsp; 3122 |
| &nbsp;&nbsp;&nbsp; Five9, Inc. 1.00%, 3/15/2029 | &nbsp;&nbsp; 4407 | &nbsp;&nbsp; 3819 |
| &nbsp;&nbsp;&nbsp; Fluor Corp. 1.13%, 8/15/2029 | &nbsp;&nbsp; 1203 | &nbsp;&nbsp; 1394 |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. Zero Coupon, 3/15/2026 | &nbsp;&nbsp; 3713 | &nbsp;&nbsp; 3648 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. 1.50%, 3/1/2031 | &nbsp;&nbsp; 2638 | &nbsp;&nbsp; 2310 |
| &nbsp;&nbsp;&nbsp; Greenbrier Cos., Inc. (The) 2.88%, 4/15/2028 | &nbsp;&nbsp; 4969 | &nbsp;&nbsp; 5231 |
| &nbsp;&nbsp;&nbsp; Itron, Inc. 1.38%, 7/15/2030 (a) | &nbsp;&nbsp; 2740 | &nbsp;&nbsp; 3006 |
| &nbsp;&nbsp;&nbsp; Jazz Investments I Ltd. 3.13%, 9/15/2030 (a) | &nbsp;&nbsp; 4705 | &nbsp;&nbsp; 5018 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. 2.50%, 9/1/2029 (a) | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2334 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group LP REIT, 0.75%, 4/1/2027 (a) | &nbsp;&nbsp; 2431 | &nbsp;&nbsp; 2471 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. 3.13%, 1/15/2029 | &nbsp;&nbsp; 2845 | &nbsp;&nbsp; 4081 |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc. 1.50%, 12/15/2029 | &nbsp;&nbsp; 2641 | &nbsp;&nbsp; 3380 |
| &nbsp;&nbsp;&nbsp; Lyft, Inc. 0.63%, 3/1/2029 (a) | &nbsp;&nbsp; 3702 | &nbsp;&nbsp; 3913 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. 1.75%, 5/15/2028 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2172 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 2/15/2027 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 6/1/2030 (a) | &nbsp;&nbsp; 2390 | &nbsp;&nbsp; 2280 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. 1.25%, 6/1/2030 | &nbsp;&nbsp; 6470 | &nbsp;&nbsp; 5914 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. Zero Coupon, 5/1/2027 | &nbsp;&nbsp; 5336 | &nbsp;&nbsp; 5756 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. 4.25%, 12/1/2027 | &nbsp;&nbsp; 4840 | &nbsp;&nbsp; 5022 |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman 3.50%, 6/1/2028 | &nbsp;&nbsp; 4725 | &nbsp;&nbsp; 7152 |
| &nbsp;&nbsp;&nbsp; Snap, Inc. 0.50%, 5/1/2030 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 779 |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc. Zero Coupon, 10/1/2027 (a) | &nbsp;&nbsp; 3654 | &nbsp;&nbsp; 5214 |
| &nbsp;&nbsp;&nbsp; SoFi Technologies, Inc. 1.25%, 3/15/2029 (a) | &nbsp;&nbsp; 1620 | &nbsp;&nbsp; 2560 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. 2.25%, 7/1/2029 (a) | &nbsp;&nbsp; 1243 | &nbsp;&nbsp; 944 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) 4.50%, 6/15/2027 | &nbsp;&nbsp; 4835 | &nbsp;&nbsp; 5269 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands, Inc. 3.38%, 6/1/2029 (a) | &nbsp;&nbsp; 4349 | &nbsp;&nbsp; 3984 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc. 0.75%, 12/1/2031 (a) | &nbsp;&nbsp; 3552 | &nbsp;&nbsp; 3227 |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp. 2.75%, 5/1/2026 | &nbsp;&nbsp; 2208 | &nbsp;&nbsp; 2130 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Convertible Bonds — continued** | **Convertible Bonds — continued** | **Convertible Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. Series 2028, 0.88%, 12/1/2028 | &nbsp;&nbsp; 3563 | &nbsp;&nbsp; 4746 |
| &nbsp;&nbsp;&nbsp; Veeco Instruments, Inc. 2.88%, 6/1/2029 | &nbsp;&nbsp; 3349 | &nbsp;&nbsp; 3482 |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc. 3.25%, 9/15/2027 | &nbsp;&nbsp; 2855 | &nbsp;&nbsp; 2982 |
|  |  | &nbsp;&nbsp; 130229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds <br>(Cost $139,931)<br>|  | &nbsp;&nbsp; 144625<br>|
| **Loan Assignments — 2.8%** (m) | **Loan Assignments — 2.8%** (m) | **Loan Assignments — 2.8%** (m) |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |
| &nbsp;&nbsp;&nbsp; NorthRiver Midstream Finance LP, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 6.55%, 8/16/2030 (c) | &nbsp;&nbsp; 2216 | &nbsp;&nbsp; 2216 |
| **United Kingdom — 0.0% ^** | **United Kingdom — 0.0% ^** | **United Kingdom — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Crown Finance US, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 5.25%), 9.58%, 12/2/2031 (c) | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 1497 |
| **United States — 2.7%** | **United States — 2.7%** | **United States — 2.7%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 6.25%), 10.59%, 10/8/2030 (c) (n) | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.52%, 4/20/2028 (c) | &nbsp;&nbsp; 1529 | &nbsp;&nbsp; 1512 |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 3.00%), 7.30%, 2/3/2031 (c) | &nbsp;&nbsp; 1177 | &nbsp;&nbsp; 1177 |
| &nbsp;&nbsp;&nbsp; AHP Health Partners, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 7.08%, 8/24/2028 (c) | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 1564 |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 3.10%), 7.25%, 2/1/2029 (c) | &nbsp;&nbsp; 2293 | &nbsp;&nbsp; 2262 |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 2nd Lien Term Loan (12-MONTH CME TERM SOFR + 5.60%), 9.75%, 2/1/2030 (c) | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 678 |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 2/15/2029 (c) | &nbsp;&nbsp; 1987 | &nbsp;&nbsp; 1978 |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.50%), 7.83%, 11/25/2031 (c) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3006 |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 7.05%, 10/16/2031 (c) | &nbsp;&nbsp; 2488 | &nbsp;&nbsp; 2496 |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 1st Lien Term Loan B-2 (3-MONTH CME TERM SOFR + 2.00%), 6.30%, 1/31/2031 (c) | &nbsp;&nbsp; 2011 | &nbsp;&nbsp; 2012 |
| &nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 7.33%, 7/30/2031 (c) | &nbsp;&nbsp; 1240 | &nbsp;&nbsp; 1230 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP, 1st Lien Term Loan B-6 (1-MONTH CME TERM SOFR + 1.75%), 6.08%, 11/22/2030 (c) | &nbsp;&nbsp; 1767 | &nbsp;&nbsp; 1766 |
| &nbsp;&nbsp;&nbsp; Camelot US Acquisition LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 7.08%, 1/31/2031 (c) | &nbsp;&nbsp; 1878 | &nbsp;&nbsp; 1851 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.55%, 7/6/2029 (c) | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp; Chariot Buyer LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.68%, 11/3/2028 (c) | &nbsp;&nbsp; 2516 | &nbsp;&nbsp; 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC, 1st Lien Term Loan B-4 (3-MONTH CME TERM SOFR + 2.00%), 6.30%, <br> 12/9/2030 (c)<br>| &nbsp;&nbsp; 439 | &nbsp;&nbsp; 439 |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc., 1st Lien Term Loan B (6-MONTH CME TERM SOFR + 6.50%), 10.73%, 12/18/2026 (c) | &nbsp;&nbsp; 1643 | &nbsp;&nbsp; 1046 |
| &nbsp;&nbsp;&nbsp; Conair Holdings LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 8.19%, 5/17/2028 (c) | &nbsp;&nbsp; 2810 | &nbsp;&nbsp; 1974 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.50%), 8.83%, 1/18/2028 (c) | &nbsp;&nbsp; 1834 | &nbsp;&nbsp; 1808 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 1.75%), 6.17%, 8/2/2027 (c) | &nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1293 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP, 1st Lien Term Loan B (6-MONTH CME TERM SOFR + 2.50%), 6.93%, 5/31/2030 (c) | &nbsp;&nbsp; 943 | &nbsp;&nbsp; 938 |
| &nbsp;&nbsp;&nbsp; FGI Operating Co. LLC, 1st Lien Term Loan 0.00%, 1/31/2025 ‡ (g) (i) | &nbsp;&nbsp; 41 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan B-2 (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 7/21/2028 (c) | &nbsp;&nbsp; 2017 | &nbsp;&nbsp; 2017 |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 1.75%), 6.05%, 4/10/2031 (c) | &nbsp;&nbsp; 2687 | &nbsp;&nbsp; 2672 |
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 1/30/2032 (c) | &nbsp;&nbsp; 3648 | &nbsp;&nbsp; 3635 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.77%, 6/20/2030 (c) | &nbsp;&nbsp; 2757 | &nbsp;&nbsp; 2756 |
| &nbsp;&nbsp;&nbsp; Icon Parent, Inc., 1st Lien Term Loan (6-MONTH CME TERM SOFR + 3.00%), 7.21%, 11/13/2031 (c) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2996 |
| &nbsp;&nbsp;&nbsp; Iridium Satellite LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 9/20/2030 (c) | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1201 |
| &nbsp;&nbsp;&nbsp; KBR, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 6.33%, 1/17/2031 (c) | &nbsp;&nbsp; 1970 | &nbsp;&nbsp; 1973 |
| &nbsp;&nbsp;&nbsp; LABL, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 9.43%, 10/30/2028 (c) | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 797 |
| &nbsp;&nbsp;&nbsp; Leslie's Poolmart, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 7.19%, 3/9/2028 (c) | &nbsp;&nbsp; 2120 | &nbsp;&nbsp; 1575 |
| &nbsp;&nbsp;&nbsp; LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.25%), 8.57%, 12/2/2031 (c) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1964 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, 1st Lien Term Loan (6-MONTH CME TERM SOFR + 2.50%), 6.76%, 6/21/2028 (c) | &nbsp;&nbsp; 754 | &nbsp;&nbsp; 753 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 10/23/2028 (c) | &nbsp;&nbsp; 1529 | &nbsp;&nbsp; 1527 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 3/28/2031 (c) | &nbsp;&nbsp; 1906 | &nbsp;&nbsp; 1900 |
| &nbsp;&nbsp;&nbsp; Modena Buyer LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.50%), 8.78%, 7/1/2031 (c) | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 964 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien PIK Term Loan (3-MONTH CME TERM SOFR + 2.00%), 2.00%, 6/30/2026 ‡ (c) | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Super Senior Delayed Draw Term Loan (3-MONTH CME TERM SOFR + 11.50%), 15.91%, <br> 6/30/2026 ‡ (c)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Term Loan (12-MONTH CME TERM SOFR + 8.50%), 12.70%, 1/2/2029 ‡ (c) | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Term Loan A (12-MONTH CME TERM SOFR + 2.50%), 6.28%, 1/2/2029 ‡ (c) | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 2nd Lien PIK Term Loan (3-MONTH CME TERM SOFR + 2.00%), 2.00%, 6/30/2026 ‡ (c) | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 8.03%, 3/27/2029 (c) | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neon Maple US Debt Mergersub, Inc., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 3.00%), 7.32%, <br> 11/17/2031 (c)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1497 |
| &nbsp;&nbsp;&nbsp; Park River Holdings, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.80%, 12/28/2027 (c) | &nbsp;&nbsp; 1982 | &nbsp;&nbsp; 1903 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.81%, 3/3/2028 (c) | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1572 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 8.18%, 2/11/2028 (c) | &nbsp;&nbsp; 1684 | &nbsp;&nbsp; 1676 |
| &nbsp;&nbsp;&nbsp; Phoenix Newco, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 11/15/2028 (c) | &nbsp;&nbsp; 1708 | &nbsp;&nbsp; 1708 |
| &nbsp;&nbsp;&nbsp; Pike Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.44%, 1/21/2028 (c) | &nbsp;&nbsp; 1353 | &nbsp;&nbsp; 1359 |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.55%, 3/31/2028 (c) | &nbsp;&nbsp; 1217 | &nbsp;&nbsp; 1217 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 3/19/2029 (c) | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 1226 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 2/10/2032 (c) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.58%, 11/19/2031 (c) | &nbsp;&nbsp; 2297 | &nbsp;&nbsp; 2291 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.25%), 8.58%, 11/28/2028 (c) | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 1228 |
| &nbsp;&nbsp;&nbsp; Serta Simmons Bedding LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 7.50%), 11.91%, 6/29/2028 (c) | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 6.33%, 5/1/2031 (c) | &nbsp;&nbsp; 1231 | &nbsp;&nbsp; 1231 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., 1st Lien Term Loan B-8 (1-MONTH CME TERM SOFR + 2.00%), 6.32%, 5/9/2031 (c) | &nbsp;&nbsp; 1046 | &nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 6.33%, 3/14/2031 (c) | &nbsp;&nbsp; 1436 | &nbsp;&nbsp; 1435 |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 3/18/2030 (c) | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1219 |
| &nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., 1st Lien Term Loan B-7 (3-MONTH CME TERM SOFR + 3.75%), 8.05%, 9/15/2028 (c) | &nbsp;&nbsp; 828 | &nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp; UKG, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 2/10/2031 (c) | &nbsp;&nbsp; 2146 | &nbsp;&nbsp; 2149 |
| &nbsp;&nbsp;&nbsp; USI, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.55%, 9/27/2030 (c) | &nbsp;&nbsp; 2065 | &nbsp;&nbsp; 2054 |
| &nbsp;&nbsp;&nbsp; Varsity Brands, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 7.83%, 8/26/2031 (c) | &nbsp;&nbsp; 2733 | &nbsp;&nbsp; 2713 |
| &nbsp;&nbsp;&nbsp; Vista Management Holding, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 8.05%, 4/1/2031 (c) | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 709 |
| &nbsp;&nbsp;&nbsp; WEC US Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.57%, 1/27/2031 (c) | &nbsp;&nbsp; 1489 | &nbsp;&nbsp; 1485 |
| &nbsp;&nbsp;&nbsp; Whatabrands LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 8/3/2028 (c) | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 1224 |
| &nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%), 7.58%, 10/19/2029 (c) | &nbsp;&nbsp; 919 | &nbsp;&nbsp; 909 |
| &nbsp;&nbsp;&nbsp; Zekelman Industries, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.59%, 1/24/2031 (c) | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 1478 |
|  |  | &nbsp;&nbsp; 96390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments <br>(Cost $102,944)<br>|  | &nbsp;&nbsp; 100103 |
| **Commercial Mortgage-Backed Securities — 1.4%** | **Commercial Mortgage-Backed Securities — 1.4%** | **Commercial Mortgage-Backed Securities — 1.4%** |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| &nbsp;&nbsp;&nbsp; HCFT , 7.25%, 6/13/2025 ‡ | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5916 |
| **United States — 1.2%** | **United States — 1.2%** | **United States — 1.2%** |
| &nbsp;&nbsp;&nbsp; A10 Revolving Asset Financing I LLC Series 2012-RAF1, Class B, 10.85%, 10/15/2019 ‡ (a) (i) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp; BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class C, 4.55%, 8/15/2061 (i) | &nbsp;&nbsp; 1703 | &nbsp;&nbsp; 1443 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class XA, IO, 0.81%, 9/15/2062 (i) | &nbsp;&nbsp; 7455 | &nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust Series 2019-B11, Class C, 3.75%, 5/15/2052 (i) | &nbsp;&nbsp; 5352 | &nbsp;&nbsp; 4104 |
| &nbsp;&nbsp;&nbsp; BHMS Series 2018-ATLS, Class A, 5.88%, 7/15/2035 (a) (i) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1300 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust Series 2024-MF, Class B, 6.02%, 2/15/2039 (a) (i) | &nbsp;&nbsp; 2408 | &nbsp;&nbsp; 2411 |
| &nbsp;&nbsp;&nbsp; BX Trust Series 2022-LBA6, Class A, 5.33%, 1/15/2039 (a) (i) | &nbsp;&nbsp; 10375 | &nbsp;&nbsp; 10352 |
| &nbsp;&nbsp;&nbsp; CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.43%, 11/15/2050 (i) | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust Series 2016-CD2, Class C, 3.97%, 11/10/2049 (i) | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K739, Class X1, IO, 1.18%, 9/25/2027 (i) | &nbsp;&nbsp; 35945 | &nbsp;&nbsp; 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K104, Class X1, IO, 1.11%, 1/25/2030 (i) | &nbsp;&nbsp; 24813 | &nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K108, Class X1, IO, 1.69%, 3/25/2030 (i) | &nbsp;&nbsp; 11919 | &nbsp;&nbsp; 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K117, Class X1, IO, 1.22%, 8/25/2030 (i) | &nbsp;&nbsp; 41755 | &nbsp;&nbsp; 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K724, Class X3, IO, 3.82%, 12/25/2044 (i) | &nbsp;&nbsp; 213 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class X3, IO, 2.14%, 12/25/2045 (i) | &nbsp;&nbsp; 12354 | &nbsp;&nbsp; 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K089, Class X3, IO, 2.30%, 1/25/2046 (i) | &nbsp;&nbsp; 11650 | &nbsp;&nbsp; 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K078, Class X3, IO, 2.21%, 6/25/2046 (i) | &nbsp;&nbsp; 10990 | &nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K088, Class X3, IO, 2.35%, 2/25/2047 (i) | &nbsp;&nbsp; 11410 | &nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K094, Class X3, IO, 2.12%, 7/25/2047 (i) | &nbsp;&nbsp; 4450 | &nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp; FNMA ACES Series 2020-M39, Class X2, IO, 1.42%, 8/25/2031 (i) | &nbsp;&nbsp; 9189 | &nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp; FREMF Series 2018-KF46, Class B, 6.42%, 3/25/2028 (a) (i) | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF38, Class B, 6.97%, 9/25/2024 (a) (i) | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF41, Class B, 6.97%, 11/25/2024 (a) (i) | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF45, Class B, 6.42%, 3/25/2025 (a) (i) | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-KF24, Class B, 9.47%, 10/25/2026 (a) (i) | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF40, Class B, 7.17%, 11/25/2027 (a) (i) | &nbsp;&nbsp; 537 | &nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF50, Class B, 6.37%, 7/25/2028 (a) (i) | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 618 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust Series 2015-GC30, Class C, 3.99%, 5/10/2050 (i) | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 539 |
| &nbsp;&nbsp;&nbsp; ILPT Commercial Mortgage Trust Series 2022-LPF2, Class A, 6.57%, 10/15/2039 (a) (i) | &nbsp;&nbsp; 2729 | &nbsp;&nbsp; 2726 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class C, 4.22%, 7/15/2048 (i) | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class C, 4.60%, 8/15/2048 (i) | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP4, Class C, 3.38%, 12/15/2049 (i) | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class C, 4.29%, 5/15/2048 (i) | &nbsp;&nbsp; 607 | &nbsp;&nbsp; 589 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HQ7, Class E, 5.44%, 11/14/2042 (i) | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-MS1, Class B, 4.01%, 5/15/2048 (i) | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp; SDR Commercial Mortgage Trust Series 2024-DSNY, Class B, 6.07%, 5/15/2039 (a) (i) | &nbsp;&nbsp; 3090 | &nbsp;&nbsp; 3045 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust Series 2017-C7, Class B, 4.29%, 12/15/2050 (i) | &nbsp;&nbsp; 1795 | &nbsp;&nbsp; 1715 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A, 4.05%, 10/26/2048 (a) (i) | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A, 3.03%, 10/25/2049 (a) (i) | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class AFX, 2.61%, 2/25/2050 (a) (i) | &nbsp;&nbsp; 1469 | &nbsp;&nbsp; 1324 |
|  |  | &nbsp;&nbsp; 44190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $53,465)<br>|  | &nbsp;&nbsp; 50106 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — 0.8%** | **Asset-Backed Securities — 0.8%** | **Asset-Backed Securities — 0.8%** |
| **Cayman Islands — 0.2%** | **Cayman Islands — 0.2%** | **Cayman Islands — 0.2%** |
| &nbsp;&nbsp;&nbsp; Apidos CLO Series 2020-34A, Class A1R, 5.68%, 1/20/2035 (a) (i) | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 927 |
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd. Series 2019-68A, Class ARR, 5.36%, 7/15/2035 (a) (i) | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3599 |
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd. Series 2013-15A, Class ARR, 5.49%, 10/15/2030 (a) (i) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; LCM LP Series 16A, Class A2R, 5.70%, 10/15/2031 (a) (i) | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. Series 2021-4A, Class A1, 5.32%, 10/15/2029 (a) (i) | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp; Renew Series 2017-1A, Class B, 5.75%, 9/20/2052 ‡ (a) | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
|  |  | &nbsp;&nbsp; 5223 |
| **United States — 0.6%** | **United States — 0.6%** | **United States — 0.6%** |
| &nbsp;&nbsp;&nbsp; Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 (a) | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp; ACE Securities Corp. Home Equity Loan Trust Series 2004-OP1, Class M2, 6.01%, 4/25/2034 (i) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; AMSR Trust Series 2019-SFR1, Class E, 3.47%, 1/19/2039 (a) | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 2979 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC Series 2022-2A, Class A2, 5.30%, 6/21/2028 (a) | &nbsp;&nbsp; 604 | &nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp; Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-W3, Class A3, 3.38%, 2/25/2034 (i) | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Countrywide Asset-Backed Certificates Series 2002-4, Class M1, 5.56%, 12/25/2032 (i) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust Series 2023-1A, Class A, 6.48%, 3/15/2033 (a) | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 940 |
| &nbsp;&nbsp;&nbsp; Driven Brands Funding LLC Series 2019-2A, Class A2, 3.98%, 10/20/2049 (a) | &nbsp;&nbsp; 1697 | &nbsp;&nbsp; 1665 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust Series 2024-3A, Class D, 5.98%, 9/16/2030 | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2126 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class F1, 3.02%, 10/19/2037 (a) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class F2, 3.12%, 10/19/2037 (a) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1972 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust Series 2023-1, Class B, 5.05%, 1/18/2028 (a) | &nbsp;&nbsp; 733 | &nbsp;&nbsp; 732 |
| &nbsp;&nbsp;&nbsp; Fremont Home Loan Trust Series 2004-2, Class M2, 5.37%, 7/25/2034 (i) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust Series 2022-3A, Class D, 6.42%, 6/15/2028 (a) | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp; HIN Timeshare Trust Series 2020-A, Class D, 5.50%, 10/9/2039 (a) | &nbsp;&nbsp; 1058 | &nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust Series 2019-1, Class A, 2.95%, 5/15/2028 | &nbsp;&nbsp; 446 | &nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust Series 2003-OPT1, Class M1, 5.41%, 7/25/2034 (i) | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Mid-State Capital Corp. Trust Series 2006-1, Class M2, 6.74%, 10/15/2040 (a) | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; MVW LLC Series 2021-1WA, Class D, 3.17%, 1/22/2041 (a) | &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 1720 |
| &nbsp;&nbsp;&nbsp; Renaissance Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1, Class AF6, 5.47%, 5/25/2035 (j) | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2, Class M1, 5.55%, 8/25/2035 (j) | &nbsp;&nbsp; 536 | &nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust Series 2022-6, Class C, 4.96%, 11/15/2028 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp; Saxon Asset Securities Trust Series 2004-3, Class M1, 5.34%, 12/26/2034 (i) | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; US Auto Funding Series 2021-1A, Class C, 2.20%, 5/15/2026 (a) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2333 |
|  |  | &nbsp;&nbsp; 22034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $27,038)<br>|  | &nbsp;&nbsp; 27257 |
| **Collateralized Mortgage Obligations — 0.5%** | **Collateralized Mortgage Obligations — 0.5%** | **Collateralized Mortgage Obligations — 0.5%** |
| **United States — 0.5%** | **United States — 0.5%** | **United States — 0.5%** |
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-25CB, Class A1, 6.00%, 12/25/2034 | &nbsp;&nbsp; 1379 | &nbsp;&nbsp; 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-21CB, Class A17, 6.00%, 6/25/2035 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust Series 2020-1, Class A1, 2.47%, 12/25/2059 (a) (i) | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust Series 2007-A1, Class 2A3, 6.49%, 2/25/2037 (i) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037 | &nbsp;&nbsp; 883 | &nbsp;&nbsp; 360 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust Series 2023-R02, Class 1M1, 6.62%, 1/25/2043 (a) (i) | &nbsp;&nbsp; 2446 | &nbsp;&nbsp; 2502 |
| &nbsp;&nbsp;&nbsp; DSLA Mortgage Loan Trust Series 2005-AR4, Class 2A1A, 4.96%, 8/19/2045 (i) | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp; FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1B, 7.22%, 4/25/2042 (a) (i) | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1751 |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3914, Class LS, IF, IO, 2.35%, 8/15/2026 (i) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4030, Class IL, IO, 3.50%, 4/15/2027 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4043, Class PI, IO, 2.50%, 5/15/2027 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4057, Class UI, IO, 3.00%, 5/15/2027 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4120, Class UI, IO, 3.00%, 10/15/2027 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4324, Class AI, IO, 3.00%, 11/15/2028 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4313, Class UI, IO, 3.00%, 3/15/2029 | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3459, Class JS, IF, IO, 1.80%, 6/15/2038 (i) | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4018, Class HI, IO, 4.50%, 3/15/2041 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4073, Class IQ, IO, 4.00%, 7/15/2042 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4173, Class I, IO, 4.00%, 3/15/2043 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4305, Class SK, IF, IO, 2.15%, 2/15/2044 (i) | &nbsp;&nbsp; 2744 | &nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4585, Class JI, IO, 4.00%, 5/15/2045 | &nbsp;&nbsp; 926 | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4694, Class SA, IF, IO, 1.65%, 6/15/2047 (i) | &nbsp;&nbsp; 2454 | &nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4689, Class SD, IF, IO, 1.70%, 6/15/2047 (i) | &nbsp;&nbsp; 4433 | &nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5022, IO, 3.00%, 9/25/2050 | &nbsp;&nbsp; 5717 | &nbsp;&nbsp; 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5023, Class MI, IO, 3.00%, 10/25/2050 | &nbsp;&nbsp; 10240 | &nbsp;&nbsp; 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5072, Class DI, IO, 3.50%, 2/25/2051 | &nbsp;&nbsp; 9363 | &nbsp;&nbsp; 1774 |
| &nbsp;&nbsp;&nbsp; FHLMC, STRIPS Series 319, Class S2, IF, IO, 1.55%, 11/15/2043 (i) | &nbsp;&nbsp; 5460 | &nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-15, IO, 2.50%, 3/25/2028 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-35, Class KI, IO, 3.00%, 6/25/2029 | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-44, Class QI, IO, 3.00%, 8/25/2029 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-66, Class IE, IO, 3.00%, 8/25/2032 | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-61, Class HI, IO, 3.00%, 6/25/2033 | &nbsp;&nbsp; 1526 | &nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-64, Class LI, IO, 3.00%, 6/25/2033 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-93, Class SE, IF, IO, 1.66%, 9/25/2042 (i) | &nbsp;&nbsp; 1198 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-93, Class SG, IF, IO, 1.66%, 9/25/2042 (i) | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-14, Class SA, IF, IO, 1.51%, 4/25/2044 (i) | &nbsp;&nbsp; 3626 | &nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-40, Class LS, IF, IO, 1.73%, 6/25/2045 (i) | &nbsp;&nbsp; 1885 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-85, Class SA, IF, IO, 1.18%, 11/25/2045 (i) | &nbsp;&nbsp; 2303 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-39, Class LS, IF, IO, 1.56%, 7/25/2046 (i) | &nbsp;&nbsp; 7071 | &nbsp;&nbsp; 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-61, Class ST, IF, IO, 1.56%, 9/25/2046 (i) | &nbsp;&nbsp; 4742 | &nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp; FNMA, STRIPS Series 401, Class C6, IO, 4.50%, 10/25/2029 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-13, Class S, IF, IO, 1.51%, 1/16/2041 (i) | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H13, Class GI, IO, 1.51%, 4/20/2065 (i) | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Goodgreen Trust Series 2017-R15.00%, 10/20/2051 ‡ | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (a) (i) | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust Series 2007-6, Class 2A1A, 4.63%, 8/19/2037 (i) | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; JPMorgan Alternative Loan Trust Series 2006-A2, Class 1A1, 4.80%, 5/25/2036 (i) | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp; MASTR Alternative Loan Trust Series 2003-5, Class 30B1, 5.92%, 8/25/2033 (i) | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-1, Class A1, 2.27%, 2/25/2050 (a) (i) | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 93 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust Series 2005-1, Class 5A1, 4.91%, 2/25/2035 (i) | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust Series 2020-1, Class A1, 3.42%, 1/25/2060 (a) (j) | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $19,397)<br>|  | &nbsp;&nbsp; 17379 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** |
| **France — 0.0% ^** | **France — 0.0% ^** | **France — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Vallourec SACA | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 723 |
| **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Intelsat SA ‡ \* | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 1439 |
| &nbsp;&nbsp;&nbsp; Mallinckrodt plc ‡ \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 58 |
|  |  | &nbsp;&nbsp; 1497 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc. ‡ \* (o) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> (l)<br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. \* | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Endo GUC Trust ‡ \* | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Endo, Inc. \* | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A \* | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Incora Intermediate II LLC ‡ \* | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp; Moran Foods Backstop Equity ‡ \* | &nbsp;&nbsp; 3408992 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; MYT Holding LLC ‡ \* | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; New Evhc Physical Equity ‡ \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; NMG Parent LLC ‡ \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Rite Aid ‡ \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; —<br> (l)<br>|
| &nbsp;&nbsp;&nbsp; Serta Simmons Bedding LLC ‡ \* | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp; SSB Equipment Co., Inc. ‡ \* | &nbsp;&nbsp; 84 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $5,992)<br>|  | &nbsp;&nbsp; 4736 |
| **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ <br>(Cost $402)<br>| &nbsp;&nbsp; 419 | &nbsp;&nbsp; 535 |
|  | **NO. OF WARRANTS** <br>**(000)**<br>|  |
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Audacy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expiring 12/31/2049, price 1.00 USD ‡ \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expiring 12/31/2049, price 1.00 USD ‡ \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expiring 9/30/2028, price 1.00 USD ‡ \* | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Warrants <br>(Cost $614)<br>|  | &nbsp;&nbsp; 14 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Convertible Preferred Stocks — 0.0% ^** | **Convertible Preferred Stocks — 0.0% ^** | **Convertible Preferred Stocks — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claire's Stores, Inc. ‡ \* (o) <br>(Cost $1,939)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> (l)<br>|
| **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** |
| **Investment Companies — 5.4%** | **Investment Companies — 5.4%** | **Investment Companies — 5.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class Institutional Shares, 4.29% (p) (q) <br>(Cost $189,146)<br>| &nbsp;&nbsp; 189112 | &nbsp;&nbsp; 189150 |
| **Total Investments — 102.3%** <br>**(Cost $3,681,266)**<br>|  | &nbsp;&nbsp; **3613030** |
| **Liabilities in Excess of Other Assets — (2.3)%** |  | &nbsp;&nbsp; **(82431)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **3530599** |

---

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

---

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

---

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

---

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

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| TRY | Turkish Lira |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a <br> pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2025 is $141,581 or 4.01% of the Fund's net <br> assets as of May 31, 2025.<br>|
| (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) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities <br> offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have <br> restrictions on resale.<br>|
| (e) | Security is an interest bearing note with preferred security characteristics. |
| (f) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time <br> and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in <br> effect as of May 31, 2025.<br>|
| (g) | Defaulted security. |
| (h) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (i) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (j) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (k) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (l) | Value is zero. |
| (m) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. |
| (n) | All or a portion of this security is unsettled as of May 31, 2025. Unless otherwise indicated, the coupon rate is undetermined. The coupon <br> rate shown may not be accrued for the entire position.<br>|
| (o) | Fund is subject to legal or contractual restrictions on the resale of the security. |
| (p) | 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>|
| (q) | The rate shown is the current yield as of May 31, 2025. |

---

**Futures contracts outstanding as of May 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 140118 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 717 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 98630 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 35490 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp; 1904 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 232133 | &nbsp;&nbsp;&nbsp;&nbsp; 966 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 2817 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 312423 | &nbsp;&nbsp;&nbsp;&nbsp; 3821 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 1607 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 181290 | &nbsp;&nbsp;&nbsp;&nbsp; 2873 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 807 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 91292 | &nbsp;&nbsp;&nbsp;&nbsp; 2445 |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp;&nbsp; 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 210151 | &nbsp;&nbsp;&nbsp;&nbsp; 2826 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16394 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 3209 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 347525 | &nbsp;&nbsp;&nbsp;&nbsp; 2324 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17500 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF**<br> **CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL**<br> **AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND**<br> **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Short Contracts** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; (561)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (75948)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (576)<br>|
| Euro-Buxl 30 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (36216)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1017)<br>|
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (6949)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| Japan 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (178)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; (172266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (296)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (686)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (77389)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1236)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (16856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (405)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (1760)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (204710)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5872)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (1850)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (383904)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (552)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (1639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (177499)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1106)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (11071)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6429 |

---

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

---

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

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Forward foreign currency exchange contracts outstanding as of May 31, 2025 (amounts in thousands):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2363 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2681 | Barclays Bank plc | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2906 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3272 | BNP Paribas | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 502664 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 569652 | HSBC Bank, NA | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5507 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4826 | BNP Paribas | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 575688 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 505632 | Morgan Stanley | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1534 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 27034 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 17350 | Standard Chartered Bank | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 98774 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 17155 | Citibank, NA<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp; 24180 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 17416 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 223 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp; 125612 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 17416 | BNP Paribas<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 29579 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 33380 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 66840 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 75543 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 452 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 2769 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3659 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 1488899 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 17362 | Citigroup Global Markets Holdings, Inc.<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 12314076 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 84770 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 97158948 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 69762 | Citigroup Global Markets Holdings, Inc.<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp; 669496 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 33920 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp; 602560 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 18205 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 527824 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 17645 | Citibank, NA<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 622231 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 20819 | Goldman Sachs International<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17261 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 26633 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17675 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 27283 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17492 | BRL | &nbsp;&nbsp;&nbsp;&nbsp; 99016 | Goldman Sachs International<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 265 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17412 | CNY | &nbsp;&nbsp;&nbsp;&nbsp; 124919 | BNP Paribas<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 129174 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 2511697 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 320072 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 17392 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 380 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 318603 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 17646 | Standard Chartered Bank | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 44 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 11315 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 8394 | Barclays Bank plc | 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 7405 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2525 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2871 | Barclays Bank plc | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 8394 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 11314 | Barclays Bank plc | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 11226 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 8394 | BNP Paribas | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (83)<br>|
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 25250 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4483 | Goldman Sachs International\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (90)<br>|
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 51227486 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 54812 | HSBC Bank, NA\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (669)<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7726 | RON | &nbsp;&nbsp;&nbsp;&nbsp; 39780 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (122)<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7823 | RON | &nbsp;&nbsp;&nbsp;&nbsp; 40259 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (119)<br>|
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 690 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 934 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 126054 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1474 | HSBC Bank, NA\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 167594 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1169 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17224 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 23904 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (212)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 18241 | COP | &nbsp;&nbsp;&nbsp;&nbsp; 77089871 | Goldman Sachs International\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (266)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 23252 | CZK | &nbsp;&nbsp;&nbsp;&nbsp; 515072 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (231)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3519 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3127 | HSBC Bank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2386 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1788 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1560 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | Citibank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 34822 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 26196 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (477)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1829 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1371 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 52167 | HUF | &nbsp;&nbsp;&nbsp;&nbsp; 18810905 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (655)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3528 | IDR | &nbsp;&nbsp;&nbsp;&nbsp; 57930251 | Barclays Bank plc\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 74440 | IDR | &nbsp;&nbsp;&nbsp;&nbsp; 232692685 | HSBC Bank, NA\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (854)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17775 | KRW | &nbsp;&nbsp;&nbsp;&nbsp; 24722746 | Standard Chartered Bank\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (146)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3502 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 69081 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17415 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 341500 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (144)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 30183 | PLN | &nbsp;&nbsp;&nbsp;&nbsp; 113950 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (245)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 33298 | PLN | &nbsp;&nbsp;&nbsp;&nbsp; 125924 | HSBC Bank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (327)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 16271 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 297544 | HSBC Bank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (250)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 17459 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 316170 | Standard Chartered Bank | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (95)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 570719 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 502663 | HSBC Bank, NA | 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1133)<br>|

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT**<br> **DATE**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (6309)<br>|
| Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 1096 |

---

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

---

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

---

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

\*\* Non-deliverable forward.

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.44-V1 | 5.00 | Quarterly | 6/20/2030 | 3.51 | USD 225,686 | &nbsp;&nbsp; (12401)<br>| &nbsp;&nbsp; (3780)<br>| &nbsp;&nbsp; (16181)<br>|
| iTraxx.Europe.Crossover.43-V1 | 5.00 | Quarterly | 6/20/2030 | 3.00 | EUR 37,365 | &nbsp;&nbsp; (2997)<br>| &nbsp;&nbsp; (1092)<br>| &nbsp;&nbsp; (4089)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (15398)<br>| &nbsp;&nbsp; (4872)<br>| &nbsp;&nbsp; (20270)<br>|

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CDX | Credit Default Swap Index |
| EUR | Euro |
| USD | United States Dollar |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Centrally Cleared interest rate swap contracts outstanding as of May 31, 2025 (amounts in thousands):**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| 6 month EURIBOR semi-annually | 2.28 annually | Pay | 12/18/2029 | EUR65,120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 266 |
| 1 day SOFR annually | 3.46 annually | Pay | 7/15/2028 | USD482,691 | &nbsp;&nbsp; — | &nbsp;&nbsp; 991 | &nbsp;&nbsp; 991 |
| 1 day SOFR annually | 3.62 annually | Receive | 7/15/2036 | USD112,053 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2435 | &nbsp;&nbsp; 2435 |
| 1 day SOFR annually | 3.95 annually | Pay | 4/19/2029 | USD279,487 | &nbsp;&nbsp; (50)<br>| &nbsp;&nbsp; 2654 | &nbsp;&nbsp; 2604 |
| 1 day CDI at termination | 14.38 at termination | Pay | 1/2/2029 | BRL32,528 | &nbsp;&nbsp; — | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 171 |
|  |  |  |  |  | &nbsp;&nbsp; (50)<br>| &nbsp;&nbsp; 6517 | &nbsp;&nbsp; 6467 |
| 1 day CDI at termination | 11.00 at termination | Pay | 1/4/2027 | BRL107,580 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1182)<br>| &nbsp;&nbsp; (1182)<br>|
| 1 day CDI at termination | 9.64 at termination | Pay | 1/2/2026 | BRL132,519 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1404)<br>| &nbsp;&nbsp; (1404)<br>|
| 1 day CDI at termination | 10.58 at termination | Pay | 1/2/2026 | BRL181,100 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1373)<br>| &nbsp;&nbsp; (1373)<br>|
| 1 day SOFR annually | 4.02 annually | Receive | 4/19/2037 | USD69,938 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; (200)<br>| &nbsp;&nbsp; (165)<br>|
| 1 day CDI at termination | 11.53 at termination | Pay | 1/4/2027 | BRL113,900 | &nbsp;&nbsp; — | &nbsp;&nbsp; (877)<br>| &nbsp;&nbsp; (877)<br>|
| 1 day CDI at termination | 11.25 at termination | Pay | 1/4/2027 | BRL143,924 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1286)<br>| &nbsp;&nbsp; (1286)<br>|
| 1 day CDI at termination | 11.30 at termination | Pay | 1/4/2027 | BRL143,813 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1253)<br>| &nbsp;&nbsp; (1253)<br>|
| 1 day SOFR annually | 3.96 annually | Receive | 2/15/2035 | USD117,000 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; (1310)<br>| &nbsp;&nbsp; (1285)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 60 | &nbsp;&nbsp; (8885)<br>| &nbsp;&nbsp; (8825)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 10 | &nbsp;&nbsp; (2368)<br>| &nbsp;&nbsp; (2358)<br>|

---

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

---

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

---

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

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

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

---

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

---

------

**JPMorgan Global Bond Opportunities 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.

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

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

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

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

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

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

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

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

• 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).

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5188 | &nbsp;&nbsp;&nbsp;&nbsp; $35 | &nbsp;&nbsp;&nbsp;&nbsp; $5223 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22034 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22034 |
| &nbsp;&nbsp;&nbsp; Total Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27222 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 27257 |
| Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17300 | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 17379 |
| Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5916 | &nbsp;&nbsp;&nbsp;&nbsp; 5916 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43940 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 44190 |
| &nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43940 | &nbsp;&nbsp;&nbsp;&nbsp; 6166 | &nbsp;&nbsp;&nbsp;&nbsp; 50106 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 723 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 723 |
| &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp;&nbsp; 1497 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp;&nbsp; 1122 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1394 | &nbsp;&nbsp;&nbsp;&nbsp; 2516 |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 1122 | &nbsp;&nbsp;&nbsp;&nbsp; 723 | &nbsp;&nbsp;&nbsp;&nbsp; 2891 | &nbsp;&nbsp;&nbsp;&nbsp; 4736 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144625 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —(a)<br>|
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17224 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17224 |
| &nbsp;&nbsp;&nbsp; Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3536 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3536 |
| &nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15789 |
| &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17926 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17926 |
| &nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30504 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30504 |
| &nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3231 |
| &nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4009 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4009 |
| &nbsp;&nbsp;&nbsp; Colombia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2396 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2396 |
| &nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16006 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16006 |
| &nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 945 |
| &nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167986 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167986 |
| &nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84422 |
| &nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6172 |
| &nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10363 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10363 |
| &nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64771 |
| &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122584 |
| &nbsp;&nbsp;&nbsp; Jersey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 737 |
| &nbsp;&nbsp;&nbsp; Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9927 |
| &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28534 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28534 |
| &nbsp;&nbsp;&nbsp; Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3769 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3769 |
| &nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30033 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30033 |
| &nbsp;&nbsp;&nbsp; Morocco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5115 |
| &nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40437 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40437 |

---

------

**JPMorgan Global Bond Opportunities 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** |
| &nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3066 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3066 |
| &nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13698 |
| &nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7442 |
| &nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77733 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77733 |
| &nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20226 |
| &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28877 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28877 |
| &nbsp;&nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2481 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153166 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153166 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1152805 | &nbsp;&nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp; 1153399 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2145910 | &nbsp;&nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp; 2146504 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 611408 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 611408 |
| Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2216 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2216 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1497 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95399 | &nbsp;&nbsp;&nbsp;&nbsp; 991 | &nbsp;&nbsp;&nbsp;&nbsp; 96390 |
| &nbsp;&nbsp;&nbsp; Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99112 | &nbsp;&nbsp;&nbsp;&nbsp; 991 | &nbsp;&nbsp;&nbsp;&nbsp; 100103 |
| Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 317470 | &nbsp;&nbsp;&nbsp;&nbsp; 3743 | &nbsp;&nbsp;&nbsp;&nbsp; 321213 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 535 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 189150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189150 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $190272 | &nbsp;&nbsp;&nbsp;&nbsp; $3407710 | &nbsp;&nbsp;&nbsp;&nbsp; $15048 | &nbsp;&nbsp;&nbsp;&nbsp; $3613030 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7405 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7405 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17500 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6517 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(6309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(6309)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (11071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11071)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13757)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13757)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6429 | &nbsp;&nbsp;&nbsp;&nbsp; $(6144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $285 |

---

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

(a) Value is zero.

(b) Amount rounds to less than one thousand.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**May 31,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $58 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $—<br> (b)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; 9528 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9470)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp; 9917 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3741)<br>| &nbsp;&nbsp; 6166 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 2287 | &nbsp;&nbsp; — | &nbsp;&nbsp; 322 | &nbsp;&nbsp; — | &nbsp;&nbsp; 303 | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2891 |

---

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of**<br> **February 28,**<br> **2025**<br>| **Realized**<br> **gain (loss)**<br>| **Change in net**<br> **unrealized**<br> **appreciation**<br> **(depreciation)**<br>| **Net**<br> **accretion**<br> **(amortization)**<br>| **Purchases**<sup>1</sup> | **Sales**<sup>2</sup> | **Transfers**<br> **into**<br> **Level 3**<br>| **Transfers**<br> **out of**<br> **Level 3**<br>| **Other**<sup>(a)</sup> | **Balance as of**<br> **May 31,**<br> **2025**<br>|
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; $1310 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1381)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $71 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> (c)<br>|
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; (709)<br>| &nbsp;&nbsp; 479 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 247 | &nbsp;&nbsp; (485)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 594 |
| &nbsp;&nbsp;&nbsp; Loan Assignments | &nbsp;&nbsp; 978 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 991 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3741 | &nbsp;&nbsp; 3743 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 549 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 535 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; 17 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14 |
| **Total** | &nbsp;&nbsp; $25694 | &nbsp;&nbsp; $(709)<br>| &nbsp;&nbsp; $(604)<br>| &nbsp;&nbsp; $27 | &nbsp;&nbsp; $645 | &nbsp;&nbsp; $(10005)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15048 |

---

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

<sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions.

<sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain Level 3 investments were re-classified between Commercial Mortgage-Backed
 Securities and Mortgage-Backed Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2025, which were valued using significant unobservable inputs (level 3) amounted to $(1,305).

There were no significant transfers into or out of level 3 for the period ended May 31, 2025.

As of May 31, 2025, the Fund held restricted securities, other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Market** <br>**Value**<br>| **Percentage** <br>**of Fund's** <br>**Net Assets**<br>|
| Claire's Stores, Inc. - Common Stocks | 11/28/2018 | $1064 | $—<br> (a)<br>| 0.0<br> %<br>|
| Claire's Stores, Inc. - Convertible Preferred Stocks | 10/3/2018 | 1939 | —<br> (a)<br>| 0.0<br> %<br>|
|  |  | $3003 | $—<br> (a)<br>|  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value is zero.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.29% (a) (b)<br>| $67676 | $361597 | $240086 | $(24)<br>| $(13)<br>| $189150 | 189112 | $1709 | $— |

---

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

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

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

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its posi

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

tion(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.

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

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

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

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

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

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

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

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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

**(3). Swaps** — The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between the Fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

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

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

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

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

<u>Credit Default Swaps</u>

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

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

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

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in

------

**JPMorgan Global Bond Opportunities Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

<u>Interest Rate Swaps</u>

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** 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 Global Bond Opportunities Fund

- **b. EDGAR series identifier (if any):** S000037860

- **c. LEI of Series:** MT8SIXIIHJKTY35SMK73

**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:** $3871435384.74

**Total Liabilities:** $342128775.13

**Net Assets:** $3529306609.61

**Cash Not Reported:** $13150329.19

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 720.77951000 | **1-Year:** 43082.95748000 | **5-Year:** 226204.16346000 | **10-Year:** 428835.38290000 | **30-Year:** 187493.02154000

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

- **3-Month:** -115874.41498000 | **1-Year:** 83267.21820000 | **5-Year:** 279548.98057000 | **10-Year:** 46417.27629000 | **30-Year:** 39471.10312000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000116841 | -0.63%               | 0.95%                | 0.72%                |
| Class ID C000116842 | -0.66%               | 1.03%                | 0.59%                |
| Class ID C000116844 | -0.59%               | 1.09%                | 0.65%                |
| Class ID C000116843 | -0.60%               | 1.08%                | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3921745.27              | $-5520919.64                               |
| Month 2  | $-2312498.56             | $30255704.25                               |
| Month 3  | $-10033880.78            | $28829879.20                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amkor Technology, Inc.                                                    | Amkor Technology, Inc.                                                                   | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |       190000 | PA      | $190618.64    | 0.01%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4173, Class I                                                       | CUSIP: 3137B0H31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       268193 | PA      | $40655.71     | 0.00%             | 2043-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                                                  | Energizer Holdings, Inc.                                                                 | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |      3230000 | PA      | $3034114.71   | 0.09%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                                  | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |    924400000 | PA      | $47042003.97  | 1.33%             | 2030-02-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2016-61, Class ST                                                    | CUSIP: 3136ATQE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4742373 | PA      | $516157.04    | 0.01%             | 2046-09-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                                                    | Sonic Automotive, Inc.                                                                   | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |      1815000 | PA      | $1733751.34   | 0.05%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                                       | Owens & Minor, Inc.                                                                      | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |      1020000 | PA      | $863806.79    | 0.02%             | 2030-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                                               | IQVIA, Inc.                                                                              | CUSIP: N/A<br>LEI: 549300PLWY28YB00C717       | Long             | DBT              | CORP              | US        |       946000 | PA      | $1062051.67   | 0.03%             | 2026-03-15      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Diebold Nixdorf, Inc.                                                     | Diebold Nixdorf, Inc.                                                                    | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |      1911000 | PA      | $2008665.48   | 0.06%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $2097.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4313, Class UI                                                      | CUSIP: 3137B8WT0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       159338 | PA      | $4572.66      | 0.00%             | 2029-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                       | Suzano Austria GmbH                                                                      | CUSIP: 86964WAJ1<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |       806000 | PA      | $729087.45    | 0.02%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ciena Corp.                                                               | Ciena Corp.                                                                              | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |      1420000 | PA      | $1321630.49   | 0.04%             | 2030-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | OIS                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    279487000 | PA      | $2653819.09   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC                                  | Encino Acquisition Partners Holdings LLC                                                 | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |      1960000 | PA      | $2010391.40   | 0.06%             | 2028-05-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                                                 | Standard Industries, Inc.                                                                | CUSIP: 853496AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       420000 | PA      | $394176.26    | 0.01%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| AT&T, Inc.                                                                | AT&T, Inc.                                                                               | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      3665000 | PA      | $3672476.16   | 0.10%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                                               | INEOS Quattro Finance 2 plc                                                              | CUSIP: N/A<br>LEI: 213800V48W4Y5MT5Q131       | Long             | DBT              | CORP              | GB        |       280000 | PA      | $321986.55    | 0.01%             | 2029-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Driven Brands Funding LLC                                                 | Driven Brands Funding LLC, Series 2019-2A, Class A2                                      | CUSIP: 26208LAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1696615 | PA      | $1664938.35   | 0.05%             | 2049-10-20      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                                            | DISH DBS Corp.                                                                           | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       580000 | PA      | $498666.01    | 0.01%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DCP Midstream Operating LP                                                | DCP Midstream Operating LP                                                               | CUSIP: 23311RAA4<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |       535000 | PA      | $549361.44    | 0.02%             | 2037-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                                     | CUSIP: 378272BP2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |       410000 | PA      | $434860.89    | 0.01%             | 2030-10-06      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                       | Constellation Energy Generation LLC                                                      | CUSIP: 30161MAN3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |      1882000 | PA      | $1804619.35   | 0.05%             | 2042-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                                | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |      5100000 | PA      | $5618142.45   | 0.16%             | 2027-06-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Cadent Finance plc                                                        | Cadent Finance plc                                                                       | CUSIP: N/A<br>LEI: 5493005M8TJ0J6IMUF67       | Long             | DBT              | CORP              | GB        |      6500000 | PA      | $6582588.15   | 0.19%             | 2030-03-19      | Fixed         | 0.62%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                                       | Nexstar Media, Inc.                                                                      | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |      1612000 | PA      | $1605554.10   | 0.05%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                                   | Williams Scotsman, Inc.                                                                  | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |       159000 | PA      | $162964.67    | 0.00%             | 2030-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Accenture Capital, Inc.                                                   | Accenture Capital, Inc.                                                                  | CUSIP: 00440KAD5<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |      1680000 | PA      | $1614088.31   | 0.05%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-36435.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NorthRiver Midstream Finance LP                                           | NorthRiver Midstream Finance LP, 1st Lien Term Loan B                                    | CUSIP: 66679PAB1<br>LEI: 549300SOLNLY3BL6GF18 | Long             | LON              | CORP              | CA        |      2215683 | PA      | $2215992.91   | 0.06%             | 2030-08-16      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                                               | Adient Global Holdings Ltd.                                                              | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |       835000 | PA      | $853398.39    | 0.02%             | 2028-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Neopharmed Gentili SpA                                                    | Neopharmed Gentili SpA                                                                   | CUSIP: N/A<br>LEI: 815600C8FD3DCB866E50       | Long             | DBT              | CORP              | IT        |      1397000 | PA      | $1658901.86   | 0.05%             | 2030-04-08      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC                                  | Encino Acquisition Partners Holdings LLC                                                 | CUSIP: 29254BAB3<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |       338000 | PA      | $369155.83    | 0.01%             | 2031-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| PetSmart, Inc.                                                            | PetSmart, Inc.                                                                           | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2385000 | PA      | $2301695.53   | 0.07%             | 2028-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                                       | Iron Mountain, Inc.                                                                      | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      1100000 | PA      | $1083378.67   | 0.03%             | 2028-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                            | Structured Adjustable Rate Mortgage Loan Trust, Series 2005-1, Class 5A1                 | CUSIP: 863579LE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        53106 | PA      | $50443.02     | 0.00%             | 2035-02-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Transmission LLC                                              | FirstEnergy Transmission LLC                                                             | CUSIP: 33767BAD1<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |      4375000 | PA      | $4137809.55   | 0.12%             | 2028-09-15      | Fixed         | 2.87%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                            | Community Health Systems, Inc.                                                           | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |       820000 | PA      | $874012.58    | 0.02%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                         | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3665000 | PA      | $3594729.86   | 0.10%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia Capital SA                                                 | Telecom Italia Capital SA                                                                | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |        78000 | PA      | $78629.38     | 0.00%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                                       | Expand Energy Corp.                                                                      | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      1985000 | PA      | $2008307.87   | 0.06%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Southern Co. (The)                                                        | Southern Co. (The)                                                                       | CUSIP: 842587DZ7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      4835000 | PA      | $5269429.83   | 0.15%             | 2027-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $222594.03    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                   | Hyundai Capital America                                                                  | CUSIP: 44891ABD8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      8025000 | PA      | $7873415.29   | 0.22%             | 2026-11-02      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Finance plc                                                   | Avis Budget Finance plc                                                                  | CUSIP: N/A<br>LEI: 549300W3BJJPGKCIOI13       | Long             | DBT              | CORP              | JE        |      1765000 | PA      | $2028949.78   | 0.06%             | 2030-07-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                                  | Duke Energy Progress LLC                                                                 | CUSIP: 26442UAN4<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |      1410000 | PA      | $1289432.23   | 0.04%             | 2032-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                                          | JPMorgan Prime Money Market Fund, Class Institutional                                    | CUSIP: 4812A2603<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        |    189111765 | NS      | $189149587.25 | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                                 | CUSIP: 28504DAB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | NUSS              | FR        |       670000 | PA      | $688235.12    | 0.02%             | 2028-05-23      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Hanesbrands, Inc.                                                         | Hanesbrands, Inc.                                                                        | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |       500000 | PA      | $528264.50    | 0.01%             | 2031-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                                | CUSIP: 404119CL1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      5168000 | PA      | $4041532.80   | 0.11%             | 2052-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                    | Velocity Commercial Capital Loan Trust, Series 2019-3, Class A                           | CUSIP: 92257HAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       451711 | PA      | $437723.67    | 0.01%             | 2049-10-25      | Variable      | 3.03%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                              | Hess Midstream Operations LP                                                             | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       200000 | PA      | $201968.80    | 0.01%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                                              | Performance Food Group, Inc.                                                             | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |       895000 | PA      | $853054.04    | 0.02%             | 2029-08-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                                      | Xerox Holdings Corp.                                                                     | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |      1093000 | PA      | $736499.25    | 0.02%             | 2029-11-30      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Philip Morris International, Inc.                                         | Philip Morris International, Inc.                                                        | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $3130842.48   | 0.09%             | 2029-11-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38148YAA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2665000 | PA      | $2269506.88   | 0.06%             | 2038-10-31      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                          | CUSIP: 172967LD1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      3415000 | PA      | $3370247.69   | 0.10%             | 2028-01-10      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                                   | Molina Healthcare, Inc.                                                                  | CUSIP: 60855RAK6<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |       800000 | PA      | $731435.60    | 0.02%             | 2030-11-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                                     | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |      1215053 | PA      | $1444808.33   | 0.04%             | 2028-05-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| APi Group DE, Inc.                                                        | APi Group DE, Inc.                                                                       | CUSIP: 00185PAA9<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |       498000 | PA      | $484919.58    | 0.01%             | 2029-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Pro-Gest SpA                                                              | Pro-Gest SpA                                                                             | CUSIP: N/A<br>LEI: 815600EDD04F9C60D660       | Long             | DBT              | CORP              | IT        |      1700000 | PA      | $501868.90    | 0.01%             | 2024-12-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| NCR Voyix Corp.                                                           | NCR Voyix Corp.                                                                          | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |      2480000 | PA      | $2445939.43   | 0.07%             | 2028-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                                | CUSIP: 71568PAN9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | NUSS              | ID        |      2940000 | PA      | $2675400.00   | 0.08%             | 2030-06-30      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Mobico Group plc                                                          | Mobico Group plc                                                                         | CUSIP: N/A<br>LEI: 213800A8IQEMY8PA5X34       | Long             | DBT              | CORP              | GB        |       469000 | PA      | $503244.54    | 0.01%             | 2025-11-26      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Altice Financing SA                                                       | Altice Financing SA                                                                      | CUSIP: N/A<br>LEI: 549300DIYGW8HVDF7Q17       | Long             | DBT              | CORP              | LU        |       700000 | PA      | $613994.59    | 0.02%             | 2028-01-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| International Game Technology plc                                         | International Game Technology plc                                                        | CUSIP: N/A<br>LEI: 549300UQ6KHRCZDRGZ76       | Long             | DBT              | CORP              | GB        |      2912000 | PA      | $3239971.15   | 0.09%             | 2028-04-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                                             | Organon & Co.                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      2996000 | PA      | $3276366.52   | 0.09%             | 2028-04-30      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                                         | Genesis Energy LP                                                                        | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       235000 | PA      | $243159.91    | 0.01%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                           | Permian Resources Operating LLC                                                          | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |       458000 | PA      | $451884.42    | 0.01%             | 2033-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $291780.63    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| OI European Group BV                                                      | OI European Group BV                                                                     | CUSIP: N/A<br>LEI: 72450053F5WRDY8CDZ66       | Long             | DBT              | CORP              | NL        |       100000 | PA      | $117365.56    | 0.00%             | 2028-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                                        | Metropolitan Life Global Funding I                                                       | CUSIP: 59217GEZ8<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |      2100000 | PA      | $2010049.29   | 0.06%             | 2029-03-21      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                                        | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      7130000 | PA      | $7314583.58   | 0.21%             | 2029-07-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                                | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       820000 | PA      | $819456.75    | 0.02%             | 2027-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                                       | Post Holdings, Inc.                                                                      | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      1409000 | PA      | $1391504.45   | 0.04%             | 2029-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                                       | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |      3000000 | PA      | $3302538.00   | 0.09%             | 2028-11-21      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                                | CUSIP: N/A<br>LEI: 5493000PCHOG3B6S3Q85       | Long             | DBT              | NUSS              | TR        |   1062296672 | PA      | $25754206.31  | 0.73%             | 2026-08-12      | Fixed         | 36.00%                | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                                             | Asbury Automotive Group, Inc.                                                            | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |      1236000 | PA      | $1174991.78   | 0.03%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Banijay Entertainment SAS                                                 | Banijay Entertainment SAS                                                                | CUSIP: N/A<br>LEI: 969500CE0IE2EZ5VBG13       | Long             | DBT              | CORP              | FR        |      1000000 | PA      | $1186829.11   | 0.03%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Q-Park Holding I BV                                                       | Q-Park Holding I BV                                                                      | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |      2860000 | PA      | $3344565.06   | 0.09%             | 2029-03-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                         | Hertz Corp. (The), Escrow                                                                | CUSIP: 428ESCAC1<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |       265000 | PA      | $54325.00     | 0.00%             | 2026-08-01      | Fixed         | 7.12%                 | No            |                  3 | On Loan: No      |
| Belron Finance 2019 LLC                                                   | Belron Finance 2019 LLC, 1st Lien Term Loan                                              | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2487500 | PA      | $2495584.38   | 0.07%             | 2031-10-16      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| CF Industries, Inc.                                                       | CF Industries, Inc.                                                                      | CUSIP: 12527GAD5<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |      3016000 | PA      | $2583180.45   | 0.07%             | 2043-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      1800000 | PA      | $1812764.63   | 0.05%             | 2036-01-28      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                                                    | Standard Chartered plc                                                                   | CUSIP: 853254CN8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      2000000 | PA      | $2133880.00   | 0.06%             | 2028-11-16      | Variable      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                             | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      5220000 | PA      | $5370914.69   | 0.15%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                                     | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     10268000 | PA      | $10575013.20  | 0.30%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GJL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      3490000 | PA      | $3004136.68   | 0.09%             | 2031-10-24      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| Cerba Healthcare SACA                                                     | Cerba Healthcare SACA                                                                    | CUSIP: N/A<br>LEI: 9845000C1FYE89DC8677       | Long             | DBT              | CORP              | FR        |       805000 | PA      | $703808.68    | 0.02%             | 2028-05-31      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| NiSource, Inc.                                                            | NiSource, Inc.                                                                           | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      1102000 | PA      | $1127600.56   | 0.03%             | 2054-11-30      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                  | Venture Global LNG, Inc.                                                                 | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |       748000 | PA      | $795756.81    | 0.02%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                              | Ardagh Packaging Finance plc                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IE        |       990000 | PA      | $1036453.19   | 0.03%             | 2026-08-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $1019906.66   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                | Allison Transmission, Inc.                                                               | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |      3545000 | PA      | $3559197.73   | 0.10%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2015-H13, Class GI                                                          | CUSIP: 38376RCK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       519921 | PA      | $13712.39     | 0.00%             | 2065-04-20      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                                                  | Group 1 Automotive, Inc.                                                                 | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |       272000 | PA      | $277002.35    | 0.01%             | 2030-01-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                                    | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      3247000 | PA      | $3235635.50   | 0.09%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                                               | Block, Inc.                                                                              | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |       522000 | PA      | $533477.21    | 0.02%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Abertis Infraestructuras Finance BV                                       | Abertis Infraestructuras Finance BV                                                      | CUSIP: N/A<br>LEI: 5493007WHKI5H75YJ358       | Long             | DBT              | CORP              | NL        |      3700000 | PA      | $4135416.77   | 0.12%             | 2027-01-26      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $82950.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      5000000 | PA      | $4832655.75   | 0.14%             | 2028-02-04      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                          | CSC Holdings LLC                                                                         | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      2180000 | PA      | $1739312.35   | 0.05%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Wrangler Holdco Corp.                                                     | Wrangler Holdco Corp.                                                                    | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       275000 | PA      | $283629.50    | 0.01%             | 2032-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Alumina Pty. Ltd.                                                         | Alumina Pty. Ltd.                                                                        | CUSIP: 02220AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |       349000 | PA      | $345140.58    | 0.01%             | 2032-09-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                                      | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |       745000 | PA      | $751825.21    | 0.02%             | 2025-11-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                                                  | Central Garden & Pet Co.                                                                 | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |      3445000 | PA      | $3185865.03   | 0.09%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                                                 | Williams Cos., Inc. (The)                                                                | CUSIP: 88339WAA4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      3945000 | PA      | $2616689.46   | 0.07%             | 2051-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Co.                                             | Berkshire Hathaway Energy Co.                                                            | CUSIP: 084659BF7<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |       512000 | PA      | $414222.60    | 0.01%             | 2053-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ContourGlobal Power Holdings SA                                           | ContourGlobal Power Holdings SA                                                          | CUSIP: N/A<br>LEI: 549300O5AGIFK0PQ1516       | Long             | DBT              | CORP              | LU        |      1412000 | PA      | $1565793.74   | 0.04%             | 2028-01-01      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Bertrand Franchise Finance SAS                                            | Bertrand Franchise Finance SAS                                                           | CUSIP: N/A<br>LEI: 969500HGPPEHSTNJFW57       | Long             | DBT              | CORP              | FR        |       583000 | PA      | $668032.96    | 0.02%             | 2030-07-18      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Euro-Bobl                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         -551 | NC      | $-573436.11   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2017-KF38, Class B                                          | CUSIP: 30305MAG5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       250502 | PA      | $250413.07    | 0.01%             | 2024-09-25      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $182121.43    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Emisiones SA                                                   | Telefonica Emisiones SA                                                                  | CUSIP: 87938WAV5<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |      1950000 | PA      | $1722656.77   | 0.05%             | 2038-03-06      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4694, Class SA                                                      | CUSIP: 3137BYWM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2454191 | PA      | $299356.12    | 0.01%             | 2047-06-15      | Floating      | 1.65%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                                              | Canadian Pacific Railway Co.                                                             | CUSIP: 13648TAG2<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |      1250000 | PA      | $862503.34    | 0.02%             | 2050-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Trust                                              | Chase Mortgage Finance Trust, Series 2007-A1, Class 2A3                                  | CUSIP: 161630AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        11810 | PA      | $11118.98     | 0.00%             | 2037-02-25      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                                                     | Ahead DB Holdings LLC, 1st Lien Term Loan B-3                                            | CUSIP: 00866HAH8<br>LEI: 254900L07WFL833JX193 | Long             | LON              | CORP              | US        |      1176731 | PA      | $1176895.72   | 0.03%             | 2031-02-03      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| JBS USA LUX SARL                                                          | JBS USA LUX Sarl                                                                         | CUSIP: 472140AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1804000 | PA      | $1836501.37   | 0.05%             | 2035-04-20      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| GCI LLC                                                                   | GCI LLC                                                                                  | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |      2310000 | PA      | $2172583.18   | 0.06%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                       | CUSIP: 3140XQJK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13639774 | PA      | $13582745.48  | 0.38%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                                       | Iron Mountain, Inc.                                                                      | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |       750000 | PA      | $702749.62    | 0.02%             | 2031-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                                     | Albertsons Cos., Inc.                                                                    | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       605000 | PA      | $599048.98    | 0.02%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Exelon Corp.                                                              | Exelon Corp.                                                                             | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |       720000 | PA      | $719149.19    | 0.02%             | 2055-03-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets plc                                                    | BP Capital Markets plc                                                                   | CUSIP: 05565QDU9<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |       705000 | PA      | $702312.40    | 0.02%             | 2025-06-22      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                    | Mauser Packaging Solutions Holding Co.                                                   | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |      2490000 | PA      | $2513620.14   | 0.07%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                    | Tenet Healthcare Corp.                                                                   | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      1237000 | PA      | $1229308.71   | 0.03%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fells Point Funding Trust                                                 | Fells Point Funding Trust                                                                | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2795000 | PA      | $2718087.05   | 0.08%             | 2027-01-31      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                             | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      3479000 | PA      | $3528471.38   | 0.10%             | 2029-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Country Garden Holdings Co. Ltd.                                          | Country Garden Holdings Co. Ltd.                                                         | CUSIP: N/A<br>LEI: 549300MGHLPT1EFHGF84       | Long             | DBT              | CORP              | KY        |      6408000 | PA      | $480600.00    | 0.01%             | 2025-10-22      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Vale Overseas Ltd.                                                        | Vale Overseas Ltd.                                                                       | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |      4517000 | PA      | $4301448.76   | 0.12%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                   | Hyundai Capital America                                                                  | CUSIP: 44891ACR6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |       505000 | PA      | $527574.01    | 0.01%             | 2029-01-16      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                       | American Axle & Manufacturing, Inc.                                                      | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |      1780000 | PA      | $1771460.63   | 0.05%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                                    | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        | 276148000000 | PA      | $17205730.86  | 0.49%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-4154.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                                                | Allianz SE                                                                               | CUSIP: 018820AD2<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |      2000000 | PA      | $1957351.80   | 0.06%             | 2054-09-03      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Cellnex Telecom SA                                                        | Cellnex Telecom SA                                                                       | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | DBT              | CORP              | ES        |      2400000 | PA      | $2621308.16   | 0.07%             | 2029-06-26      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                              | Ardagh Packaging Finance plc                                                             | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       365000 | PA      | $166075.00    | 0.00%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust, Series 2005-HQ7, Class E                                 | CUSIP: 617451BW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        14476 | PA      | $14205.31     | 0.00%             | 2042-11-14      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Vista Management Holding Inc.                                             | Vista Management Holding, Inc., 1st Lien Term Loan                                       | CUSIP: 92842EAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       709386 | PA      | $708797.18    | 0.02%             | 2031-04-01      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3015000 | PA      | $3051346.25   | 0.09%             | 2029-02-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Matterhorn Telecom SA                                                     | Matterhorn Telecom SA                                                                    | CUSIP: N/A<br>LEI: 549300MTB0YI26SMUT22       | Long             | DBT              | CORP              | LU        |      1914000 | PA      | $2169448.11   | 0.06%             | 2026-09-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                                     | Gilead Sciences, Inc.                                                                    | CUSIP: 375558BT9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |      2400000 | PA      | $1459058.42   | 0.04%             | 2050-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Hughes Satellite Systems Corp.                                            | Hughes Satellite Systems Corp.                                                           | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1413000 | PA      | $990329.30    | 0.03%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-KF50, Class B                                          | CUSIP: 35709BAC9<br>LEI: 549300LI8XT0ZWPV2P54 | Long             | ABS-MBS          | USGSE             | US        |       645220 | PA      | $617811.70    | 0.02%             | 2028-07-25      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Big River Steel LLC                                                       | Big River Steel LLC                                                                      | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       400000 | PA      | $402936.00    | 0.01%             | 2029-01-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, STRIPS, Series 319, Class S2                                                      | CUSIP: 31325UVU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5459462 | PA      | $641855.43    | 0.02%             | 2043-11-15      | Floating      | 1.55%                 | No            |                  2 | On Loan: No      |
| Primo Water Holdings, Inc.                                                | Primo Water Holdings, Inc.                                                               | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       586000 | PA      | $586794.62    | 0.02%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                             | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      1275000 | PA      | $1387460.10   | 0.04%             | 2028-11-13      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| AccorInvest Group SA                                                      | AccorInvest Group SA                                                                     | CUSIP: N/A<br>LEI: 2221000MD2YP7WLTNC52       | Long             | DBT              | CORP              | LU        |      1700000 | PA      | $2020006.99   | 0.06%             | 2029-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                                   | Williams Scotsman, Inc.                                                                  | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |      1045000 | PA      | $1065651.29   | 0.03%             | 2029-06-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                                  | WESCO Distribution, Inc.                                                                 | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |       470000 | PA      | $481153.18    | 0.01%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Mars, Inc.                                                                | Mars, Inc.                                                                               | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      3000000 | PA      | $2988746.88   | 0.08%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Banijay Entertainment SAS                                                 | Banijay Entertainment SAS                                                                | CUSIP: N/A<br>LEI: 969500CE0IE2EZ5VBG13       | Long             | DBT              | CORP              | FR        |       791000 | PA      | $938781.83    | 0.03%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                                        | CUSIP: 639057AF5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      4800000 | PA      | $4879255.97   | 0.14%             | 2028-09-30      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                                | Flagship Credit Auto Trust, Series 2023-1, Class B                                       | CUSIP: 337955AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       733000 | PA      | $732494.82    | 0.02%             | 2028-01-18      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 2 Year Note                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |           79 | NC      | $31977.47     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp.                                                             | Comcast Corp.                                                                            | CUSIP: 20030NDW8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      3052000 | PA      | $1680269.54   | 0.05%             | 2063-11-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| PG&E Corp.                                                                | PG&E Corp.                                                                               | CUSIP: 69331CAL2<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |      4840000 | PA      | $5021500.00   | 0.14%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                             | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      3558000 | PA      | $3555314.85   | 0.10%             | 2027-08-05      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                                    | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      2997000 | PA      | $1618005.38   | 0.05%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                     | Westpac Banking Corp.                                                                    | CUSIP: 961214DF7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |       900000 | PA      | $890740.87    | 0.03%             | 2031-11-23      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                      | Clear Channel Outdoor Holdings, Inc.                                                     | CUSIP: 18453HAE6<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |       392000 | PA      | $410556.50    | 0.01%             | 2028-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Schaeffler AG                                                             | Schaeffler AG                                                                            | CUSIP: D6T0B6DT0<br>LEI: 549300Q7E782X7GC1P43 | Long             | DBT              | CORP              | DE        |       600000 | PA      | $666902.02    | 0.02%             | 2028-10-12      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                                | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       332000 | PA      | $332302.78    | 0.01%             | 2026-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| McGraw-Hill Education, Inc.                                               | McGraw-Hill Education, Inc.                                                              | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |       790000 | PA      | $780344.70    | 0.02%             | 2028-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                                       | Take-Two Interactive Software, Inc.                                                      | CUSIP: 874054AM1<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |       305000 | PA      | $311311.89    | 0.01%             | 2029-06-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                                         | BAT Capital Corp.                                                                        | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      3370000 | PA      | $3594009.56   | 0.10%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Modena Buyer LLC                                                          | Modena Buyer LLC, 1st Lien Term Loan                                                     | CUSIP: 60753DAC8<br>LEI: 254900B0G2IU0VBDOY26 | Long             | LON              | CORP              | US        |       995000 | PA      | $963906.25    | 0.03%             | 2031-07-01      | Variable      | 8.78%                 | No            |                  2 | On Loan: No      |
| Belden, Inc.                                                              | Belden, Inc.                                                                             | CUSIP: N/A<br>LEI: 68BKYO1JC791TTJHUE82       | Long             | DBT              | CORP              | US        |      5600000 | PA      | $6321640.59   | 0.18%             | 2027-07-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Long Bond                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -149 | NC      | $-405345.56   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| DISH DBS Corp.                                                            | DISH DBS Corp.                                                                           | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3925000 | PA      | $3623112.79   | 0.10%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                                            | US Foods, Inc.                                                                           | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |       135000 | PA      | $132017.09    | 0.00%             | 2029-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                         | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |      3519000 | PA      | $3388110.19   | 0.10%             | 2028-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                                            | Rite Aid Corp., Series B                                                                 | CUSIP: 767754CT9<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |       358120 | PA      | $0.00         | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| VICI Properties LP                                                        | VICI Properties LP                                                                       | CUSIP: 92564RAJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       258000 | PA      | $260445.07    | 0.01%             | 2027-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Apple, Inc.                                                               | Apple, Inc.                                                                              | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      1325000 | PA      | $803871.07    | 0.02%             | 2051-02-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Boyne USA, Inc.                                                           | Boyne USA, Inc.                                                                          | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1590000 | PA      | $1527979.03   | 0.04%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                        | General Motors Financial Co., Inc.                                                       | CUSIP: 37045XFA9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      6980000 | PA      | $6682406.02   | 0.19%             | 2034-09-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Univision Communications, Inc.                                            | Univision Communications, Inc.                                                           | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      1445000 | PA      | $1445025.09   | 0.04%             | 2027-06-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                         | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      7188000 | PA      | $6861586.45   | 0.19%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Southern Copper Corp.                                                     | Southern Copper Corp.                                                                    | CUSIP: 84265VAJ4<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |      3070000 | PA      | $2910943.30   | 0.08%             | 2045-04-23      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                                     | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |       200000 | PA      | $200264.80    | 0.01%             | 2032-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates            | Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W3, Class A3 | CUSIP: 040104FW6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        33339 | PA      | $34572.62     | 0.00%             | 2034-02-25      | Floating      | 3.38%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                                     | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |      2278000 | PA      | $1913622.51   | 0.05%             | 2050-03-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                                       | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |     70080000 | PA      | $18642940.70  | 0.53%             | 2029-07-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                                  | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     10985000 | PA      | $11053200.59  | 0.31%             | 2027-01-18      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                                       | Owens & Minor, Inc.                                                                      | CUSIP: 690732AH5<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |       461000 | PA      | $481507.12    | 0.01%             | 2030-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                                                 | XPO, Inc.                                                                                | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |      1655000 | PA      | $1717795.67   | 0.05%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                     | OneMain Finance Corp.                                                                    | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      2150000 | PA      | $2015987.49   | 0.06%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       965000 | PA      | $978467.14    | 0.03%             | 2029-04-20      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                                 | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |      2800000 | PA      | $3085916.93   | 0.09%             | 2027-12-01      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Alternative Loan Trust                                           | JPMorgan Alternative Loan Trust, Series 2006-A2, Class 1A1                               | CUSIP: 46628GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1254288 | PA      | $1031611.60   | 0.03%             | 2036-05-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $52856.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Telecom Italia Capital SA                                                 | Telecom Italia Capital SA                                                                | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |       185000 | PA      | $192340.99    | 0.01%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      1730000 | PA      | $1517101.37   | 0.04%             | 2032-04-22      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                                            | Czech Republic                                                                           | CUSIP: N/A<br>LEI: 3157007EFDLQABN47912       | Long             | DBT              | NUSS              | CZ        |    401000000 | PA      | $14166665.98  | 0.40%             | 2037-07-30      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| OI European Group BV                                                      | OI European Group BV                                                                     | CUSIP: N/A<br>LEI: 72450053F5WRDY8CDZ66       | Long             | DBT              | CORP              | NL        |       989000 | PA      | $1160745.41   | 0.03%             | 2028-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                      | Clear Channel Outdoor Holdings, Inc.                                                     | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      2762000 | PA      | $2701863.80   | 0.08%             | 2027-08-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                           | Live Nation Entertainment, Inc.                                                          | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |       395000 | PA      | $399681.54    | 0.01%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                                | FHLMC UMBS, 30 Year                                                                      | CUSIP: 3132DWHT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3256227 | PA      | $3230629.82   | 0.09%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Adler Pelzer Holding GmbH                                                 | Adler Pelzer Holding GmbH                                                                | CUSIP: N/A<br>LEI: 984500950ABB2CB7E742       | Long             | DBT              | CORP              | DE        |      1368000 | PA      | $1479319.90   | 0.04%             | 2027-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Dycom Industries, Inc.                                                    | Dycom Industries, Inc.                                                                   | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |       840000 | PA      | $808189.12    | 0.02%             | 2029-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                                      | Prime Security Services Borrower LLC                                                     | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        40000 | PA      | $38395.86     | 0.00%             | 2027-08-31      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| AbbVie, Inc.                                                              | AbbVie, Inc.                                                                             | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      1525000 | PA      | $1529428.84   | 0.04%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                                    | Encompass Health Corp.                                                                   | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |        42000 | PA      | $41368.84     | 0.00%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                    | Cleveland-Cliffs, Inc.                                                                   | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       340000 | PA      | $316121.56    | 0.01%             | 2029-11-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                                       | Iron Mountain, Inc.                                                                      | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |       845000 | PA      | $820096.92    | 0.02%             | 2029-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| OI European Group BV                                                      | OI European Group BV                                                                     | CUSIP: N/A<br>LEI: 72450053F5WRDY8CDZ66       | Long             | DBT              | CORP              | NL        |      1043000 | PA      | $1210600.77   | 0.03%             | 2029-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                                                | Edgewell Personal Care Co.                                                               | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |      1469000 | PA      | $1373881.07   | 0.04%             | 2029-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                           | Live Nation Entertainment, Inc.                                                          | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      2500000 | PA      | $2461054.25   | 0.07%             | 2027-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                                            | Broadcom, Inc.                                                                           | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      1240000 | PA      | $1214157.80   | 0.03%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                        | State Street Corp., Series I                                                             | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |      1129000 | PA      | $1152449.33   | 0.03%             | 2029-03-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                                        | Cinemark USA, Inc.                                                                       | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |       214000 | PA      | $220148.43    | 0.01%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| TotalEnergies Capital International SA                                    | TotalEnergies Capital International SA                                                   | CUSIP: 89153VAT6<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |      4885000 | PA      | $4589774.15   | 0.13%             | 2030-01-10      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2520000 | PA      | $2503193.84   | 0.07%             | 2030-10-18      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust, Series 2022-6, Class C                           | CUSIP: 802918AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1035000 | PA      | $1035301.29   | 0.03%             | 2028-11-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| RCI Banque SA                                                             | RCI Banque SA                                                                            | CUSIP: N/A<br>LEI: 96950001WI712W7PQG45       | Long             | DBT              | CORP              | FR        |      1900000 | PA      | $2266145.88   | 0.06%             | 2034-10-09      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Ohio, Inc.                                                    | Duke Energy Ohio, Inc.                                                                   | CUSIP: 26442EAJ9<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |       405000 | PA      | $409965.74    | 0.01%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                                  | CUSIP: 05583JAJ1<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      3640000 | PA      | $3090622.52   | 0.09%             | 2032-01-20      | Variable      | 2.28%                 | Yes           |                  2 | On Loan: No      |
| Triumph Group, Inc.                                                       | Triumph Group, Inc.                                                                      | CUSIP: 896818AU5<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |       171000 | PA      | $179071.03    | 0.01%             | 2028-03-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                               | Crescent Energy Finance LLC                                                              | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |       645000 | PA      | $598544.91    | 0.02%             | 2033-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                         | CUSIP: 02156LAA9<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      1060000 | PA      | $972835.56    | 0.03%             | 2027-02-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                                   | Quikrete Holdings, Inc.                                                                  | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |      1527000 | PA      | $1551671.74   | 0.04%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Sea Ltd.                                                                  | Sea Ltd.                                                                                 | CUSIP: 81141RAF7<br>LEI: 529900OM6JLLW44YKI15 | Long             | DBT              | CORP              | KY        |      1750000 | PA      | $3122875.00   | 0.09%             | 2025-12-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Lumentum Holdings, Inc.                                                   | Lumentum Holdings, Inc.                                                                  | CUSIP: 55024UAH2<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |      2641000 | PA      | $3380480.00   | 0.10%             | 2029-12-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                                     | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |      1410000 | PA      | $1676618.01   | 0.05%             | 2028-05-15      | Variable      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Benteler International AG                                                 | Benteler International AG                                                                | CUSIP: N/A<br>LEI: 529900ZAFSOBVFCKF263       | Long             | DBT              | CORP              | AT        |      1350000 | PA      | $1612231.93   | 0.05%             | 2028-05-15      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd.                                                | AAdvantage Loyalty IP Ltd., 1st Lien Term Loan                                           | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1529412 | PA      | $1511823.53   | 0.04%             | 2028-04-20      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                          | Deutsche Bank AG                                                                         | CUSIP: 25160PAG2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      4391000 | PA      | $3865131.03   | 0.11%             | 2033-01-07      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                              | Scotts Miracle-Gro Co. (The)                                                             | CUSIP: 810186AX4<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |      2495000 | PA      | $2239991.04   | 0.06%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bentley Systems, Inc.                                                     | Bentley Systems, Inc.                                                                    | CUSIP: 08265TAB5<br>LEI: 549300WVEHPGE0Z56F71 | Long             | DBT              | CORP              | US        |      2276000 | PA      | $2239584.00   | 0.06%             | 2026-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                           | Palmer Square Loan Funding Ltd., Series 2021-4A, Class A1                                | CUSIP: 69702HAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       206760 | PA      | $206645.78    | 0.01%             | 2029-10-15      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4030, Class IL                                                      | CUSIP: 3137APLG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        10283 | PA      | $114.33       | 0.00%             | 2027-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                                     | CUSIP: 699149AJ9<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      4630000 | PA      | $4541740.63   | 0.13%             | 2031-04-28      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                                                     | Ahead DB Holdings LLC                                                                    | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |      1115000 | PA      | $1098797.38   | 0.03%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2013-61, Class HI                                                    | CUSIP: 3136AETE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1526386 | PA      | $116548.85    | 0.00%             | 2033-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                       | Newell Brands, Inc.                                                                      | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       285000 | PA      | $267741.77    | 0.01%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 3914, Class LS                                                      | CUSIP: 3137AEU52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         4324 | PA      | $19.51        | 0.00%             | 2026-08-15      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| Telecom Italia SpA                                                        | Telecom Italia SpA                                                                       | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | DBT              | CORP              | IT        |       565000 | PA      | $609024.89    | 0.02%             | 2029-01-18      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub, Inc.                                             | Dornoch Debt Merger Sub, Inc.                                                            | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1340000 | PA      | $1029891.84   | 0.03%             | 2029-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Service Corp. International                                               | Service Corp. International                                                              | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |       974000 | PA      | $883386.35    | 0.03%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA ACES, Series 2020-M39, Class X2                                                     | CUSIP: 3136BBTG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9189062 | PA      | $466941.25    | 0.01%             | 2031-08-25      | Variable      | 1.42%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-853665.47   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                                                  | Wynn Resorts Finance LLC                                                                 | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3544000 | PA      | $3455881.63   | 0.10%             | 2029-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ILFC E-Capital Trust II                                                   | ILFC E-Capital Trust II                                                                  | CUSIP: 44965UAA2<br>LEI: N/A                  | Long             | SN               | CORP              | US        |       535000 | PA      | $449358.91    | 0.01%             | 2065-12-21      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Somnigroup International, Inc.                                            | Somnigroup International, Inc.                                                           | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |       435000 | PA      | $387139.38    | 0.01%             | 2031-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ICITII                                                                    | ICITII                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       369501 | PA      | $295748.89    | 0.01%             | 2033-01-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Cemex SAB de CV                                                           | Cemex SAB de CV                                                                          | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |      5558000 | PA      | $5482967.00   | 0.16%             | 2026-06-08      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Energizer Gamma Acquisition BV                                            | Energizer Gamma Acquisition BV                                                           | CUSIP: N/A<br>LEI: 5493002SUYZDHEQ3JN34       | Long             | DBT              | CORP              | NL        |      1589000 | PA      | $1709836.35   | 0.05%             | 2029-06-30      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Elanco Animal Health, Inc.                                                | Elanco Animal Health, Inc., 1st Lien Term Loan                                           | CUSIP: 28414BAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1295189 | PA      | $1293026.23   | 0.04%             | 2027-08-02      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                                | CUSIP: 404121AL9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      3730000 | PA      | $3517943.42   | 0.10%             | 2054-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| DISH Network Corp.                                                        | DISH Network Corp.                                                                       | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |      5473000 | PA      | $5646554.30   | 0.16%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1910000 | PA      | $1914010.62   | 0.05%             | 2027-01-20      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5023, Class MI                                                      | CUSIP: 3137FWV80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10240183 | PA      | $1711027.05   | 0.05%             | 2050-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                                              | ING Groep NV                                                                             | CUSIP: 456837AR4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |      5752000 | PA      | $5716501.53   | 0.16%             | 2026-11-16      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                                | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      1470000 | PA      | $942043.06    | 0.03%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Rite Aid Equity Escrow                                                    | Rite Aid                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         2478 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Comision Federal de Electricidad                                          | Comision Federal de Electricidad                                                         | CUSIP: 200447AP5<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | NUSS              | MX        |      2693000 | PA      | $2586626.50   | 0.07%             | 2035-01-24      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Varsity Brands, Inc.                                                      | Varsity Brands, Inc., 1st Lien Term Loan B                                               | CUSIP: 92227QAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2733333 | PA      | $2712833.33   | 0.08%             | 2031-08-26      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| Transcanada Trust                                                         | Transcanada Trust, Series 16-A                                                           | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |       988000 | PA      | $981054.06    | 0.03%             | 2076-08-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                                                           | MYT Holding LLC                                                                          | CUSIP: 55406N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       246994 | NS      | $61748.50     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Guala Closures SpA                                                        | Guala Closures SpA                                                                       | CUSIP: N/A<br>LEI: 81560014151D1C625F49       | Long             | DBT              | CORP              | IT        |       406000 | PA      | $446074.98    | 0.01%             | 2028-06-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                          | Goodyear Tire & Rubber Co. (The)                                                         | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |      2228000 | PA      | $2134303.02   | 0.06%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-146409.40   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chemours Co. (The)                                                        | Chemours Co. (The)                                                                       | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |       360000 | PA      | $313864.38    | 0.01%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CCUBS Commercial Mortgage Trust                                           | CCUBS Commercial Mortgage Trust, Series 2017-C1, Class C                                 | CUSIP: 12508GAZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       484000 | PA      | $437033.12    | 0.01%             | 2050-11-15      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K072, Class X3          | CUSIP: 3137FEBT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12354000 | PA      | $623414.96    | 0.02%             | 2045-12-25      | Variable      | 2.14%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                  | Venture Global LNG, Inc.                                                                 | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |       640000 | PA      | $637167.87    | 0.02%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                                  | WESCO Distribution, Inc.                                                                 | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |       300000 | PA      | $305568.90    | 0.01%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Paysafe Finance plc                                                       | Paysafe Finance plc                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |       860000 | PA      | $927662.65    | 0.03%             | 2029-06-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Nidda Healthcare Holding GmbH                                             | Nidda Healthcare Holding GmbH                                                            | CUSIP: N/A<br>LEI: 549300Q89C4WAO6L0L19       | Long             | DBT              | CORP              | DE        |      1355000 | PA      | $1568936.20   | 0.04%             | 2030-10-23      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K117, Class X1          | CUSIP: 3137FX3T3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     41754981 | PA      | $2146965.99   | 0.06%             | 2030-08-25      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| Iliad Holding SASU                                                        | Iliad Holding SASU                                                                       | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |       500000 | PA      | $604122.99    | 0.02%             | 2031-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                          | CUSIP: 172967NE7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       375000 | PA      | $322690.10    | 0.01%             | 2032-11-03      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| NCR Voyix Corp.                                                           | NCR Voyix Corp.                                                                          | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |       201000 | PA      | $195899.79    | 0.01%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                                     | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |      1669000 | PA      | $1990230.98   | 0.06%             | 2031-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Kite Realty Group LP                                                      | Kite Realty Group LP                                                                     | CUSIP: 49803XAB9<br>LEI: 549300X6R2GYI8Y3OD81 | Long             | DBT              | CORP              | US        |      2431000 | PA      | $2470771.14   | 0.07%             | 2027-04-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                          | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      2080000 | PA      | $2106727.56   | 0.06%             | 2030-02-13      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| OEG Finance plc                                                           | OEG Finance plc                                                                          | CUSIP: N/A<br>LEI: 254900KMBHWF9UK63G44       | Long             | DBT              | CORP              | GB        |       800000 | PA      | $930250.05    | 0.03%             | 2029-09-27      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Iridium Satellite LLC                                                     | Iridium Satellite LLC, 1st Lien Term Loan B                                              | CUSIP: 46269KAT1<br>LEI: 254900615BJ7139TFM33 | Long             | LON              | CORP              | US        |      1205174 | PA      | $1201028.35   | 0.03%             | 2030-09-20      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                             | CUSIP: 694308JC2<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      4230000 | PA      | $4180943.34   | 0.12%             | 2028-08-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets plc                                                    | BP Capital Markets plc                                                                   | CUSIP: N/A<br>LEI: 549300CRVT18MXX0AG93       | Long             | DBT              | CORP              | GB        |      7100000 | PA      | $8050053.92   | 0.23%             | 2026-03-22      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-49537.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $996416.24    | 0.03%             | 2030-10-23      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| USI, Inc.                                                                 | USI, Inc., 1st Lien Term Loan                                                            | CUSIP: 90351NAQ8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2064625 | PA      | $2054054.12   | 0.06%             | 2030-09-27      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| General Electric Co.                                                      | General Electric Co.                                                                     | CUSIP: N/A<br>LEI: 3C7474T6CDKPR9K6YT90       | Long             | DBT              | CORP              | US        |       493000 | PA      | $585725.87    | 0.02%             | 2035-09-19      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                                       | Buckeye Partners LP                                                                      | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |       435000 | PA      | $423245.60    | 0.01%             | 2027-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                            | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      4986000 | PA      | $5988755.45   | 0.17%             | 2029-01-17      | Variable      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                    | Velocity Commercial Capital Loan Trust, Series 2020-1, Class AFX                         | CUSIP: 92259LAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1468509 | PA      | $1323634.07   | 0.04%             | 2050-02-25      | Variable      | 2.61%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 5 Year Note                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         3209 | NC      | $2323836.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      5235000 | PA      | $4374824.22   | 0.12%             | 2036-09-16      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                                       | Rocket Mortgage LLC                                                                      | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1170000 | PA      | $1133074.92   | 0.03%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Service Corp. International                                               | Service Corp. International                                                              | CUSIP: 817565CE2<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |       325000 | PA      | $321015.79    | 0.01%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                                        | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      1460000 | PA      | $1547991.73   | 0.04%             | 2033-11-10      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| IQVIA, Inc.                                                               | IQVIA, Inc.                                                                              | CUSIP: N/A<br>LEI: 549300PLWY28YB00C717       | Long             | DBT              | CORP              | US        |      1090000 | PA      | $1180399.63   | 0.03%             | 2029-03-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| WP Carey, Inc.                                                            | WP Carey, Inc.                                                                           | CUSIP: 92936UAH2<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |      1302000 | PA      | $1044825.63   | 0.03%             | 2033-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                      | FirstKey Homes Trust, Series 2020-SFR2, Class F2                                         | CUSIP: 33767JAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2000000 | PA      | $1972391.40   | 0.06%             | 2037-10-19      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                                        | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |      3450000 | PA      | $3464455.50   | 0.10%             | 2048-01-17      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-230676.50   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Primo Brands Corp.                                                        | Primo Brands Corp., 1st Lien Term Loan                                                   | CUSIP: 89678QAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1217454 | PA      | $1217149.94   | 0.03%             | 2028-03-31      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| iliad SA                                                                  | iliad SA                                                                                 | CUSIP: N/A<br>LEI: 969500FZ9BTRZS3JNB97       | Long             | DBT              | CORP              | FR        |      2000000 | PA      | $2365936.67   | 0.07%             | 2027-06-14      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $21190.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                                   | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      5037000 | PA      | $5006778.00   | 0.14%             | 2030-02-04      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp.                                                     | JetBlue Airways Corp.                                                                    | CUSIP: 477143AQ4<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | CORP              | US        |      2250000 | PA      | $2333977.63   | 0.07%             | 2029-09-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| American Medical Systems Europe BV                                        | American Medical Systems Europe BV                                                       | CUSIP: N/A<br>LEI: 549300AA2JE6ZQ5D2493       | Long             | DBT              | CORP              | NL        |       200000 | PA      | $210244.01    | 0.01%             | 2031-03-08      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $379902.82    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                                       | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |     56349000 | PA      | $15771035.89  | 0.45%             | 2033-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Emera, Inc.                                                               | Emera, Inc., Series 16-A                                                                 | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |      1903000 | PA      | $1912347.54   | 0.05%             | 2076-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                         | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |      2000000 | PA      | $2089360.67   | 0.06%             | 2027-02-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                                      | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |      2510000 | PA      | $2989201.00   | 0.08%             | 2027-01-11      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                                         | Genesis Energy LP                                                                        | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       544000 | PA      | $548731.71    | 0.02%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                              | Royal Caribbean Cruises Ltd.                                                             | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |       556000 | PA      | $549542.59    | 0.02%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                            | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      1800000 | PA      | $2015605.42   | 0.06%             | 2027-12-03      | Variable      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                                       | Expand Energy Corp.                                                                      | CUSIP: 165167DH7<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      1335000 | PA      | $1317908.93   | 0.04%             | 2035-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                          | CUSIP: 17327CBA0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      2655000 | PA      | $2618802.00   | 0.07%             | 2036-03-27      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                             | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |      5460000 | PA      | $6211119.18   | 0.18%             | 2026-05-25      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Renaissance Home Equity Loan Trust                                        | Renaissance Home Equity Loan Trust, Series 2005-2, Class M1                              | CUSIP: 75970NAP2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       536255 | PA      | $495637.38    | 0.01%             | 2035-08-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                                            | JELD-WEN, Inc.                                                                           | CUSIP: 47580PAA1<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |       395000 | PA      | $291750.95    | 0.01%             | 2032-09-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Midcontinent Communications                                               | Midcontinent Communications                                                              | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |       518000 | PA      | $535715.08    | 0.02%             | 2032-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ELO SACA                                                                  | ELO SACA                                                                                 | CUSIP: N/A<br>LEI: 969500ASEC557H5A4F22       | Long             | DBT              | CORP              | FR        |      1300000 | PA      | $1437362.86   | 0.04%             | 2027-07-23      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K078, Class X3          | CUSIP: 3137FGR64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10990000 | PA      | $646936.24    | 0.02%             | 2046-06-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| America Movil SAB de CV                                                   | America Movil SAB de CV                                                                  | CUSIP: 02364WBJ3<br>LEI: 5493000FNR3UCEAONM59 | Long             | DBT              | CORP              | MX        |      2500000 | PA      | $2284875.00   | 0.06%             | 2030-05-07      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                          | NRG Energy, Inc.                                                                         | CUSIP: 629377CE0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |       200000 | PA      | $200715.20    | 0.01%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                                    | Encompass Health Corp.                                                                   | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |       300000 | PA      | $292466.85    | 0.01%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables LLC                                    | Amur Equipment Finance Receivables LLC, Series 2022-2A, Class A2                         | CUSIP: 03236XAB3<br>LEI: 549300IFG1NMINYRYF89 | Long             | ABS-O            | CORP              | US        |       603933 | PA      | $605103.79    | 0.02%             | 2028-06-21      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                                       | Buckeye Partners LP                                                                      | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |       140000 | PA      | $136766.28    | 0.00%             | 2028-03-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Viavi Solutions, Inc.                                                     | Viavi Solutions, Inc.                                                                    | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |       222000 | PA      | $204243.20    | 0.01%             | 2029-10-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Euro-Bobl                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         1035 | NC      | $1085863.24   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                               | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      1108000 | PA      | $1073867.44   | 0.03%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| QXO Building Products, Inc.                                               | QXO Building Products, Inc.                                                              | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |       920000 | PA      | $943321.88    | 0.03%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                      | Clear Channel Outdoor Holdings, Inc.                                                     | CUSIP: 18453H106<br>LEI: 254900XBEE6V1ENYS150 | Long             | EC               | CORP              | US        |        70593 | NS      | $75534.51     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap, Inc.                                                                | Snap, Inc.                                                                               | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |       252000 | PA      | $255262.39    | 0.01%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                    | Tenet Healthcare Corp.                                                                   | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       345000 | PA      | $345501.29    | 0.01%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Arches Buyer, Inc.                                                        | Arches Buyer, Inc.                                                                       | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |      1215000 | PA      | $1110574.88   | 0.03%             | 2028-12-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Meritage Homes Corp.                                                      | Meritage Homes Corp.                                                                     | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |      2250000 | PA      | $2172380.60   | 0.06%             | 2028-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                                  | CUSIP: N/A<br>LEI: 9695005MSX1OYEMGDF46       | Long             | DBT              | CORP              | FR        |      3000000 | PA      | $3561202.67   | 0.10%             | 2028-07-13      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GHX0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      9282000 | PA      | $8599177.47   | 0.24%             | 2030-10-22      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Greenko Dutch BV                                                          | Greenko Dutch BV                                                                         | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |      1921040 | PA      | $1880217.90   | 0.05%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                            | Community Health Systems, Inc.                                                           | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |       295000 | PA      | $265661.03    | 0.01%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                             | CUSIP: 225401AF5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      1585000 | PA      | $1551467.28   | 0.04%             | 2029-01-12      | Variable      | 3.87%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    143812545 | PA      | $-1252620.77  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                              | Scotts Miracle-Gro Co. (The)                                                             | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |      2197000 | PA      | $2088850.04   | 0.06%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GC36<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2090000 | PA      | $2119312.86   | 0.06%             | 2031-01-28      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                                            | Rite Aid Corp., Series A                                                                 | CUSIP: 767754CS1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |       760479 | PA      | $0.01         | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| First Student Bidco, Inc.                                                 | First Student Bidco, Inc., 1st Lien Term Loan B-2                                        | CUSIP: 33718FAL4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2017417 | PA      | $2017417.10   | 0.06%             | 2028-07-21      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| Avis Budget Finance plc                                                   | Avis Budget Finance plc                                                                  | CUSIP: N/A<br>LEI: 549300W3BJJPGKCIOI13       | Long             | DBT              | CORP              | JE        |       955000 | PA      | $1097909.18   | 0.03%             | 2029-02-28      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Rossini SARL                                                              | Rossini SARL                                                                             | CUSIP: N/A<br>LEI: 549300EC5JCCW6F83R11       | Long             | DBT              | CORP              | LU        |       849000 | PA      | $1018185.25   | 0.03%             | 2029-12-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                                            | Entegris, Inc.                                                                           | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |      3500000 | PA      | $3501921.50   | 0.10%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                                                  | Spirit AeroSystems, Inc.                                                                 | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |       460000 | PA      | $489808.92    | 0.01%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-24110.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dufry One BV                                                              | Dufry One BV                                                                             | CUSIP: N/A<br>LEI: 7245003K5MN9U7XW0808       | Long             | DBT              | CORP              | NL        |      2000000 | PA      | $2233997.88   | 0.06%             | 2027-02-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                  | Lumen Technologies, Inc.                                                                 | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |      1514762 | PA      | $1471212.59   | 0.04%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Walt Disney Co. (The)                                                     | Walt Disney Co. (The)                                                                    | CUSIP: 254687FZ4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |      2200000 | PA      | $1579794.61   | 0.04%             | 2051-01-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                                     | Global Payments, Inc.                                                                    | CUSIP: 37940XAU6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      2638000 | PA      | $2309569.00   | 0.07%             | 2031-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| P -stlb                                                                   | P -stlb                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |      3800000 | PA      | $3743000.00   | 0.11%             | 2026-10-11      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Builders FirstSource, Inc.                                                | Builders FirstSource, Inc.                                                               | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |       375000 | PA      | $373624.24    | 0.01%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                                                     | Range Resources Corp.                                                                    | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |       575000 | PA      | $552638.08    | 0.02%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-90273.85    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Endo GUC Trust                                                            | Endo GUC Trust                                                                           | CUSIP: 29281F105<br>LEI: N/A                  | Long             |  | RF                | US        |        22504 | NS      | $11252.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Graphic Packaging International LLC                                       | Graphic Packaging International LLC                                                      | CUSIP: 38869AAB3<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |       573000 | PA      | $543562.30    | 0.02%             | 2028-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Indonesia Asahan Aluminium PT                                             | Indonesia Asahan Aluminium PT                                                            | CUSIP: 74445PAF9<br>LEI: 2549008P48EB9SN2OI80 | Long             | DBT              | CORP              | ID        |      2380000 | PA      | $2392673.50   | 0.07%             | 2030-05-15      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                                     | CUSIP: 378272BU1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      4771000 | PA      | $4798525.86   | 0.14%             | 2034-04-04      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Lyft, Inc.                                                                | Lyft, Inc.                                                                               | CUSIP: 55087PAD6<br>LEI: 549300H7I5VN334XVZ52 | Long             | DBT              | CORP              | US        |      3702000 | PA      | $3913014.00   | 0.11%             | 2029-03-01      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-3917.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $29534.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                          | CUSIP: 172967PA3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |       465000 | PA      | $493332.56    | 0.01%             | 2033-11-17      | Variable      | 6.27%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-265625.18   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                       | Medline Borrower LP                                                                      | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |       440000 | PA      | $414685.30    | 0.01%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                         | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2422000 | PA      | $2218326.00   | 0.06%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-327180.50   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-244958.58   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Archrock Partners LP                                                      | Archrock Partners LP                                                                     | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       402000 | PA      | $404114.52    | 0.01%             | 2032-09-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Intelsat SA                                                               | Intelsat SA                                                                              | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             | EC               | CORP              | LU        |        35421 | NS      | $1438978.13   | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2015-85, Class SA                                                    | CUSIP: 3136AQRN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2303164 | PA      | $214910.98    | 0.01%             | 2045-11-25      | Floating      | 1.18%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                                 | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      5370000 | PA      | $5113582.50   | 0.14%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                             | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |       545000 | PA      | $545098.10    | 0.02%             | 2030-05-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-2020.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                                     | Albertsons Cos., Inc.                                                                    | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       425000 | PA      | $413419.35    | 0.01%             | 2030-02-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| OEG Finance plc                                                           | OEG Finance plc                                                                          | CUSIP: N/A<br>LEI: 254900KMBHWF9UK63G44       | Long             | DBT              | CORP              | GB        |       669000 | PA      | $777921.60    | 0.02%             | 2029-09-27      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Saavi Energia Sarl                                                        | Saavi Energia Sarl                                                                       | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      3887000 | PA      | $3956966.00   | 0.11%             | 2035-02-10      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                                    | Freeport-McMoRan, Inc.                                                                   | CUSIP: 35671DCE3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |       367000 | PA      | $360930.44    | 0.01%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SolarEdge Technologies, Inc.                                              | SolarEdge Technologies, Inc.                                                             | CUSIP: 83417MAF1<br>LEI: 5493000K6Y58XXPDF853 | Long             | DBT              | CORP              | US        |      1243000 | PA      | $943934.20    | 0.03%             | 2029-07-01      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                                                | Pike Corp., 1st Lien Term Loan                                                           | CUSIP: 72108PAR5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |      1353159 | PA      | $1358571.30   | 0.04%             | 2028-01-21      | Variable      | 7.44%                 | No            |                  2 | On Loan: No      |
| AHP Health Partners, Inc.                                                 | AHP Health Partners, Inc., 1st Lien Term Loan B                                          | CUSIP: 00130MAK0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1559430 | PA      | $1563983.74   | 0.04%             | 2028-08-24      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Long Bond                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          807 | NC      | $2444823.67   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| White Cap Supply Holdings LLC                                             | White Cap Supply Holdings LLC, 1st Lien Term Loan C                                      | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |       919076 | PA      | $908810.06    | 0.03%             | 2029-10-19      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $80518.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Precision Drilling Corp.                                                  | Precision Drilling Corp.                                                                 | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |        25000 | PA      | $24007.83     | 0.00%             | 2029-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Coty, Inc.                                                                | Coty, Inc.                                                                               | CUSIP: N/A<br>LEI: 549300BO9IWPF3S48F93       | Long             | DBT              | CORP              | US        |      1760000 | PA      | $1996323.66   | 0.06%             | 2026-04-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4305, Class SK                                                      | CUSIP: 3137B8A72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2744171 | PA      | $365026.34    | 0.01%             | 2044-02-15      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| MKS, Inc.                                                                 | MKS, Inc.                                                                                | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |      6470000 | PA      | $5914179.77   | 0.17%             | 2030-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Novelis Corp.                                                             | Novelis Corp.                                                                            | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |       157000 | PA      | $161903.74    | 0.00%             | 2030-01-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                             | CUSIP: 05401AAM3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |       810000 | PA      | $787635.90    | 0.02%             | 2026-02-21      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | CDI                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |     37365000 | PA      | $-1091408.48  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                    | Velocity Commercial Capital Loan Trust, Series 2018-2, Class A                           | CUSIP: 92259BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       783388 | PA      | $761984.13    | 0.02%             | 2048-10-26      | Variable      | 4.05%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-119177.65   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wayfair LLC                                                               | Wayfair LLC                                                                              | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |      1560000 | PA      | $1519334.23   | 0.04%             | 2029-10-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Crown European Holdings SACA                                              | Crown European Holdings SACA                                                             | CUSIP: N/A<br>LEI: 85OKW2SW05RZFQS1W718       | Long             | DBT              | CORP              | FR        |       731000 | PA      | $858026.92    | 0.02%             | 2030-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Jazz Investments I Ltd.                                                   | Jazz Investments I Ltd.                                                                  | CUSIP: 472145AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      4705000 | PA      | $5017882.50   | 0.14%             | 2030-09-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Greenko Power II Ltd.                                                     | Greenko Power II Ltd.                                                                    | CUSIP: 39530MAA6<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |      4584985 | PA      | $4291545.96   | 0.12%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GZT4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      4905000 | PA      | $4891079.36   | 0.14%             | 2027-06-15      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series X                                                                | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      6687000 | PA      | $6551122.03   | 0.19%             | 2026-02-18      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                                              | KazMunayGas National Co. JSC                                                             | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |      5400000 | PA      | $5328956.52   | 0.15%             | 2030-04-24      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Verisure Holding AB                                                       | Verisure Holding AB                                                                      | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |      3620000 | PA      | $4074486.93   | 0.12%             | 2027-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| National Grid plc                                                         | National Grid plc                                                                        | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | DBT              | CORP              | GB        |      6800000 | PA      | $6986789.98   | 0.20%             | 2029-09-18      | Fixed         | 0.55%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                           | CUSIP: 09659T2D2<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      6035000 | PA      | $6000305.33   | 0.17%             | 2035-11-19      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                      | BANK, Series 2018-BN13, Class C                                                          | CUSIP: 06539LBG4<br>LEI: 549300664283JRAXM588 | Long             | ABS-MBS          | CORP              | US        |      1703000 | PA      | $1443312.25   | 0.04%             | 2061-08-15      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                                 | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |      2200000 | PA      | $2346966.57   | 0.07%             | 2030-06-15      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                              | BX Commercial Mortgage Trust, Series 2024-MF, Class B                                    | CUSIP: 05612EAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2408436 | PA      | $2411446.92   | 0.07%             | 2039-02-15      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                            | Community Health Systems, Inc.                                                           | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |       765000 | PA      | $590969.31    | 0.02%             | 2030-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| MPT Operating Partnership LP                                              | MPT Operating Partnership LP                                                             | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       413000 | PA      | $423343.17    | 0.01%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | OIS                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     69938000 | PA      | $-199917.48   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                    | Cleveland-Cliffs, Inc.                                                                   | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      1753000 | PA      | $1566829.82   | 0.04%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                            | CUSIP: 29278GAP3<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |       590000 | PA      | $510789.36    | 0.01%             | 2031-07-12      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4689, Class SD                                                      | CUSIP: 3137F1DW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4432476 | PA      | $508390.40    | 0.01%             | 2047-06-15      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| Itron, Inc.                                                               | Itron, Inc.                                                                              | CUSIP: 465741AP1<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |      2740000 | PA      | $3005987.72   | 0.09%             | 2030-07-15      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Element Solutions, Inc.                                                   | Element Solutions, Inc.                                                                  | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |      1325000 | PA      | $1272196.37   | 0.04%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2013-66, Class IE                                                    | CUSIP: 3136AFUX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1054998 | PA      | $25018.01     | 0.00%             | 2032-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                           | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      8200000 | PA      | $8685522.00   | 0.25%             | 2028-08-14      | Variable      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                   | Uber Technologies, Inc., Series 2028                                                     | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      3563000 | PA      | $4745916.00   | 0.13%             | 2028-12-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                                        | CUSIP: 404280CL1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      8500000 | PA      | $7990629.68   | 0.23%             | 2028-09-22      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| Flora Food Management BV                                                  | Flora Food Management BV                                                                 | CUSIP: N/A<br>LEI: 2549002VGA888UKFKS25       | Long             | DBT              | CORP              | NL        |      1500000 | PA      | $1751351.64   | 0.05%             | 2029-07-02      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Paraguay                                                      | Republic of Paraguay                                                                     | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |       990000 | PA      | $856350.00    | 0.02%             | 2048-03-13      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| UGI International LLC                                                     | UGI International LLC                                                                    | CUSIP: N/A<br>LEI: 5493001JFF8MQO00ZQ21       | Long             | DBT              | CORP              | US        |       905000 | PA      | $959741.27    | 0.03%             | 2029-12-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                                    | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        | 168525000000 | PA      | $10490138.12  | 0.30%             | 2033-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Trinseo Luxco Finance SPV SARL                                            | Trinseo Luxco Finance SPV Sarl                                                           | CUSIP: 89668JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       620500 | PA      | $366095.00    | 0.01%             | 2029-05-03      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                             | CUSIP: 225401AP3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      1853000 | PA      | $1795734.93   | 0.05%             | 2031-04-01      | Variable      | 4.19%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    107580006 | PA      | $-1181983.91  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Raven Acquisition Holdings LLC                                            | Raven Acquisition Holdings LLC, 1st Lien Term Loan                                       | CUSIP: 75419XAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2297257 | PA      | $2291513.71   | 0.06%             | 2031-11-19      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                     | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4637000 | PA      | $2984905.48   | 0.08%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets plc                                                    | BP Capital Markets plc                                                                   | CUSIP: N/A<br>LEI: 549300CRVT18MXX0AG93       | Long             | DBT              | CORP              | GB        |       800000 | PA      | $897813.94    | 0.03%             | 2029-03-22      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                                                    | Standard Chartered plc                                                                   | CUSIP: 853254BS8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      1007000 | PA      | $983335.50    | 0.03%             | 2031-04-01      | Variable      | 4.64%                 | Yes           |                  2 | On Loan: No      |
| Lottomatica Group Spa                                                     | Lottomatica Group Spa                                                                    | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | DBT              | CORP              | IT        |      1060000 | PA      | $1232833.21   | 0.03%             | 2031-01-31      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| PG&E Corp.                                                                | PG&E Corp.                                                                               | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |       410000 | PA      | $397807.22    | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                                        | Seagate HDD Cayman                                                                       | CUSIP: 81180WBC4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |      1369000 | PA      | $1309205.50   | 0.04%             | 2029-06-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Whatabrands LLC                                                           | Whatabrands LLC, 1st Lien Term Loan B                                                    | CUSIP: 96244UAJ6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1227576 | PA      | $1223844.08   | 0.03%             | 2028-08-03      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Kinetik Holdings LP                                                       | Kinetik Holdings LP                                                                      | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |       550000 | PA      | $546731.68    | 0.02%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Icon Parent, Inc.                                                         | Icon Parent, Inc., 1st Lien Term Loan                                                    | CUSIP: 45115DAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      3000000 | PA      | $2996010.00   | 0.08%             | 2031-11-13      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                                  | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |    647590000 | PA      | $30684734.67  | 0.87%             | 2035-05-24      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Gray Oak Pipeline LLC                                                     | Gray Oak Pipeline LLC                                                                    | CUSIP: 38937LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       810000 | PA      | $799872.03    | 0.02%             | 2025-10-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                                      | Prime Security Services Borrower LLC                                                     | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       472000 | PA      | $473176.00    | 0.01%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| LCM XVI LP                                                                | LCM LP, Series 16A, Class A2R                                                            | CUSIP: 50181GBE9<br>LEI: 549300RB1XGNK3FHRH35 | Long             | ABS-CBDO         | CORP              | KY        |       438032 | PA      | $438241.94    | 0.01%             | 2031-10-15      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                                               | Acadia Healthcare Co., Inc.                                                              | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |       430000 | PA      | $423711.72    | 0.01%             | 2028-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Southern California Edison Co.                                            | Southern California Edison Co., Series 13-A                                              | CUSIP: 842400FW8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |       564000 | PA      | $407683.49    | 0.01%             | 2043-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-122027.12   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP                                              | Antero Midstream Partners LP                                                             | CUSIP: 03690AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       900000 | PA      | $899216.64    | 0.03%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HIN Timeshare Trust                                                       | HIN Timeshare Trust, Series 2020-A, Class D                                              | CUSIP: 40439HAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1057765 | PA      | $1024612.79   | 0.03%             | 2039-10-09      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Iceland Bondco plc                                                        | Iceland Bondco plc                                                                       | CUSIP: N/A<br>LEI: 2138002DRBYIA8QXHO36       | Long             | DBT              | CORP              | GB        |       150000 | PA      | $214228.85    | 0.01%             | 2027-12-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                         | Enterprise Products Operating LLC                                                        | CUSIP: 29379VCA9<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |      1102000 | PA      | $695763.50    | 0.02%             | 2052-02-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                           | Sinclair Television Group, Inc.                                                          | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |       502000 | PA      | $502266.06    | 0.01%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                                     | Gilead Sciences, Inc.                                                                    | CUSIP: 375558CA9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |      2477000 | PA      | $2375148.09   | 0.07%             | 2053-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                             | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      2746000 | PA      | $3135077.99   | 0.09%             | 2033-11-13      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                                                | Lamb Weston Holdings, Inc.                                                               | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |       270000 | PA      | $254621.77    | 0.01%             | 2030-01-31      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                      | NOVA Chemicals Corp.                                                                     | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |      1000000 | PA      | $1076624.00   | 0.03%             | 2030-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                                | iHeartCommunications, Inc.                                                               | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      2182172 | PA      | $1067234.86   | 0.03%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                                         | GLS Auto Receivables Issuer Trust, Series 2022-3A, Class D                               | CUSIP: 38014QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       510000 | PA      | $516320.89    | 0.01%             | 2028-06-15      | Fixed         | 6.42%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                       | Starwood Mortgage Residential Trust, Series 2020-1, Class A1                             | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        97947 | PA      | $93199.00     | 0.00%             | 2050-02-25      | Variable      | 2.27%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                                | CUSIP: N/A<br>LEI: 5493000PCHOG3B6S3Q85       | Long             | DBT              | NUSS              | TR        |    328411050 | PA      | $7403360.23   | 0.21%             | 2029-09-12      | Fixed         | 30.00%                | No            |                  2 | On Loan: No      |
| Novelis Corp.                                                             | Novelis Corp.                                                                            | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |       615000 | PA      | $584640.28    | 0.02%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                                  | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      8143000 | PA      | $7698392.20   | 0.22%             | 2036-03-26      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | OIS                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    112053000 | PA      | $2434963.90   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                | Prudential Financial, Inc.                                                               | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |      2395000 | PA      | $2431490.91   | 0.07%             | 2054-03-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, Single Family, 30 Year                                                          | CUSIP: 21H052660<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     84300000 | PA      | $83690800.15  | 2.37%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                                 | MGM Resorts International                                                                | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $998052.12    | 0.03%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2014-14, Class SA                                                    | CUSIP: 3136AJQJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3626238 | PA      | $375323.64    | 0.01%             | 2044-04-25      | Floating      | 1.51%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                       | Newell Brands, Inc.                                                                      | CUSIP: 651229AW6<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       234000 | PA      | $235652.51    | 0.01%             | 2026-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Incora Intermediate LLC                                                   | Incora Intermediate II LLC                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        17595 | NS      | $351724.05    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| UBS Commercial Mortgage Trust                                             | UBS Commercial Mortgage Trust, Series 2017-C7, Class B                                   | CUSIP: 90276WAW7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1795000 | PA      | $1715397.67   | 0.05%             | 2050-12-15      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Leslie's Poolmart, Inc.                                                   | Leslie's Poolmart, Inc., 1st Lien Term Loan B                                            | CUSIP: 52706YAJ2<br>LEI: 549300MZRH1GJYUMRM83 | Long             | LON              | CORP              | US        |      2119931 | PA      | $1575151.12   | 0.04%             | 2028-03-09      | Variable      | 7.19%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                                       | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |      3027000 | PA      | $2924990.10   | 0.08%             | 2045-01-27      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                                   | SS&C Technologies, Inc., 1st Lien Term Loan B-8                                          | CUSIP: N/A<br>LEI: 549300KY09TR3J12JU49       | Long             | LON              | CORP              | US        |      1046201 | PA      | $1049601.09   | 0.03%             | 2031-05-09      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Jazz Securities DAC                                                       | Jazz Securities DAC                                                                      | CUSIP: 47216FAA5<br>LEI: 6354009DV8VV7K6KOO02 | Long             | DBT              | CORP              | IE        |       915000 | PA      | $877380.87    | 0.02%             | 2029-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance plc                                                         | INEOS Finance plc                                                                        | CUSIP: N/A<br>LEI: 2138002D68XDR4LZCG32       | Long             | DBT              | CORP              | GB        |      1069000 | PA      | $1228410.15   | 0.03%             | 2029-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Claire's Stores, Inc.                                                     | Claire's Stores, Inc.                                                                    | CUSIP: N/A<br>LEI: 549300N5HNYXI6JY7625       | Long             | EC               | CORP              | US        |         1259 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Stellantis Finance US, Inc.                                               | Stellantis Finance US, Inc.                                                              | CUSIP: 85855CAK6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |      1181000 | PA      | $1183762.21   | 0.03%             | 2030-03-18      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                                       | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      8439000 | PA      | $7634130.38   | 0.22%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                                           | Goodgreen Trust, Series 2017-R1                                                          | CUSIP: 38218AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        81846 | PA      | $78998.72     | 0.00%             | 2051-10-20      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| Nomad Foods Bondco plc                                                    | Nomad Foods Bondco plc                                                                   | CUSIP: N/A<br>LEI: 213800BPK5X4TY4RZ619       | Long             | DBT              | CORP              | GB        |      1860000 | PA      | $2051303.29   | 0.06%             | 2028-06-24      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K104, Class X1          | CUSIP: 3137FREK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24813253 | PA      | $1049461.66   | 0.03%             | 2030-01-25      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                   | MPLX LP                                                                                  | CUSIP: 55336VBQ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |      1246000 | PA      | $1114948.93   | 0.03%             | 2030-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                                | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      4670000 | PA      | $4706832.71   | 0.13%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Valeo SE                                                                  | Valeo SE                                                                                 | CUSIP: N/A<br>LEI: 5493006IH2N2WMIBB742       | Long             | DBT              | CORP              | FR        |      2300000 | PA      | $2590616.26   | 0.07%             | 2030-04-11      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Synaptics, Inc.                                                           | Synaptics, Inc.                                                                          | CUSIP: 87157DAH2<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |      3552000 | PA      | $3226992.00   | 0.09%             | 2031-12-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                                                | LABL, Inc., 1st Lien Term Loan B                                                         | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |       896400 | PA      | $796594.67    | 0.02%             | 2028-10-30      | Variable      | 9.43%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                   | Hyundai Capital America                                                                  | CUSIP: 44891ACV7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      3460000 | PA      | $3488889.79   | 0.10%             | 2031-01-08      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                                             | AIB Group plc                                                                            | CUSIP: 00135TAD6<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |      1040000 | PA      | $1093932.23   | 0.03%             | 2029-09-13      | Variable      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    113899795 | PA      | $-877475.85   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| EDP SA                                                                    | EDP SA                                                                                   | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |      4600000 | PA      | $5205886.10   | 0.15%             | 2080-07-20      | Variable      | 1.70%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 3459, Class JS                                                      | CUSIP: 31397TTP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       133991 | PA      | $11680.23     | 0.00%             | 2038-06-15      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $103259.62    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                                  | CUSIP: 05578QAF0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      1765000 | PA      | $1514458.94   | 0.04%             | 2032-10-19      | Variable      | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corp.                                                             | Comcast Corp.                                                                            | CUSIP: 20030NDL2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      6899000 | PA      | $4040178.38   | 0.11%             | 2051-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| PetSmart, Inc.                                                            | PetSmart, Inc.                                                                           | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1000000 | PA      | $973476.80    | 0.03%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| CPUK Finance Ltd.                                                         | CPUK Finance Ltd.                                                                        | CUSIP: N/A<br>LEI: 6354003CVDDPNXREIR29       | Long             | DBT              | CORP              | JE        |       430000 | PA      | $562469.45    | 0.02%             | 2027-08-28      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                                        | Nationstar Mortgage Holdings, Inc.                                                       | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1350000 | PA      | $1344185.96   | 0.04%             | 2030-12-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                                    | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |       550000 | PA      | $553917.65    | 0.02%             | 2055-08-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                                   | GFL Environmental, Inc.                                                                  | CUSIP: 36168QAP9<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |       400000 | PA      | $384105.84    | 0.01%             | 2029-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| JBS USA Holding Lux Sarl                                                  | JBS USA Holding Lux Sarl                                                                 | CUSIP: 47214BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      4761000 | PA      | $5115189.83   | 0.14%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Range Resources Corp.                                                     | Range Resources Corp.                                                                    | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |       340000 | PA      | $349261.94    | 0.01%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                    | Mauser Packaging Solutions Holding Co.                                                   | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |       485000 | PA      | $477768.75    | 0.01%             | 2027-04-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                                  | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |    721220000 | PA      | $35163658.19  | 1.00%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Intelsat Jackson Holdings SA                                              | Intelsat Jackson Holdings SA                                                             | CUSIP: 45824TBC8<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | DBT              | CORP              | LU        |      4329000 | PA      | $4257089.25   | 0.12%             | 2030-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                                        | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |      3207000 | PA      | $554811.00    | 0.02%             | 2024-04-22      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods LLC                                                           | Moran Foods LLC, 1st Lien PIK Term Loan                                                  | CUSIP: 61647DAT9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       718811 | PA      | $568292.22    | 0.02%             | 2026-06-30      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| Live Nation Entertainment, Inc.                                           | Live Nation Entertainment, Inc.                                                          | CUSIP: 538034BA6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      2845000 | PA      | $4081152.50   | 0.12%             | 2029-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                     | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1725000 | PA      | $1333874.50   | 0.04%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Terex Corp.                                                               | Terex Corp.                                                                              | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |      1220000 | PA      | $1175603.22   | 0.03%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Synaptics, Inc.                                                           | Synaptics, Inc.                                                                          | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |      2590000 | PA      | $2407497.72   | 0.07%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Spectrum Brands, Inc.                                                     | Spectrum Brands, Inc.                                                                    | CUSIP: 84762LAY1<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |      4349000 | PA      | $3983684.00   | 0.11%             | 2029-06-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                       | Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1                          | CUSIP: 20755AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2446007 | PA      | $2501565.63   | 0.07%             | 2043-01-25      | Floating      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                              | Oracle Corp.                                                                             | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      5610000 | PA      | $4975568.13   | 0.14%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corp.                                                      | Sprint Capital Corp.                                                                     | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |      4210000 | PA      | $4503854.55   | 0.13%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                                | Apidos CLO, Series 2020-34A, Class A1R                                                   | CUSIP: 03768WAL9<br>LEI: 5493001VH1Y9SEPJKZ47 | Long             | ABS-CBDO         | CORP              | KY        |       925000 | PA      | $926872.20    | 0.03%             | 2035-01-20      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Birkenstock Financing SARL                                                | Birkenstock Financing SARL                                                               | CUSIP: N/A<br>LEI: 5299004DSXRFOZZ5UG09       | Long             | DBT              | CORP              | LU        |      3679000 | PA      | $4234645.92   | 0.12%             | 2029-04-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| General Motors Co.                                                        | General Motors Co.                                                                       | CUSIP: 37045VAP5<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |      1600000 | PA      | $1444702.43   | 0.04%             | 2038-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Rocket Software, Inc.                                                     | Rocket Software, Inc., 1st Lien Term Loan                                                | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |      1227600 | PA      | $1228447.04   | 0.03%             | 2028-11-28      | Variable      | 8.58%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                                | Avis Budget Car Rental LLC                                                               | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       546000 | PA      | $555342.06    | 0.02%             | 2030-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| RAC Bond Co. plc                                                          | RAC Bond Co. plc                                                                         | CUSIP: N/A<br>LEI: 2138008FCM2SUNLC7B21       | Long             | DBT              | CORP              | GB        |      2398000 | PA      | $3155759.82   | 0.09%             | 2027-11-04      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                                                    | Encompass Health Corp.                                                                   | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |      1590000 | PA      | $1516065.16   | 0.04%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Agrifarma SpA                                                             | Agrifarma SpA                                                                            | CUSIP: N/A<br>LEI: 815600F89DA538E88804       | Long             | DBT              | CORP              | IT        |      3860000 | PA      | $4393941.32   | 0.12%             | 2028-10-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      7680000 | PA      | $7855497.83   | 0.22%             | 2029-07-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| Nidda Healthcare Holding GmbH                                             | Nidda Healthcare Holding GmbH                                                            | CUSIP: N/A<br>LEI: 549300Q89C4WAO6L0L19       | Long             | DBT              | CORP              | DE        |       800000 | PA      | $951507.10    | 0.03%             | 2030-02-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ASK Chemicals Deutschland Holding GmbH                                    | ASK Chemicals Deutschland Holding GmbH                                                   | CUSIP: N/A<br>LEI: 529900793W6Y4S5VIK84       | Long             | DBT              | CORP              | DE        |      1080000 | PA      | $1201760.28   | 0.03%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                                                | Alibaba Group Holding Ltd.                                                               | CUSIP: 01609WBF8<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |      4375000 | PA      | $5551875.00   | 0.16%             | 2031-06-01      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                                      | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      7250000 | PA      | $7289570.50   | 0.21%             | 2029-11-21      | Variable      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1616000 | PA      | $1641610.37   | 0.05%             | 2030-05-01      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| Imola Merger Corp.                                                        | Imola Merger Corp.                                                                       | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2780000 | PA      | $2663766.25   | 0.08%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                            | CUSIP: 29278GAX6<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      3570000 | PA      | $3528699.96   | 0.10%             | 2032-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc., Series B                                                          | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |       470000 | PA      | $493887.75    | 0.01%             | 2054-06-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Enphase Energy, Inc.                                                      | Enphase Energy, Inc.                                                                     | CUSIP: 29355AAK3<br>LEI: 5493008U7KIGMI59Z314 | Long             | DBT              | CORP              | US        |      4040000 | PA      | $3336328.48   | 0.09%             | 2028-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                  | PNC Financial Services Group, Inc. (The)                                                 | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      1055000 | PA      | $1076237.30   | 0.03%             | 2035-01-22      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                                              | Trivium Packaging Finance BV                                                             | CUSIP: N/A<br>LEI: 724500GMZWW3PVYET548       | Long             | DBT              | CORP              | NL        |      1500000 | PA      | $1702323.41   | 0.05%             | 2026-08-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Mars, Inc.                                                                | Mars, Inc.                                                                               | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |       685000 | PA      | $672007.14    | 0.02%             | 2045-05-01      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Note                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         2724 | NC      | $3804929.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| EMRLD Borrower LP                                                         | EMRLD Borrower LP                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      1700000 | PA      | $2024023.73   | 0.06%             | 2030-12-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                                      | Owens-Brockway Glass Container, Inc.                                                     | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |      1130000 | PA      | $1130568.39   | 0.03%             | 2027-05-13      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Cirsa Finance International SARL                                          | Cirsa Finance International SARL                                                         | CUSIP: N/A<br>LEI: 254900KUJN6DHWH2K029       | Long             | DBT              | CORP              | LU        |      2250000 | PA      | $2695018.96   | 0.08%             | 2027-11-30      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                             | CUSIP: 694308KJ5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      2570000 | PA      | $2613447.14   | 0.07%             | 2033-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                          | Boeing Co. (The)                                                                         | CUSIP: 097023CR4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      3333000 | PA      | $2209530.62   | 0.06%             | 2059-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                   | Hyundai Capital America                                                                  | CUSIP: 44891CBD4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      2600000 | PA      | $2550888.44   | 0.07%             | 2026-11-02      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                                              | Barclays plc                                                                             | CUSIP: 06738EAW5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |       710000 | PA      | $711265.43    | 0.02%             | 2028-05-09      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                                            | Rite Aid Corp.                                                                           | CUSIP: 767ESCAA4<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |       871000 | PA      | $0.01         | 0.00%             | 2025-07-01      | Fixed         | 7.50%                 | No            |                  3 | On Loan: No      |
| Acushnet Co.                                                              | Acushnet Co.                                                                             | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |       780000 | PA      | $808241.46    | 0.02%             | 2028-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2017-KF41, Class B                                          | CUSIP: 30306KAC7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       304040 | PA      | $268784.37    | 0.01%             | 2024-11-25      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| Claire's Stores, Inc.                                                     | Claire's Stores, Inc., 1st Lien Term Loan B                                              | CUSIP: 17958DAL1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1643138 | PA      | $1046136.41   | 0.03%             | 2026-12-18      | Variable      | 10.73%                | No            |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                               | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |      1300000 | PA      | $1414584.66   | 0.04%             | 2027-10-04      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                                       | Iron Mountain, Inc.                                                                      | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |       597000 | PA      | $589925.19    | 0.02%             | 2027-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Silgan Holdings, Inc.                                                     | Silgan Holdings, Inc.                                                                    | CUSIP: N/A<br>LEI: KAF673KJXD92C8KSLU49       | Long             | DBT              | CORP              | US        |       333000 | PA      | $365813.42    | 0.01%             | 2028-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                                      | American Express Co.                                                                     | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      1530000 | PA      | $1562238.89   | 0.04%             | 2036-04-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                          | NRG Energy, Inc.                                                                         | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      1420000 | PA      | $1403280.78   | 0.04%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                                       | Sirius XM Radio LLC                                                                      | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |       940000 | PA      | $891997.58    | 0.03%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                             | CUSIP: 694308HH3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |       294000 | PA      | $234420.77    | 0.01%             | 2044-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Verisure Holding AB                                                       | Verisure Holding AB                                                                      | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |      1247000 | PA      | $1413891.32   | 0.04%             | 2026-07-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                                               | Acadia Healthcare Co., Inc.                                                              | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |       870000 | PA      | $832908.07    | 0.02%             | 2029-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                                | CUSIP: 404119DC0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |        77000 | PA      | $75182.65     | 0.00%             | 2055-03-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Coherent Corp.                                                            | Coherent Corp.                                                                           | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |      5309000 | PA      | $5144227.75   | 0.15%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Herens Midco SARL                                                         | Herens Midco SARL                                                                        | CUSIP: N/A<br>LEI: 222100BJH5XPZD1JHF79       | Long             | DBT              | CORP              | LU        |      2926000 | PA      | $2510017.82   | 0.07%             | 2029-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       535000 | PA      | $460657.18    | 0.01%             | 2032-10-20      | Variable      | 2.51%                 | No            |                  2 | On Loan: No      |
| Rexel SA                                                                  | Rexel SA                                                                                 | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | DBT              | CORP              | FR        |      2000000 | PA      | $2182902.63   | 0.06%             | 2028-12-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                                       | Medline Borrower LP, 1st Lien Term Loan                                                  | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |      1529093 | PA      | $1527318.91   | 0.04%             | 2028-10-23      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| NNN REIT, Inc.                                                            | NNN REIT, Inc.                                                                           | CUSIP: 637417AT3<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |       930000 | PA      | $931112.91    | 0.03%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| H World Group Ltd.                                                        | H World Group Ltd.                                                                       | CUSIP: 44332NAB2<br>LEI: 549300Y5ML31FVN83730 | Long             | DBT              | CORP              | KY        |      3640000 | PA      | $3940300.00   | 0.11%             | 2026-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                         | EMRLD Borrower LP                                                                        | CUSIP: 26873CAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       277000 | PA      | $283454.38    | 0.01%             | 2031-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                                | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      1740000 | PA      | $1764944.62   | 0.05%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                                     | WR Grace Holdings LLC                                                                    | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |      1580000 | PA      | $1392162.17   | 0.04%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                              | Tallgrass Energy Partners LP                                                             | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       400000 | PA      | $383274.48    | 0.01%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Sempra                                                                    | Sempra                                                                                   | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      2210000 | PA      | $2154664.92   | 0.06%             | 2054-10-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| MetLife, Inc.                                                             | MetLife, Inc.                                                                            | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |       435000 | PA      | $440770.71    | 0.01%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                                            | Enbridge, Inc.                                                                           | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      1077000 | PA      | $1168673.16   | 0.03%             | 2084-01-15      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| Lorca Telecom Bondco SA                                                   | Lorca Telecom Bondco SA                                                                  | CUSIP: N/A<br>LEI: 9598004HFBAS82YM7X35       | Long             | DBT              | CORP              | ES        |      1000000 | PA      | $1185165.68   | 0.03%             | 2029-04-30      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| KBC Group NV                                                              | KBC Group NV                                                                             | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | DBT              | CORP              | BE        |      7200000 | PA      | $8984507.01   | 0.25%             | 2028-09-05      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MetLife, Inc.                                                             | MetLife, Inc.                                                                            | CUSIP: 59156RBS6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |      3935000 | PA      | $4613047.72   | 0.13%             | 2038-04-08      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Veolia Environnement SA                                                   | Veolia Environnement SA                                                                  | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | DBT              | CORP              | FR        |      2200000 | PA      | $2666829.15   | 0.08%             | 2028-11-22      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                                | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       875000 | PA      | $871663.28    | 0.02%             | 2034-12-30      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                              | Scotts Miracle-Gro Co. (The)                                                             | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |      1485000 | PA      | $1336574.10   | 0.04%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                             | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |       990000 | PA      | $1094644.20   | 0.03%             | 2027-10-12      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| ACE Securities Corp. Home Equity Loan Trust                               | ACE Securities Corp. Home Equity Loan Trust, Series 2004-OP1, Class M2                   | CUSIP: 004421EX7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        16380 | PA      | $14804.56     | 0.00%             | 2034-04-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                                  | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      4435000 | PA      | $4804039.23   | 0.14%             | 2034-10-19      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Europe BV                                                      | Telefonica Europe BV                                                                     | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |      5100000 | PA      | $6141080.19   | 0.17%             | 2030-02-03      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia SpA                                                        | Telecom Italia SpA                                                                       | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | DBT              | CORP              | IT        |      3690000 | PA      | $4718774.08   | 0.13%             | 2028-07-31      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                                             | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class B                                 | CUSIP: 811304AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3090000 | PA      | $3044615.63   | 0.09%             | 2039-05-15      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Euro-BTP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          717 | NC      | $1086468.16   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                            | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      3400000 | PA      | $3860530.00   | 0.11%             | 2025-06-03      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Cirsa Finance International SARL                                          | Cirsa Finance International SARL                                                         | CUSIP: N/A<br>LEI: 254900KUJN6DHWH2K029       | Long             | DBT              | CORP              | LU        |       351000 | PA      | $420422.96    | 0.01%             | 2027-11-30      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                                            | Rite Aid Corp.                                                                           | CUSIP: 767754CR3<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |       262651 | PA      | $0.00         | 0.00%             | 2031-08-30      | Variable      | 11.32%                | Yes           |                  3 | On Loan: No      |
| DaVita, Inc.                                                              | DaVita, Inc.                                                                             | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |       648000 | PA      | $573943.77    | 0.02%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| AES Corp. (The)                                                           | AES Corp. (The)                                                                          | CUSIP: 00130HCC7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |      1568000 | PA      | $1463340.03   | 0.04%             | 2030-07-15      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                            | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      4400000 | PA      | $5170839.30   | 0.15%             | 2026-06-03      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-668563.13   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Ball Corp.                                                                | Ball Corp.                                                                               | CUSIP: N/A<br>LEI: 0BGI85ALH27ZJP15DY16       | Long             | DBT              | CORP              | US        |       919000 | PA      | $1060956.82   | 0.03%             | 2032-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Coinbase Global, Inc.                                                     | Coinbase Global, Inc.                                                                    | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      1430000 | PA      | $1329842.80   | 0.04%             | 2028-10-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                              | Tallgrass Energy Partners LP                                                             | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       105000 | PA      | $104347.10    | 0.00%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3570000 | PA      | $3546725.24   | 0.10%             | 2035-07-19      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Waga Bondco Ltd.                                                          | Waga Bondco Ltd.                                                                         | CUSIP: N/A<br>LEI: 254900PFB2C9WELUW795       | Long             | DBT              | CORP              | JE        |       553000 | PA      | $736702.35    | 0.02%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Terex Corp.                                                               | Terex Corp.                                                                              | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |       781000 | PA      | $768030.71    | 0.02%             | 2032-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Precision Drilling Corp.                                                  | Precision Drilling Corp.                                                                 | CUSIP: 740212AL9<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |       228000 | PA      | $227745.76    | 0.01%             | 2026-01-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Co.                                                            | Ford Motor Co.                                                                           | CUSIP: 345370CZ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |      3713000 | PA      | $3648022.50   | 0.10%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                                  | Bausch Health Cos., Inc.                                                                 | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      2354000 | PA      | $1336132.45   | 0.04%             | 2030-01-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                                               | Saks Global Enterprises LLC                                                              | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       565000 | PA      | $252837.50    | 0.01%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| New Albertsons LP                                                         | New Albertsons LP                                                                        | CUSIP: 013104AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       197000 | PA      | $206334.25    | 0.01%             | 2029-08-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                                      | CUSIP: 83370RAB4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      4000000 | PA      | $3913166.40   | 0.11%             | 2026-05-26      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                                              | Performance Food Group, Inc.                                                             | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |       824000 | PA      | $820582.21    | 0.02%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                               | Caesars Entertainment, Inc.                                                              | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |       541000 | PA      | $545352.35    | 0.02%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Enbridge, Inc.                                                            | Enbridge, Inc., Series NC5                                                               | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      9388000 | PA      | $9841243.25   | 0.28%             | 2084-01-15      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Ultra Bond                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -1760 | NC      | $-5872193.52  | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Antolin-Irausa SA                                                   | Grupo Antolin-Irausa SA                                                                  | CUSIP: N/A<br>LEI: 213800OILC5Q9AR63B63       | Long             | DBT              | CORP              | ES        |      1055000 | PA      | $831641.90    | 0.02%             | 2028-04-30      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                                           | Santander UK Group Holdings plc                                                          | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |      2785000 | PA      | $2810378.98   | 0.08%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                             | CUSIP: 683879AF7<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |       550000 | PA      | $529375.00    | 0.01%             | 2036-07-18      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Orange SA                                                                 | Orange SA                                                                                | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | DBT              | CORP              | FR        |      2300000 | PA      | $2402242.91   | 0.07%             | 2029-02-11      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                         | Hertz Corp. (The)                                                                        | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |      1706000 | PA      | $1506556.15   | 0.04%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| ITC Holdings Corp.                                                        | ITC Holdings Corp.                                                                       | CUSIP: 465685AQ8<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |      7371000 | PA      | $6774164.01   | 0.19%             | 2030-05-14      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| Ameren Corp.                                                              | Ameren Corp.                                                                             | CUSIP: 023608AJ1<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |       850000 | PA      | $792316.33    | 0.02%             | 2031-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Transmission LLC                                              | FirstEnergy Transmission LLC                                                             | CUSIP: 33767BAC3<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |      2223000 | PA      | $1865902.08   | 0.05%             | 2049-04-01      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                                                  | Wynn Resorts Finance LLC                                                                 | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       436000 | PA      | $431222.57    | 0.01%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| RingCentral, Inc.                                                         | RingCentral, Inc.                                                                        | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |      1809000 | PA      | $1910700.17   | 0.05%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $88767.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                                                   | Bath & Body Works, Inc.                                                                  | CUSIP: 501797AR5<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |       196000 | PA      | $200898.43    | 0.01%             | 2029-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NCR Atleos Corp.                                                          | NCR Atleos Corp., 1st Lien Term Loan B                                                   | CUSIP: 63001PAF8<br>LEI: 9845005FC3S0VA714741 | Long             | LON              | CORP              | US        |       342532 | PA      | $344032.49    | 0.01%             | 2029-03-27      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                              | Ardagh Packaging Finance plc                                                             | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       935000 | PA      | $849980.45    | 0.02%             | 2026-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                         | EMRLD Borrower LP, 1st Lien Term Loan B                                                  | CUSIP: 26872NAC3<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |       943062 | PA      | $937715.34    | 0.03%             | 2030-05-31      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                                  | Lloyds Banking Group plc                                                                 | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |      3670000 | PA      | $3721206.34   | 0.11%             | 2027-08-07      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                                               | Cheniere Energy Partners LP                                                              | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      8125000 | PA      | $8153973.99   | 0.23%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ZF Finance GmbH                                                           | ZF Finance GmbH                                                                          | CUSIP: N/A<br>LEI: 5493001N9T6QDCCXB426       | Long             | DBT              | CORP              | DE        |      1300000 | PA      | $1472442.02   | 0.04%             | 2025-09-21      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                                      | CUSIP: 83368RCF7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      3040000 | PA      | $3127112.23   | 0.09%             | 2033-04-13      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Avient Corp.                                                              | Avient Corp.                                                                             | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |       190000 | PA      | $195795.00    | 0.01%             | 2030-08-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2016-KF24, Class B                                          | CUSIP: 30295TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       135263 | PA      | $131994.26    | 0.00%             | 2026-10-25      | Floating      | 9.47%                 | Yes           |                  2 | On Loan: No      |
| Eni SpA                                                                   | Eni SpA                                                                                  | CUSIP: 26874RAQ1<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |      1480000 | PA      | $1482054.57   | 0.04%             | 2035-05-19      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                                            | Anywhere Real Estate Group LLC                                                           | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       965000 | PA      | $749482.40    | 0.02%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                             | Six Flags Entertainment Corp., 1st Lien Term Loan B                                      | CUSIP: 15018LAN1<br>LEI: 529900AS2CYWYFHRS781 | Long             | LON              | CORP              | US        |      1230700 | PA      | $1231007.68   | 0.03%             | 2031-05-01      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Avantor Funding, Inc.                                                     | Avantor Funding, Inc.                                                                    | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |      1156000 | PA      | $1126658.29   | 0.03%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Czech Republic                                                            | Czech Republic                                                                           | CUSIP: N/A<br>LEI: 3157007EFDLQABN47912       | Long             | DBT              | NUSS              | CZ        |    504790000 | PA      | $21793215.31  | 0.62%             | 2035-05-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Accelerated Assets LLC                                                    | Accelerated Assets LLC, Series 2018-1, Class C                                           | CUSIP: 00436MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       316617 | PA      | $309697.01    | 0.01%             | 2033-12-02      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| iHeartMedia, Inc.                                                         | iHeartMedia, Inc., Class A                                                               | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        24528 | NS      | $32131.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                          | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      5465000 | PA      | $5335101.38   | 0.15%             | 2027-01-28      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                         | Hertz Corp. (The), Escrow                                                                | CUSIP: 428ESCAB3<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |      1600000 | PA      | $104000.00    | 0.00%             | 2024-10-15      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                                 | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |      1600000 | PA      | $2000461.91   | 0.06%             | 2028-09-06      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-477325.75   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                                       | Buckeye Partners LP                                                                      | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |       245000 | PA      | $252892.19    | 0.01%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2013-64, Class LI                                                    | CUSIP: 3136AEWZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       379844 | PA      | $28266.49     | 0.00%             | 2033-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Vital Energy, Inc.                                                        | Vital Energy, Inc.                                                                       | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |      1100000 | PA      | $892240.03    | 0.03%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                             | CUSIP: 225401AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      5132000 | PA      | $4594132.07   | 0.13%             | 2032-05-14      | Variable      | 3.09%                 | Yes           |                  2 | On Loan: No      |
| EDP SA                                                                    | EDP SA, Series NC5.                                                                      | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |      3900000 | PA      | $4289872.03   | 0.12%             | 2082-03-14      | Variable      | 1.50%                 | Yes           |                  2 | On Loan: No      |
| DSLA Mortgage Loan Trust                                                  | DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A                                    | CUSIP: 23332UEM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       371156 | PA      | $328953.11    | 0.01%             | 2045-08-19      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| National Grid plc                                                         | National Grid plc                                                                        | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | DBT              | CORP              | GB        |      3600000 | PA      | $3783433.22   | 0.11%             | 2028-09-01      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                                   | BPCE SA                                                                                  | CUSIP: 05571ABA2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      2070000 | PA      | $2148804.53   | 0.06%             | 2036-01-14      | Variable      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Finance US, Inc.                                               | Stellantis Finance US, Inc.                                                              | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |      2660000 | PA      | $2629807.48   | 0.07%             | 2035-03-18      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods LLC                                                           | Moran Foods LLC, 2nd Lien PIK Term Loan                                                  | CUSIP: 61647DAU6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       360668 | PA      | $173878.06    | 0.00%             | 2026-06-30      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| Staples, Inc.                                                             | Staples, Inc.                                                                            | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |      1990000 | PA      | $1801510.19   | 0.05%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Southern Co. Gas Capital Corp.                                            | Southern Co. Gas Capital Corp., Series 20-A                                              | CUSIP: 8426EPAD0<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |      1724000 | PA      | $1465700.92   | 0.04%             | 2031-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BHMS                                                                      | BHMS, Series 2018-ATLS, Class A                                                          | CUSIP: 05549GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1300000 | PA      | $1300102.44   | 0.04%             | 2035-07-15      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The), Series X                                                | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      5020000 | PA      | $5227787.84   | 0.15%             | 2029-05-10      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                                               | INEOS Quattro Finance 2 plc                                                              | CUSIP: N/A<br>LEI: 213800V48W4Y5MT5Q131       | Long             | DBT              | CORP              | GB        |      1305000 | PA      | $1410929.92   | 0.04%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Saxon Asset Securities Trust                                              | Saxon Asset Securities Trust, Series 2004-3, Class M1                                    | CUSIP: 805564QV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        83721 | PA      | $81121.90     | 0.00%             | 2034-12-26      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                                      | Columbia Pipelines Operating Co. LLC                                                     | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1790000 | PA      | $1842459.85   | 0.05%             | 2033-11-15      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                                         | NatWest Group plc                                                                        | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      2257000 | PA      | $2249707.18   | 0.06%             | 2025-12-29      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Schaeffler AG                                                             | Schaeffler AG                                                                            | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | DBT              | CORP              | DE        |      1700000 | PA      | $1889555.71   | 0.05%             | 2028-10-12      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Masterbrand, Inc.                                                         | Masterbrand, Inc.                                                                        | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |      2396000 | PA      | $2382514.11   | 0.07%             | 2032-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                                         | Genesis Energy LP                                                                        | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       210000 | PA      | $213077.76    | 0.01%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CD&R Smokey Buyer, Inc.                                                   | CD&R Smokey Buyer, Inc.                                                                  | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       767000 | PA      | $636610.00    | 0.02%             | 2029-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                                           | Danske Bank A/S                                                                          | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | DBT              | CORP              | DK        |     12600000 | PA      | $15293544.10  | 0.43%             | 2030-06-21      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                                     | CUSIP: 44963BAF5<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |       404000 | PA      | $408047.34    | 0.01%             | 2030-11-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-249744.24   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                      | Meta Platforms, Inc.                                                                     | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      2075000 | PA      | $1969807.79   | 0.06%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                                        | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      2450000 | PA      | $2517994.85   | 0.07%             | 2029-09-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                                    | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      7068000 | PA      | $3958080.00   | 0.11%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3, Inc.                                                        | Wand NewCo 3, Inc.                                                                       | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |       856000 | PA      | $890498.51    | 0.03%             | 2032-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-18109.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $14318.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                                        | Credit Agricole SA                                                                       | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |       827000 | PA      | $807879.40    | 0.02%             | 2027-01-26      | Variable      | 1.25%                 | Yes           |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL                                                  | JBS USA Holding Lux SARL                                                                 | CUSIP: 46590XAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      1177000 | PA      | $885861.87    | 0.03%             | 2052-02-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Alarm.com Holdings, Inc.                                                  | Alarm.com Holdings, Inc.                                                                 | CUSIP: 011642AC9<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |      2565000 | PA      | $2500576.64   | 0.07%             | 2029-06-01      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                       | Newell Brands, Inc.                                                                      | CUSIP: 651229AY2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       300000 | PA      | $243923.70    | 0.01%             | 2046-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                                      | Meta Platforms, Inc.                                                                     | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      3701000 | PA      | $3060715.90   | 0.09%             | 2052-08-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                    | Tenet Healthcare Corp.                                                                   | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       420000 | PA      | $403297.99    | 0.01%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Asmodee Group AB                                                          | Asmodee Group AB                                                                         | CUSIP: N/A<br>LEI: 636700G5993BBAFDYD02       | Long             | DBT              | CORP              | SE        |       293334 | PA      | $349269.76    | 0.01%             | 2029-12-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ams-OSRAM AG                                                              | ams-OSRAM AG                                                                             | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |      1185000 | PA      | $1235876.79   | 0.04%             | 2029-03-30      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| BAT Capital Corp.                                                         | BAT Capital Corp.                                                                        | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      9535000 | PA      | $10310759.21  | 0.29%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Punch Finance plc                                                         | Punch Finance plc                                                                        | CUSIP: N/A<br>LEI: 2138006IJRIU1Q5DN388       | Long             | DBT              | CORP              | GB        |      1073000 | PA      | $1460135.01   | 0.04%             | 2030-12-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2013-15                                                              | CUSIP: 3136ACQ46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       303127 | PA      | $6972.11      | 0.00%             | 2028-03-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                               | Caesars Entertainment, Inc.                                                              | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |       224000 | PA      | $224329.06    | 0.01%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Xerox Corp.                                                               | Xerox Corp.                                                                              | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |       332000 | PA      | $341170.50    | 0.01%             | 2030-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Summer BC Holdco A SARL                                                   | Summer BC Holdco A SARL                                                                  | CUSIP: N/A<br>LEI: 984500EFA0BRE0008996       | Long             | DBT              | CORP              | LU        |       270316 | PA      | $307313.72    | 0.01%             | 2027-10-31      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Go Daddy Operating Co. LLC                                                | Go Daddy Operating Co. LLC                                                               | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       790000 | PA      | $785324.31    | 0.02%             | 2027-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                              | Ardagh Packaging Finance plc                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IE        |      1120000 | PA      | $679064.40    | 0.02%             | 2027-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Dropbox, Inc.                                                             | Dropbox, Inc.                                                                            | CUSIP: 26210CAD6<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |      3396000 | PA      | $3460524.00   | 0.10%             | 2028-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                                    | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |      4321000 | PA      | $4923549.56   | 0.14%             | 2032-05-25      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| TUI Cruises GmbH                                                          | TUI Cruises GmbH                                                                         | CUSIP: N/A<br>LEI: 529900SVD83QUUIZYY18       | Long             | DBT              | CORP              | DE        |       406000 | PA      | $481161.13    | 0.01%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| EQT Corp.                                                                 | EQT Corp.                                                                                | CUSIP: 26884LAW9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      2823000 | PA      | $2758606.58   | 0.08%             | 2029-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Amber Finco plc                                                           | Amber Finco plc                                                                          | CUSIP: N/A<br>LEI: 9845004C0870D380O790       | Long             | DBT              | CORP              | GB        |      1300000 | PA      | $1544294.89   | 0.04%             | 2029-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                                               | Wayfair LLC                                                                              | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |       693000 | PA      | $678967.78    | 0.02%             | 2030-09-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      5405000 | PA      | $5228242.34   | 0.15%             | 2027-07-22      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                                               | Allied Universal Holdco LLC                                                              | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       500000 | PA      | $477602.77    | 0.01%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                                | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |      1095000 | PA      | $1087241.93   | 0.03%             | 2028-03-03      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                                                | Grifols SA                                                                               | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |       440000 | PA      | $418554.44    | 0.01%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Interface, Inc.                                                           | Interface, Inc.                                                                          | CUSIP: 458665AS5<br>LEI: 549300VXZWQOIDFPU355 | Long             | DBT              | CORP              | US        |       775000 | PA      | $764575.63    | 0.02%             | 2028-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                  | PNC Financial Services Group, Inc. (The), Series T                                       | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      3704000 | PA      | $3525719.07   | 0.10%             | 2026-09-15      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Baytex Energy Corp.                                                       | Baytex Energy Corp.                                                                      | CUSIP: 07317QAK1<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |       965000 | PA      | $875986.18    | 0.02%             | 2032-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                       | Suzano Austria GmbH                                                                      | CUSIP: N/A<br>LEI: 254900287ZNSGVP1R341       | Long             | DBT              | CORP              | AT        |      1660000 | PA      | $1702662.00   | 0.05%             | 2047-03-16      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                                                  | AthenaHealth Group, Inc., 1st Lien Term Loan                                             | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |      1987290 | PA      | $1977711.43   | 0.06%             | 2029-02-15      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4018, Class HI                                                      | CUSIP: 3137AMW94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        36278 | PA      | $1369.56      | 0.00%             | 2041-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Veolia Environnement SA                                                   | Veolia Environnement SA                                                                  | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | DBT              | CORP              | FR        |      2500000 | PA      | $2778856.65   | 0.08%             | 2026-06-01      | Variable      | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Renew                                                                     | Renew, Series 2017-1A, Class B                                                           | CUSIP: 75973LAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |        35326 | PA      | $34945.59     | 0.00%             | 2052-09-20      | Fixed         | 5.75%                 | Yes           |                  3 | On Loan: No      |
| Novelis Sheet Ingot GmbH                                                  | Novelis Sheet Ingot GmbH                                                                 | CUSIP: N/A<br>LEI: 9845005E95899E77AY49       | Long             | DBT              | CORP              | DE        |      1368000 | PA      | $1508585.18   | 0.04%             | 2029-04-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                                              | KazMunayGas National Co. JSC                                                             | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |      5480000 | PA      | $4597720.00   | 0.13%             | 2047-04-19      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| White Cap Buyer LLC                                                       | White Cap Buyer LLC                                                                      | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       460000 | PA      | $450941.59    | 0.01%             | 2028-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| ProGroup AG                                                               | ProGroup AG                                                                              | CUSIP: N/A<br>LEI: 529900YI5W5TQ8F2FP82       | Long             | DBT              | CORP              | DE        |       583000 | PA      | $660356.78    | 0.02%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods LLC                                                           | Moran Foods LLC, 1st Lien Super Senior Delayed Draw Term Loan                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |        20289 | PA      | $20289.11     | 0.00%             | 2026-06-30      | Variable      | 15.92%                | No            |                  3 | On Loan: No      |
| MIWD Holdco II LLC                                                        | MIWD Holdco II LLC                                                                       | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       680000 | PA      | $626919.06    | 0.02%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                                                 | MGM Resorts International                                                                | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |        15000 | PA      | $15029.58     | 0.00%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                         | Enterprise Products Operating LLC                                                        | CUSIP: 29379VCH4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |      2330000 | PA      | $2174057.46   | 0.06%             | 2055-02-16      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PetSmart LLC                                                              | PetSmart LLC, 1st Lien Term Loan                                                         | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1684327 | PA      | $1676259.25   | 0.05%             | 2028-02-11      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| Trinity Industries, Inc.                                                  | Trinity Industries, Inc.                                                                 | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |      1370000 | PA      | $1423662.90   | 0.04%             | 2028-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| eircom Finance DAC                                                        | eircom Finance DAC                                                                       | CUSIP: N/A<br>LEI: 254900NA4DUH50UERM85       | Long             | DBT              | CORP              | IE        |       230000 | PA      | $260631.43    | 0.01%             | 2026-05-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                                | Verus Securitization Trust, Series 2020-1, Class A1                                      | CUSIP: 92536PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       166450 | PA      | $162957.15    | 0.00%             | 2060-01-25      | Variable      | 3.42%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                                   | American Airlines, Inc.                                                                  | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       651667 | PA      | $650553.26    | 0.02%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GSMSC Pass-Through Trust                                                  | GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1                                      | CUSIP: 3622X1AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       124504 | PA      | $13703.49     | 0.00%             | 2036-10-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                     | CUSIP: 161175BZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3375000 | PA      | $2371931.71   | 0.07%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                             | SM Energy Co.                                                                            | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |      2180000 | PA      | $2182339.14   | 0.06%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                                | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       510000 | PA      | $504913.88    | 0.01%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                                   | CUSIP: 67091TAH8<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |      2985000 | PA      | $2984403.00   | 0.08%             | 2030-04-30      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                              | Hess Midstream Operations LP                                                             | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       415000 | PA      | $409528.06    | 0.01%             | 2028-06-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Lorca Telecom Bondco SA                                                   | Lorca Telecom Bondco SA                                                                  | CUSIP: N/A<br>LEI: 9598004HFBAS82YM7X35       | Long             | DBT              | CORP              | ES        |      7112000 | PA      | $8075320.40   | 0.23%             | 2027-09-18      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                                   | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |      7780000 | PA      | $6984981.25   | 0.20%             | 2032-05-29      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                                     | CUSIP: 699149AL4<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      1521000 | PA      | $1358443.13   | 0.04%             | 2033-06-28      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                                    | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      1775000 | PA      | $1799392.05   | 0.05%             | 2054-09-01      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| RB Global Holdings, Inc.                                                  | RB Global Holdings, Inc.                                                                 | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |       500000 | PA      | $523401.27    | 0.01%             | 2031-03-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                                        | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3080000 | PA      | $3125864.99   | 0.09%             | 2031-01-24      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                                              | AbbVie, Inc.                                                                             | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     14597000 | PA      | $11694683.02  | 0.33%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                                        | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      4135000 | PA      | $4177650.29   | 0.12%             | 2028-08-11      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                                 | MGM Resorts International                                                                | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |       581000 | PA      | $583762.07    | 0.02%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                                   | GFL Environmental, Inc.                                                                  | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |      2110000 | PA      | $2028372.33   | 0.06%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Crown Finance US, Inc.                                                    | Crown Finance US, Inc., 1st Lien Term Loan                                               | CUSIP: 22834KAU5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1496250 | PA      | $1496788.65   | 0.04%             | 2031-12-02      | Variable      | 9.58%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Ultra Note                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -686 | NC      | $-1235533.19  | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                  | Bristol-Myers Squibb Co.                                                                 | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      4370000 | PA      | $4403433.82   | 0.12%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                                                       | Post Holdings, Inc.                                                                      | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $946381.40    | 0.03%             | 2030-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                                          | Clarivate Science Holdings Corp.                                                         | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       250000 | PA      | $231231.83    | 0.01%             | 2029-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                     | CUSIP: 161175CD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1280000 | PA      | $1170293.35   | 0.03%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                   | Level 3 Financing, Inc.                                                                  | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      1925000 | PA      | $1748349.56   | 0.05%             | 2029-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                             | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      2593000 | PA      | $2684240.67   | 0.08%             | 2028-05-04      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Benteler International AG                                                 | Benteler International AG                                                                | CUSIP: N/A<br>LEI: 529900ZAFSOBVFCKF263       | Long             | DBT              | CORP              | AT        |       576000 | PA      | $687885.62    | 0.02%             | 2028-05-15      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                         | EMRLD Borrower LP                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       957000 | PA      | $1139406.29   | 0.03%             | 2030-12-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| iliad SA                                                                  | iliad SA                                                                                 | CUSIP: N/A<br>LEI: 969500FZ9BTRZS3JNB97       | Long             | DBT              | CORP              | FR        |      6400000 | PA      | $6985179.40   | 0.20%             | 2028-02-11      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                               | CUSIP: 00774MBC8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      2752000 | PA      | $2827947.00   | 0.08%             | 2028-06-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                                                      | AmeriGas Partners LP                                                                     | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       365000 | PA      | $368667.33    | 0.01%             | 2030-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                                            | Broadcom, Inc.                                                                           | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      6955000 | PA      | $6108976.06   | 0.17%             | 2034-04-15      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GMB2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      5675000 | PA      | $5560659.42   | 0.16%             | 2035-08-15      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                     | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2844000 | PA      | $2389047.77   | 0.07%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                                      | CUSIP: 46115HBS5<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      5464000 | PA      | $4306090.43   | 0.12%             | 2042-06-01      | Variable      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                                    | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        | 242131000000 | PA      | $14770769.86  | 0.42%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                           | Danske Bank A/S                                                                          | CUSIP: 23636AAZ4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |       719000 | PA      | $712197.16    | 0.02%             | 2026-09-11      | Variable      | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Synopsys, Inc.                                                            | Synopsys, Inc.                                                                           | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |       743000 | PA      | $734377.04    | 0.02%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5022                                                                | CUSIP: 3137FXDW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5716465 | PA      | $969188.97    | 0.03%             | 2050-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Audacy, Inc.                                                                             | CUSIP: 05070N129<br>LEI: N/A                  | N/A              | DO               |  | US        |         1091 | NS      | $16.91        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                                        | Nationstar Mortgage Holdings, Inc.                                                       | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1345000 | PA      | $1342064.67   | 0.04%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods LLC                                                           | Moran Foods LLC, 1st Lien Term Loan A                                                    | CUSIP: 61647DAX0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       122079 | PA      | $122078.82    | 0.00%             | 2029-01-02      | Variable      | 6.28%                 | No            |                  3 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $206997.76    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Greenbrier Cos., Inc. (The)                                               | Greenbrier Cos., Inc. (The)                                                              | CUSIP: 393657AM3<br>LEI: 5493001GAGGFR30BP390 | Long             | DBT              | CORP              | US        |      4969000 | PA      | $5231363.20   | 0.15%             | 2028-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Jersey Central Power & Light Co.                                          | Jersey Central Power & Light Co.                                                         | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |      2715000 | PA      | $2348712.83   | 0.07%             | 2032-03-01      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Mundys SpA                                                                | Mundys SpA                                                                               | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |      2200000 | PA      | $2577925.68   | 0.07%             | 2030-01-24      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                                        | Istanbul Metropolitan Municipality                                                       | CUSIP: N/A<br>LEI: 213800T1VDQSNKA2MD76       | Long             | DBT              | NUSS              | TR        |      3440000 | PA      | $3430402.40   | 0.10%             | 2025-12-09      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                                   | SS&C Technologies, Inc.                                                                  | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |      2035000 | PA      | $2032730.57   | 0.06%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                  | Angel Oak Mortgage Trust, Series 2020-1, Class A1                                        | CUSIP: 03464RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       265190 | PA      | $257137.50    | 0.01%             | 2059-12-25      | Variable      | 2.47%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                                         | Clarios Global LP                                                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       355000 | PA      | $361571.05    | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Americas, Inc.                                              | Bausch Health Americas, Inc.                                                             | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |       298000 | PA      | $280865.00    | 0.01%             | 2027-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| ZF Europe Finance BV                                                      | ZF Europe Finance BV                                                                     | CUSIP: N/A<br>LEI: 549300RI533US2G6G542       | Long             | DBT              | CORP              | NL        |      3000000 | PA      | $3361232.90   | 0.10%             | 2026-02-23      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| SES SA                                                                    | SES SA                                                                                   | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | DBT              | CORP              | LU        |      2680000 | PA      | $2921645.56   | 0.08%             | 2026-05-27      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust, Series 2015-MS1, Class B                                 | CUSIP: 61765DAX6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       470000 | PA      | $450432.82    | 0.01%             | 2048-05-15      | Variable      | 4.01%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                                     | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      7500000 | PA      | $6647537.85   | 0.19%             | 2031-04-27      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SASU                                                        | Iliad Holding SASU                                                                       | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |      2000000 | PA      | $2311004.09   | 0.07%             | 2028-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                                       | Herc Holdings, Inc.                                                                      | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      3465000 | PA      | $3439788.66   | 0.10%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     11330000 | PA      | $10335787.06  | 0.29%             | 2031-01-22      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                                | CUSIP: 404119CC1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      4335000 | PA      | $3708402.89   | 0.11%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                             | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |      1920000 | PA      | $2584690.42   | 0.07%             | 2033-01-24      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                                       | Owens & Minor, Inc.                                                                      | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |       500000 | PA      | $408669.40    | 0.01%             | 2029-03-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2012-93, Class SE                                                    | CUSIP: 3136A8EX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1197874 | PA      | $129081.20    | 0.00%             | 2042-09-25      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K739, Class X1          | CUSIP: 3137F64R5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     35944489 | PA      | $708153.16    | 0.02%             | 2027-09-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| APi Group DE, Inc.                                                        | APi Group DE, Inc.                                                                       | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |       410000 | PA      | $387836.88    | 0.01%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                                       | Take-Two Interactive Software, Inc.                                                      | CUSIP: 874054AN9<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |      1220000 | PA      | $1238307.93   | 0.04%             | 2034-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                                    | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |      1900000 | PA      | $2465420.35   | 0.07%             | 2041-05-13      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Topgolf Callaway Brands Corp.                                             | Topgolf Callaway Brands Corp.                                                            | CUSIP: 131193AE4<br>LEI: 5493005UB0KFRKBPCU72 | Long             | DBT              | CORP              | US        |      2208000 | PA      | $2129616.00   | 0.06%             | 2026-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                                    | Encompass Health Corp.                                                                   | CUSIP: 421924BT7<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |       184000 | PA      | $184011.04    | 0.01%             | 2025-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                                       | Rocket Mortgage LLC                                                                      | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       640000 | PA      | $597108.54    | 0.02%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                  | Lumen Technologies, Inc.                                                                 | CUSIP: 550241AH6<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |       430592 | PA      | $418212.48    | 0.01%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                           | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | DBT              | CORP              | FR        |      3000000 | PA      | $3700147.69   | 0.10%             | 2030-06-11      | Variable      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                                                  | ADT Security Corp. (The)                                                                 | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |      1725000 | PA      | $1645107.32   | 0.05%             | 2029-08-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       517000 | PA      | $448235.70    | 0.01%             | 2032-10-20      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                                                | Axalta Coating Systems LLC                                                               | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       470000 | PA      | $465109.23    | 0.01%             | 2027-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Scripps Escrow, Inc.                                                      | Scripps Escrow, Inc.                                                                     | CUSIP: 81104PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       710000 | PA      | $601982.66    | 0.02%             | 2027-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                       | Newell Brands, Inc.                                                                      | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       490000 | PA      | $506928.93    | 0.01%             | 2028-06-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Medtronic Global Holdings SCA                                             | Medtronic Global Holdings SCA                                                            | CUSIP: 58507LAP4<br>LEI: 549300JXMTTP8GKYIX14 | Long             | DBT              | CORP              | LU        |      1500000 | PA      | $1281131.64   | 0.04%             | 2039-07-02      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Virgin Media Vendor Financing Notes III DAC                               | Virgin Media Vendor Financing Notes III DAC                                              | CUSIP: N/A<br>LEI: 635400SSKC2QCGEPIQ43       | Long             | DBT              | CORP              | IE        |       849000 | PA      | $1085035.05   | 0.03%             | 2028-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class C                     | CUSIP: 46644UBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       860000 | PA      | $664671.64    | 0.02%             | 2048-07-15      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                                                  | Energizer Holdings, Inc.                                                                 | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |      2192000 | PA      | $2113680.72   | 0.06%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                                       | Medline Borrower LP                                                                      | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       845000 | PA      | $859841.44    | 0.02%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      3790000 | PA      | $3650447.58   | 0.10%             | 2027-10-21      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                                     | Global Payments, Inc.                                                                    | CUSIP: 37940XAD4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      1360000 | PA      | $1232327.29   | 0.03%             | 2030-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                                | Allison Transmission, Inc.                                                               | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |       277000 | PA      | $272358.87    | 0.01%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings Escrow, Inc.                                                | Herc Holdings Escrow, Inc.                                                               | CUSIP: 42703NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       369000 | PA      | $380153.25    | 0.01%             | 2030-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Paprec Holding SA                                                         | Paprec Holding SA                                                                        | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |       180000 | PA      | $215111.00    | 0.01%             | 2029-11-17      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Snap, Inc.                                                                | Snap, Inc.                                                                               | CUSIP: 83304AAK2<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |       935000 | PA      | $779322.50    | 0.02%             | 2030-05-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2014-35, Class KI                                                    | CUSIP: 3136AKFP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       186951 | PA      | $4897.37      | 0.00%             | 2029-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K108, Class X1          | CUSIP: 3137FTBP1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11918895 | PA      | $788210.84    | 0.02%             | 2030-03-25      | Variable      | 1.69%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                                        | CUSIP: 404280DQ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      2420000 | PA      | $2444286.35   | 0.07%             | 2026-11-03      | Variable      | 7.34%                 | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                                | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |      2327000 | PA      | $2064485.31   | 0.06%             | 2033-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Wabash National Corp.                                                     | Wabash National Corp.                                                                    | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |      2825000 | PA      | $2410854.15   | 0.07%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                                        | CUSIP: 404280EL9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      3130000 | PA      | $3101681.61   | 0.09%             | 2035-11-18      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                        | General Motors Financial Co., Inc.                                                       | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      2300000 | PA      | $1961913.69   | 0.06%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                                               | Adient Global Holdings Ltd.                                                              | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |       555000 | PA      | $550629.90    | 0.02%             | 2033-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                                | CUSIP: 404121AJ4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      1147000 | PA      | $1173376.10   | 0.03%             | 2028-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ZF Finance GmbH                                                           | ZF Finance GmbH                                                                          | CUSIP: N/A<br>LEI: 5493001N9T6QDCCXB426       | Long             | DBT              | CORP              | DE        |      3000000 | PA      | $3230467.21   | 0.09%             | 2028-09-21      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| AccorInvest Group SA                                                      | AccorInvest Group SA                                                                     | CUSIP: N/A<br>LEI: 2221000MD2YP7WLTNC52       | Long             | DBT              | CORP              | LU        |       575000 | PA      | $683237.66    | 0.02%             | 2029-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                         | Exxon Mobil Corp.                                                                        | CUSIP: 30231GAY8<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |      3735000 | PA      | $2860120.58   | 0.08%             | 2039-08-16      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Punch Finance plc                                                         | Punch Finance plc                                                                        | CUSIP: N/A<br>LEI: 2138006IJRIU1Q5DN388       | Long             | DBT              | CORP              | GB        |      1856000 | PA      | $2500681.60   | 0.07%             | 2026-06-30      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                                        | CUSIP: 95000U2A0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3320000 | PA      | $3252927.83   | 0.09%             | 2028-05-22      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                                           | Madison IAQ LLC, 1st Lien Term Loan                                                      | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |       753996 | PA      | $752977.95    | 0.02%             | 2028-06-21      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                                        | General Motors Financial Co., Inc.                                                       | CUSIP: 37045XEY8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      1636000 | PA      | $1642721.62   | 0.05%             | 2031-06-18      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                                   | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      2994000 | PA      | $3059868.00   | 0.09%             | 2054-11-13      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                                   | RHP Hotel Properties LP                                                                  | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       755000 | PA      | $728913.69    | 0.02%             | 2029-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Microchip Technology, Inc.                                                | Microchip Technology, Inc.                                                               | CUSIP: 595017AF1<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |       835000 | PA      | $1364600.31   | 0.04%             | 2027-02-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Edison International                                                      | Edison International                                                                     | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |      2235000 | PA      | $2208014.83   | 0.06%             | 2053-06-15      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                                | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      4180000 | PA      | $4239213.88   | 0.12%             | 2034-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Park River Holdings, Inc.                                                 | Park River Holdings, Inc., 1st Lien Term Loan                                            | CUSIP: 70082HAC0<br>LEI: 254900PGY077KWCROT75 | Long             | LON              | CORP              | US        |      1981670 | PA      | $1903077.03   | 0.05%             | 2027-12-28      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA                                                                             | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |      1145000 | PA      | $1208843.42   | 0.03%             | 2029-01-18      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Conduent Business Services LLC                                            | Conduent Business Services LLC                                                           | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       950000 | PA      | $873213.71    | 0.02%             | 2029-11-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                       | Exeter Automobile Receivables Trust, Series 2024-3A, Class D                             | CUSIP: 30165AAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2100000 | PA      | $2125591.23   | 0.06%             | 2030-09-16      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Adler Pelzer Holding GmbH                                                 | Adler Pelzer Holding GmbH                                                                | CUSIP: N/A<br>LEI: 984500950ABB2CB7E742       | Long             | DBT              | CORP              | DE        |       170000 | PA      | $183833.61    | 0.01%             | 2027-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                                    | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |       705000 | PA      | $705876.32    | 0.02%             | 2055-08-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      4235000 | PA      | $4297565.90   | 0.12%             | 2031-01-15      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| Azelis Finance NV                                                         | Azelis Finance NV                                                                        | CUSIP: N/A<br>LEI: 699400J0P7A5VXKGK641       | Long             | DBT              | CORP              | BE        |      2390000 | PA      | $2801921.58   | 0.08%             | 2028-03-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                                        | Vodafone Group plc                                                                       | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |      4050000 | PA      | $5004672.76   | 0.14%             | 2084-08-30      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                              | Oracle Corp.                                                                             | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |       324000 | PA      | $325498.02    | 0.01%             | 2035-08-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                            | HarborView Mortgage Loan Trust, Series 2007-6, Class 2A1A                                | CUSIP: 41165BAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        81916 | PA      | $71712.19     | 0.00%             | 2037-08-19      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| ZF Finance GmbH                                                           | ZF Finance GmbH                                                                          | CUSIP: N/A<br>LEI: 5493001N9T6QDCCXB426       | Long             | DBT              | CORP              | DE        |      1200000 | PA      | $1257372.35   | 0.04%             | 2028-05-03      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Bank of Ireland Group plc                                                 | Bank of Ireland Group plc                                                                | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | DBT              | CORP              | IE        |      4800000 | PA      | $5481225.91   | 0.16%             | 2025-09-01      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                          | Deutsche Bank AG                                                                         | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      7150000 | PA      | $6977493.67   | 0.20%             | 2035-09-11      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                                | Avis Budget Car Rental LLC                                                               | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       264000 | PA      | $260473.59    | 0.01%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                               | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |      1900000 | PA      | $2141498.44   | 0.06%             | 2027-06-02      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| NMG Parent LLC                                                            | NMG Parent LLC, Escrow                                                                   | CUSIP: 629ESC039<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1556 | NS      | $39989.20     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                       | Audacy, Inc.                                                                             | CUSIP: 05070N111<br>LEI: N/A                  | N/A              | DO               |  | US        |          900 | NS      | $14175.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| INEOS Finance plc                                                         | INEOS Finance plc                                                                        | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |      2535000 | PA      | $2490494.02   | 0.07%             | 2029-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| LSF12 Crown US Commercial Bidco LLC                                       | LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan                                  | CUSIP: 50221UAC5<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |      2000000 | PA      | $1963760.00   | 0.06%             | 2031-12-02      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                          | Gray Media, Inc.                                                                         | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      2408000 | PA      | $2391348.20   | 0.07%             | 2027-05-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                                | Avis Budget Car Rental LLC                                                               | CUSIP: 053773BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       150000 | PA      | $151806.00    | 0.00%             | 2031-02-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| DP World Crescent Ltd.                                                    | DP World Crescent Ltd.                                                                   | CUSIP: N/A<br>LEI: 21380096JRTWB8TL9236       | Long             | DBT              | CORP              | KY        |      2490000 | PA      | $2480662.50   | 0.07%             | 2028-09-26      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                   | Level 3 Financing, Inc.                                                                  | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |       993526 | PA      | $1127071.43   | 0.03%             | 2029-11-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                                | CUSIP: 71568QAC1<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | NUSS              | ID        |       610000 | PA      | $600926.25    | 0.02%             | 2027-05-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4324, Class AI                                                      | CUSIP: 3137BAGF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        17588 | PA      | $89.90        | 0.00%             | 2028-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INEOS Styrolution Ludwigshafen GmbH                                       | INEOS Styrolution Ludwigshafen GmbH                                                      | CUSIP: N/A<br>LEI: 5299003M4PGUGL48LS74       | Long             | DBT              | CORP              | DE        |      1263000 | PA      | $1389703.12   | 0.04%             | 2027-01-16      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                                        | CUSIP: 404280CC1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      1981000 | PA      | $1910230.00   | 0.05%             | 2030-05-22      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                     | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6120000 | PA      | $5373676.83   | 0.15%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                                   | RHP Hotel Properties LP                                                                  | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3624000 | PA      | $3581047.63   | 0.10%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                                       | Buckeye Partners LP, 1st Lien Term Loan B-6                                              | CUSIP: 11823LAQ8<br>LEI: 549300C1PQJLVEIUBK50 | Long             | LON              | CORP              | US        |      1766672 | PA      | $1765877.25   | 0.05%             | 2030-11-22      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                 | Ford Motor Credit Co. LLC                                                                | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |       615000 | PA      | $621994.76    | 0.02%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Escrow Rite Aid                                                           | Escrow Rite Aid                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       247477 | PA      | $0.00         | 0.00%             | 2049-12-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Cencora, Inc.                                                             | Cencora, Inc.                                                                            | CUSIP: 03073EAT2<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |      5053000 | PA      | $4508105.00   | 0.13%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                                                | Builders FirstSource, Inc.                                                               | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |       303000 | PA      | $304724.06    | 0.01%             | 2035-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                              | Tallgrass Energy Partners LP                                                             | CUSIP: 87470LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1500000 | PA      | $1429546.05   | 0.04%             | 2031-09-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Transocean, Inc.                                                          | Transocean, Inc.                                                                         | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |       478000 | PA      | $431056.48    | 0.01%             | 2029-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Somnigroup International, Inc.                                            | Somnigroup International, Inc.                                                           | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |      3965000 | PA      | $3734488.38   | 0.11%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Advanced Energy Industries, Inc.                                          | Advanced Energy Industries, Inc.                                                         | CUSIP: 007973AE0<br>LEI: 549300756XI3QLFT2U27 | Long             | DBT              | CORP              | US        |      3238000 | PA      | $3631093.20   | 0.10%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Euro-Buxl 30 Year Bond                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         -262 | NC      | $-1017308.65  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                             | CUSIP: 694308HA8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      1530000 | PA      | $1078694.16   | 0.03%             | 2042-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ziggo Bond Co. BV                                                         | Ziggo Bond Co. BV                                                                        | CUSIP: N/A<br>LEI: 213800JYI4P7V5QDOG59       | Long             | DBT              | CORP              | NL        |      3124000 | PA      | $3052035.19   | 0.09%             | 2030-02-28      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SASU                                                        | Iliad Holding SASU                                                                       | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |      1116000 | PA      | $1348402.50   | 0.04%             | 2031-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                                          | CSC Holdings LLC                                                                         | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      1135000 | PA      | $1035139.41   | 0.03%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Griffon Corp.                                                             | Griffon Corp.                                                                            | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |      3780000 | PA      | $3757203.58   | 0.11%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corp.                                                  | SBA Communications Corp.                                                                 | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |       295000 | PA      | $274437.44    | 0.01%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                                   | CUSIP: 89788MAK8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |       945000 | PA      | $987922.46    | 0.03%             | 2033-10-28      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                                        | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      4820000 | PA      | $4727439.66   | 0.13%             | 2028-03-24      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Altar Bidco, Inc.                                                         | Altar Bidco, Inc., 2nd Lien Term Loan                                                    | CUSIP: 02090CAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       725000 | PA      | $677875.00    | 0.02%             | 2030-02-01      | Variable      | 9.75%                 | No            |                  2 | On Loan: No      |
| New Albertsons LP                                                         | New Albertsons LP                                                                        | CUSIP: 013104AL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       480000 | PA      | $504874.08    | 0.01%             | 2031-05-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                         | Clarios Global LP                                                                        | CUSIP: 69867DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       336000 | PA      | $336031.65    | 0.01%             | 2026-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Serta Simmons Bedding LLC                                                 | Serta Simmons Bedding LLC, 1st Lien Term Loan                                            | CUSIP: 81753HAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       345757 | PA      | $313280.14    | 0.01%             | 2028-06-29      | Variable      | 11.91%                | No            |                  2 | On Loan: No      |
| Elis SA                                                                   | Elis SA                                                                                  | CUSIP: N/A<br>LEI: 969500UX71LCE8MAY492       | Long             | DBT              | CORP              | FR        |      2400000 | PA      | $2727467.17   | 0.08%             | 2026-02-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Euro-Schatz                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         1904 | NC      | $965605.33    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alternative Loan Trust                                                    | Alternative Loan Trust, Series 2005-6CB, Class 1A6                                       | CUSIP: 12667F5H4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        32846 | PA      | $27855.40     | 0.00%             | 2035-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                  | Diamondback Energy, Inc.                                                                 | CUSIP: 25278XBA6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      4200000 | PA      | $3764358.32   | 0.11%             | 2054-04-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                                             | Staples, Inc.                                                                            | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |      1063150 | PA      | $684363.48    | 0.02%             | 2030-01-15      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                                      | CUSIP: 83371GAA9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      1580000 | PA      | $1718434.86   | 0.05%             | 2028-11-14      | Variable      | 10.00%                | Yes           |                  2 | On Loan: No      |
| Lottomatica Group SpA                                                     | Lottomatica Group SpA                                                                    | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | DBT              | CORP              | IT        |      1077000 | PA      | $1269553.79   | 0.04%             | 2030-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Alfa Desarrollo SpA                                                       | Alfa Desarrollo SpA                                                                      | CUSIP: 01538TAA3<br>LEI: 2549006BJAN34R520038 | Long             | DBT              | CORP              | CL        |      4469921 | PA      | $3230903.54   | 0.09%             | 2051-09-27      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Monitchem HoldCo 3 SA                                                     | Monitchem HoldCo 3 SA                                                                    | CUSIP: N/A<br>LEI: 222100SJHJ1CNJMSW162       | Long             | DBT              | CORP              | LU        |       570000 | PA      | $651838.75    | 0.02%             | 2028-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2017-KF40, Class B                                          | CUSIP: 30306JAG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       537280 | PA      | $510731.41    | 0.01%             | 2027-11-25      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                                                | Grifols SA                                                                               | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |      1810000 | PA      | $1967451.48   | 0.06%             | 2028-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Crown European Holdings SACA                                              | Crown European Holdings SACA                                                             | CUSIP: N/A<br>LEI: 85OKW2SW05RZFQS1W718       | Long             | DBT              | CORP              | FR        |      1900000 | PA      | $2274715.11   | 0.06%             | 2028-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc., Series A                                                          | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |       730000 | PA      | $756222.70    | 0.02%             | 2055-02-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Antero Resources Corp.                                                    | Antero Resources Corp.                                                                   | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |       913000 | PA      | $934547.71    | 0.03%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                                                | Outfront Media Capital LLC                                                               | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       383000 | PA      | $359313.52    | 0.01%             | 2030-03-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2016-39, Class LS                                                    | CUSIP: 3136ASU38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7070836 | PA      | $798437.34    | 0.02%             | 2046-07-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC                                       | Ascent Resources Utica Holdings LLC                                                      | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       310000 | PA      | $311789.63    | 0.01%             | 2032-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 61744YAL2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      3985000 | PA      | $3405741.52   | 0.10%             | 2038-07-22      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                                 | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |      2200000 | PA      | $2454493.10   | 0.07%             | 2026-12-15      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                                               | IQVIA, Inc.                                                                              | CUSIP: N/A<br>LEI: 549300PLWY28YB00C717       | Long             | DBT              | CORP              | US        |       325000 | PA      | $368412.37    | 0.01%             | 2025-09-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Par Pharmaceutical, Inc.                                                  | Par Pharmaceutical, Inc.                                                                 | CUSIP: 698ESCAA8<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |       248000 | PA      | $0.00         | 0.00%             | 2027-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                             | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |       796000 | PA      | $750269.80    | 0.02%             | 2027-11-18      | Fixed         | 2.53%                 | Yes           |                  2 | On Loan: No      |
| Galaxy XV CLO Ltd.                                                        | Galaxy CLO Ltd., Series 2013-15A, Class ARR                                              | CUSIP: 36318WAK6<br>LEI: 549300MJK1HWQWCLYA68 | Long             | ABS-CBDO         | CORP              | KY        |        17781 | PA      | $17777.39     | 0.00%             | 2030-10-15      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                                                | Garda World Security Corp.                                                               | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |       770000 | PA      | $766671.52    | 0.02%             | 2032-08-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                              | Tallgrass Energy Partners LP                                                             | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       100000 | PA      | $101710.30    | 0.00%             | 2029-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 675 mbH                                    | Techem Verwaltungsgesellschaft 675 mbH                                                   | CUSIP: N/A<br>LEI: 529900N0M7FQHNAV1A41       | Long             | DBT              | CORP              | DE        |       624000 | PA      | $725275.90    | 0.02%             | 2029-07-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Mundys SpA                                                                | Mundys SpA                                                                               | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |      1980000 | PA      | $2165322.68   | 0.06%             | 2028-02-12      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-95312.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                               | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |       400000 | PA      | $453759.43    | 0.01%             | 2025-06-24      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                                  | Bausch Health Cos., Inc.                                                                 | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      1480000 | PA      | $1208050.00   | 0.03%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Endo Finance Holdings, Inc.                                               | Endo Finance Holdings, Inc.                                                              | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       223000 | PA      | $230823.06    | 0.01%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series EE                                                               | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      2330000 | PA      | $2304997.00   | 0.07%             | 2030-02-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4120, Class UI                                                      | CUSIP: 3137AVHL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       115041 | PA      | $2655.51      | 0.00%             | 2027-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                                               | Cheniere Energy Partners LP                                                              | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      6060000 | PA      | $5932836.84   | 0.17%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Petco Health & Wellness Co., Inc.                                         | Petco Health & Wellness Co., Inc., 1st Lien Term Loan                                    | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |      1700000 | PA      | $1571582.00   | 0.04%             | 2028-03-03      | Variable      | 7.81%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide, Inc.                                      | Anheuser-Busch InBev Worldwide, Inc.                                                     | CUSIP: 03523TBW7<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |       373000 | PA      | $372602.11    | 0.01%             | 2059-01-23      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Weekley Homes LLC                                                         | Weekley Homes LLC                                                                        | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       980000 | PA      | $941896.03    | 0.03%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                                            | DISH DBS Corp.                                                                           | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       755000 | PA      | $638939.14    | 0.02%             | 2028-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| DNB Bank ASA                                                              | DNB Bank ASA                                                                             | CUSIP: 23329PAF7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |      2803000 | PA      | $2772882.52   | 0.08%             | 2026-09-16      | Variable      | 1.13%                 | Yes           |                  2 | On Loan: No      |
| Alumina Pty. Ltd.                                                         | Alumina Pty. Ltd.                                                                        | CUSIP: 02220AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |       302000 | PA      | $302474.44    | 0.01%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| TK Elevator Midco GmbH                                                    | TK Elevator Midco GmbH                                                                   | CUSIP: N/A<br>LEI: 254900K869UN2ZWVB351       | Long             | DBT              | CORP              | DE        |       600000 | PA      | $680418.41    | 0.02%             | 2027-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                                             | Organon & Co.                                                                            | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2880000 | PA      | $2705256.86   | 0.08%             | 2028-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Genesee & Wyoming, Inc.                                                   | Genesee & Wyoming, Inc., 1st Lien Term Loan                                              | CUSIP: 37156QAZ9<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | LON              | CORP              | US        |      2686500 | PA      | $2672557.07   | 0.08%             | 2031-04-10      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                         | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3848000 | PA      | $3794842.19   | 0.11%             | 2029-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| WP Carey, Inc.                                                            | WP Carey, Inc.                                                                           | CUSIP: 92936UAG4<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |       580000 | PA      | $503126.27    | 0.01%             | 2031-02-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4073, Class IQ                                                      | CUSIP: 3137ARXB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       102169 | PA      | $13776.05     | 0.00%             | 2042-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP                                              | Antero Midstream Partners LP                                                             | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       415000 | PA      | $410776.88    | 0.01%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Endo DAC                                                                  | Endo DAC                                                                                 | CUSIP: 292ESCB09<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      2955000 | PA      | $0.03         | 0.00%             | 2029-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                             | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      3740000 | PA      | $3740486.20   | 0.11%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                                   | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      3181000 | PA      | $3258868.78   | 0.09%             | 2034-06-08      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, STRIPS, Series 401, Class C6                                                       | CUSIP: 3136FGE78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        36159 | PA      | $882.71       | 0.00%             | 2029-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                                        | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |      3200000 | PA      | $3228600.00   | 0.09%             | 2028-01-17      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                         | EMRLD Borrower LP                                                                        | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1795000 | PA      | $1813153.89   | 0.05%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                                        | Vodafone Group plc                                                                       | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |      3570000 | PA      | $3815410.06   | 0.11%             | 2080-08-27      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| TeamSystem SpA                                                            | TeamSystem SpA                                                                           | CUSIP: N/A<br>LEI: 81560062081DF3AB7A90       | Long             | DBT              | CORP              | IT        |       353000 | PA      | $396304.69    | 0.01%             | 2028-02-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Rekeep SpA                                                                | Rekeep SpA                                                                               | CUSIP: N/A<br>LEI: 8156008737CA044FCB79       | Long             | DBT              | CORP              | IT        |       651000 | PA      | $730304.60    | 0.02%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-64303.95    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Shift4 Payments LLC                                                       | Shift4 Payments LLC                                                                      | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       392000 | PA      | $399956.31    | 0.01%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Norfolk Southern Corp.                                                    | Norfolk Southern Corp.                                                                   | CUSIP: 655844CN6<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |      1930000 | PA      | $1358752.19   | 0.04%             | 2053-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| PG&E Corp.                                                                | PG&E Corp.                                                                               | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |      1363000 | PA      | $1329888.64   | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                                        | Cinemark USA, Inc.                                                                       | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |       660000 | PA      | $651113.30    | 0.02%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                                        | Chemours Co. (The)                                                                       | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |       160000 | PA      | $156625.50    | 0.00%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                                               | Adient Global Holdings Ltd.                                                              | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |      1360000 | PA      | $1388115.28   | 0.04%             | 2031-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                                              | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |      5745000 | PA      | $5371747.35   | 0.15%             | 2030-07-07      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                    | Tenet Healthcare Corp.                                                                   | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      3565000 | PA      | $3567534.72   | 0.10%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp.                                                    | ON Semiconductor Corp.                                                                   | CUSIP: 682189AS4<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |      5336000 | PA      | $5756476.80   | 0.16%             | 2027-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 5072, Class DI                                                      | CUSIP: 3137F96Q9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9362519 | PA      | $1773796.55   | 0.05%             | 2051-02-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                                     | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      3402000 | PA      | $2784196.80   | 0.08%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                            | CUSIP: 29278GAN8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      4745000 | PA      | $4400684.67   | 0.12%             | 2028-07-12      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                         | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3210000 | PA      | $3009859.07   | 0.09%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                         | Hertz Corp. (The)                                                                        | CUSIP: 428ESCAD9<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |       685000 | PA      | $140425.00    | 0.00%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $2273.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series W                                                                | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      2321000 | PA      | $2297245.03   | 0.07%             | 2025-12-10      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NGG Finance plc                                                           | NGG Finance plc                                                                          | CUSIP: N/A<br>LEI: 549300MLDJ2T68G21W86       | Long             | DBT              | CORP              | GB        |      2534000 | PA      | $2799274.74   | 0.08%             | 2082-09-05      | Variable      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| AI Candelaria -spain- SA                                                  | AI Candelaria -spain- SA                                                                 | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |      1869000 | PA      | $1561194.39   | 0.04%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                                    | CUSIP: 65339KDL1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      4670000 | PA      | $4667119.45   | 0.13%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                      | FREMF Mortgage Trust, Series 2018-KF45, Class B                                          | CUSIP: 30296TAG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       150005 | PA      | $149761.41    | 0.00%             | 2025-03-25      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                             | Cheplapharm Arzneimittel GmbH                                                            | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |      2550000 | PA      | $2889090.31   | 0.08%             | 2027-02-11      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                                  | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |      3467000 | PA      | $2883071.20   | 0.08%             | 2049-04-03      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-2315.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                      | Glencore Funding LLC                                                                     | CUSIP: 378272CA4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      4440000 | PA      | $4451969.88   | 0.13%             | 2035-04-01      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                             | CUSIP: 05401AAX9<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      4850000 | PA      | $4826865.50   | 0.14%             | 2030-01-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Piedmont Natural Gas Co., Inc.                                            | Piedmont Natural Gas Co., Inc.                                                           | CUSIP: 720186AM7<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |       853000 | PA      | $549729.21    | 0.02%             | 2050-06-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP                                              | Antero Midstream Partners LP                                                             | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1015000 | PA      | $1011085.96   | 0.03%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                                                    | Alternative Loan Trust, Series 2005-21CB, Class A17                                      | CUSIP: 12667GKS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       539673 | PA      | $414288.36    | 0.01%             | 2035-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Telefonica Europe BV                                                      | Telefonica Europe BV                                                                     | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |      3000000 | PA      | $3713618.47   | 0.11%             | 2028-08-23      | Variable      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Audacy, Inc.                                                                             | CUSIP: 05070N137<br>LEI: N/A                  | N/A              | DO               |  | US        |          182 | NS      | $2.82         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BANK                                                                      | BANK, Series 2019-BN20, Class XA                                                         | CUSIP: 06540AAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7454701 | PA      | $221509.00    | 0.01%             | 2062-09-15      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                          | Gray Media, Inc.                                                                         | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      1200000 | PA      | $868500.00    | 0.02%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| VistaJet Malta Finance plc                                                | VistaJet Malta Finance plc                                                               | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       515000 | PA      | $507327.27    | 0.01%             | 2028-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                         | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |      2105000 | PA      | $2032061.22   | 0.06%             | 2029-01-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-10730.02    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                                       | Rocket Mortgage LLC                                                                      | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       435000 | PA      | $375778.67    | 0.01%             | 2033-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Altice France Holding SA                                                  | Altice France Holding SA                                                                 | CUSIP: N/A<br>LEI: 5299000JVHXKJPOE6H40       | Long             | DBT              | CORP              | LU        |       400000 | PA      | $163504.80    | 0.00%             | 2027-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                                       | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | DBT              | CORP              | ES        |      1200000 | PA      | $1428963.83   | 0.04%             | 2029-11-20      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                        | Banco Bilbao Vizcaya Argentaria SA                                                       | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |      6800000 | PA      | $7463414.80   | 0.21%             | 2029-03-19      | Variable      | 9.38%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                                    | Alternative Loan Trust, Series 2004-25CB, Class A1                                       | CUSIP: 12667FWJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1379225 | PA      | $1230270.37   | 0.03%             | 2034-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Vallourec SACA                                                            | Vallourec SACA                                                                           | CUSIP: N/A<br>LEI: 969500P2Q1B47H4MCJ34       | Long             | EC               | CORP              | FR        |        42696 | NS      | $722839.76    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Entegris, Inc.                                                            | Entegris, Inc.                                                                           | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |       200000 | PA      | $193093.46    | 0.01%             | 2028-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| HUB International Ltd.                                                    | HUB International Ltd., 1st Lien Term Loan                                               | CUSIP: 44332EAZ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2757256 | PA      | $2756235.38   | 0.08%             | 2030-06-20      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                                           | Gulfport Energy Operating Corp.                                                          | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |       577000 | PA      | $585340.85    | 0.02%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                                   | RHP Hotel Properties LP                                                                  | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       196000 | PA      | $199334.79    | 0.01%             | 2033-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Endo, Inc.                                                                | Endo, Inc.                                                                               | CUSIP: 29290D117<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        48344 | NS      | $1015224.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                     | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      4238000 | PA      | $2797364.03   | 0.08%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                         | EMRLD Borrower LP                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       640000 | PA      | $761985.41    | 0.02%             | 2030-12-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                                                    | Shutterfly Finance LLC                                                                   | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1125316 | PA      | $991409.00    | 0.03%             | 2027-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Telenet Finance Luxembourg Notes SARL                                     | Telenet Finance Luxembourg Notes SARL                                                    | CUSIP: N/A<br>LEI: 2138007RI9GLJPCC3E25       | Long             | DBT              | CORP              | LU        |      2000000 | PA      | $2253186.98   | 0.06%             | 2028-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| KBR, Inc.                                                                 | KBR, Inc., 1st Lien Term Loan B                                                          | CUSIP: 48242YAW2<br>LEI: 254900OFQDXZRKRCV808 | Long             | LON              | CORP              | US        |      1970100 | PA      | $1972562.63   | 0.06%             | 2031-01-17      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies BV                                                   | Sensata Technologies BV                                                                  | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |      1970000 | PA      | $1849241.76   | 0.05%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                              | UBS Group AG                                                                             | CUSIP: 225401AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      6530000 | PA      | $6461479.08   | 0.18%             | 2028-01-09      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                                           | Santander UK Group Holdings plc                                                          | CUSIP: 80281LAT2<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |      7950000 | PA      | $8254256.12   | 0.23%             | 2029-01-10      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Rossini Sarl                                                              | Rossini Sarl                                                                             | CUSIP: N/A<br>LEI: 549300EC5JCCW6F83R11       | Long             | DBT              | CORP              | LU        |      1600000 | PA      | $1918841.47   | 0.05%             | 2029-12-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $514180.49    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                                   | Civitas Resources, Inc.                                                                  | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |       995000 | PA      | $972817.31    | 0.03%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Iceland Bondco plc                                                        | Iceland Bondco plc                                                                       | CUSIP: N/A<br>LEI: 2138002DRBYIA8QXHO36       | Long             | DBT              | CORP              | GB        |       537000 | PA      | $766939.29    | 0.02%             | 2027-12-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                       | Kinder Morgan, Inc.                                                                      | CUSIP: 49456BAX9<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |      3440000 | PA      | $3394992.45   | 0.10%             | 2033-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                                          | CCO Holdings LLC                                                                         | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6110000 | PA      | $6046966.19   | 0.17%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                                                 | ATI, Inc.                                                                                | CUSIP: 01741RAL6<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |       885000 | PA      | $858449.12    | 0.02%             | 2029-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                                     | Countrywide Asset-Backed Certificates, Series 2002-4, Class M1                           | CUSIP: 126671SL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         9737 | PA      | $10029.50     | 0.00%             | 2032-12-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                                     | WR Grace Holdings LLC                                                                    | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |       180000 | PA      | $177472.44    | 0.01%             | 2027-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Berry Global, Inc.                                                        | Berry Global, Inc.                                                                       | CUSIP: 08576BAB8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |      5935000 | PA      | $6160738.44   | 0.17%             | 2031-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Euro-Bund                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          238 | NC      | $40660.29     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Ireland Capital DAC                                                | AerCap Ireland Capital DAC                                                               | CUSIP: 00774MBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      5715000 | PA      | $5827330.67   | 0.17%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                           | Permian Resources Operating LLC                                                          | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |      2020000 | PA      | $2072105.90   | 0.06%             | 2032-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                                                 | First Student Bidco, Inc.                                                                | CUSIP: 337120AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       535000 | PA      | $500177.44    | 0.01%             | 2029-07-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                                        | Chemours Co. (The)                                                                       | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |      1230000 | PA      | $1101349.13   | 0.03%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Accenture Capital, Inc.                                                   | Accenture Capital, Inc.                                                                  | CUSIP: 00440KAC7<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |      1220000 | PA      | $1197914.34   | 0.03%             | 2031-10-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                                  | CUSIP: 445545AT3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      3931000 | PA      | $3928051.75   | 0.11%             | 2052-09-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-143985.06   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Zekelman Industries, Inc.                                                 | Zekelman Industries, Inc., 1st Lien Term Loan                                            | CUSIP: 98931YAD5<br>LEI: 549300S5LMRAKDWWI425 | Long             | LON              | CORP              | US        |      1485000 | PA      | $1478198.70   | 0.04%             | 2031-01-24      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                                     | Dominion Energy, Inc.                                                                    | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      4056000 | PA      | $4060742.15   | 0.12%             | 2055-05-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Loxam SAS                                                                 | Loxam SAS                                                                                | CUSIP: N/A<br>LEI: 969500BNA2YRNE1R5K91       | Long             | DBT              | CORP              | FR        |      1136000 | PA      | $1298010.29   | 0.04%             | 2027-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Avantor Funding, Inc.                                                     | Avantor Funding, Inc.                                                                    | CUSIP: N/A<br>LEI: 5493003VM0XB4U8YD238       | Long             | DBT              | CORP              | US        |      2425000 | PA      | $2752722.82   | 0.08%             | 2028-07-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    132519150 | PA      | $-1404370.45  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| TK Elevator Midco GmbH                                                    | TK Elevator Midco GmbH                                                                   | CUSIP: N/A<br>LEI: 254900K869UN2ZWVB351       | Long             | DBT              | CORP              | DE        |       706000 | PA      | $800625.67    | 0.02%             | 2027-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Europe BV                                                      | Telefonica Europe BV                                                                     | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |      1900000 | PA      | $2162748.39   | 0.06%             | 2026-06-22      | Variable      | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                                        | Istanbul Metropolitan Municipality                                                       | CUSIP: N/A<br>LEI: 213800T1VDQSNKA2MD76       | Long             | DBT              | NUSS              | TR        |      3120000 | PA      | $3319680.00   | 0.09%             | 2028-12-06      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      5085000 | PA      | $5167230.91   | 0.15%             | 2029-04-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                                      | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |      3000000 | PA      | $3696254.23   | 0.10%             | 2030-05-19      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                                | Avis Budget Car Rental LLC                                                               | CUSIP: 053773BF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3070000 | PA      | $2894735.24   | 0.08%             | 2029-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                                            | Carnival Corp.                                                                           | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |       650000 | PA      | $651625.91    | 0.02%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                                  | CUSIP: 77586RAU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      3966000 | PA      | $3781620.66   | 0.11%             | 2034-01-30      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| eircom Finance DAC                                                        | eircom Finance DAC                                                                       | CUSIP: N/A<br>LEI: 254900NA4DUH50UERM85       | Long             | DBT              | CORP              | IE        |      1990000 | PA      | $2361261.20   | 0.07%             | 2029-12-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, Single Family, 30 Year                                                          | CUSIP: 21H052678<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     15700000 | PA      | $15571824.10  | 0.44%             | 2055-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Univision Communications, Inc.                                            | Univision Communications, Inc.                                                           | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |       690000 | PA      | $690441.60    | 0.02%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                              | Ardagh Packaging Finance plc                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IE        |      3025000 | PA      | $3159957.35   | 0.09%             | 2026-08-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                          | NRG Energy, Inc.                                                                         | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |       865000 | PA      | $784389.96    | 0.02%             | 2031-02-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                                                  | Blue Racer Midstream LLC                                                                 | CUSIP: 095796AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       400000 | PA      | $401006.80    | 0.01%             | 2026-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    143924155 | PA      | $-1286215.74  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                  | Bristol-Myers Squibb Co.                                                                 | CUSIP: 110122EL8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      1245000 | PA      | $1177170.58   | 0.03%             | 2064-02-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                          | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      5530000 | PA      | $5461923.60   | 0.15%             | 2030-09-19      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                                       | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |    100730000 | PA      | $21710617.68  | 0.62%             | 2032-04-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     32528368 | PA      | $171372.12    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                         | Hertz Corp. (The)                                                                        | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |       762000 | PA      | $775893.55    | 0.02%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | OIS                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    117000000 | PA      | $-1309579.62  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Noble Finance II LLC                                                      | Noble Finance II LLC                                                                     | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       423000 | PA      | $421496.24    | 0.01%             | 2030-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Etsy, Inc.                                                                | Etsy, Inc.                                                                               | CUSIP: 29786AAJ5<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |      3150000 | PA      | $3121650.00   | 0.09%             | 2026-10-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Emera US Finance LP                                                       | Emera US Finance LP                                                                      | CUSIP: 29103DAT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6984000 | PA      | $6013617.62   | 0.17%             | 2031-06-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                                       | Sirius XM Radio LLC                                                                      | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |      1105000 | PA      | $1093565.02   | 0.03%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sempra                                                                    | Sempra                                                                                   | CUSIP: 816851BH1<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      1865000 | PA      | $1508723.92   | 0.04%             | 2038-02-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Klabin Austria GmbH                                                       | Klabin Austria GmbH                                                                      | CUSIP: N/A<br>LEI: 984500578YEA8DD41B09       | Long             | DBT              | CORP              | AT        |      2991000 | PA      | $2968567.50   | 0.08%             | 2049-04-03      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| TotalEnergies Capital International SA                                    | TotalEnergies Capital International SA                                                   | CUSIP: 89153VAV1<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |       800000 | PA      | $512888.24    | 0.01%             | 2050-05-29      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Moran Foods LLC                                                           | Moran Foods LLC, 1st Lien Term Loan                                                      | CUSIP: 61647DAY8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       106615 | PA      | $106615.24    | 0.00%             | 2029-01-02      | Variable      | 12.70%                | No            |                  3 | On Loan: No      |
| Volkswagen International Finance NV                                       | Volkswagen International Finance NV                                                      | CUSIP: N/A<br>LEI: 5299004PWNHKYTR23649       | Long             | DBT              | CORP              | NL        |      3500000 | PA      | $3953711.33   | 0.11%             | 2028-06-27      | Variable      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                                  | Comstock Resources, Inc.                                                                 | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |      2382000 | PA      | $2347761.37   | 0.07%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                                    | Merrill Lynch Mortgage Investors Trust, Series 2003-OPT1, Class M1                       | CUSIP: 5899295K0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         7082 | PA      | $5904.42      | 0.00%             | 2034-07-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      1328000 | PA      | $1338971.94   | 0.04%             | 2030-02-10      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| ZF Europe Finance BV                                                      | ZF Europe Finance BV                                                                     | CUSIP: N/A<br>LEI: 549300RI533US2G6G542       | Long             | DBT              | CORP              | NL        |      1100000 | PA      | $1188100.25   | 0.03%             | 2027-10-23      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| MV24 Capital BV                                                           | MV24 Capital BV                                                                          | CUSIP: 55388RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      2421762 | PA      | $2318401.20   | 0.07%             | 2034-06-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $803207.72    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-19120.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                                | iHeartCommunications, Inc.                                                               | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      1942536 | PA      | $1607419.79   | 0.05%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| JBS USA Holding Lux Sarl                                                  | JBS USA Holding Lux Sarl                                                                 | CUSIP: 47214BAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      2820000 | PA      | $3109554.78   | 0.09%             | 2053-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Grifols SA                                                                | Grifols SA                                                                               | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |       781000 | PA      | $867823.92    | 0.02%             | 2027-11-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                                              | Performance Food Group, Inc.                                                             | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |       261000 | PA      | $263100.01    | 0.01%             | 2032-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                                                | Grifols SA                                                                               | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |       552000 | PA      | $600018.36    | 0.02%             | 2028-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                              | Pacific Gas and Electric Co.                                                             | CUSIP: 694308HD2<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      2692000 | PA      | $2111742.09   | 0.06%             | 2043-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                                | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |       700000 | PA      | $778851.14    | 0.02%             | 2027-02-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Entergy Mississippi LLC                                                   | Entergy Mississippi LLC                                                                  | CUSIP: 29366WAG1<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |       335000 | PA      | $323911.03    | 0.01%             | 2055-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Arches Buyer, Inc.                                                        | Arches Buyer, Inc.                                                                       | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |       470000 | PA      | $442681.67    | 0.01%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                                  | Duke Energy Progress LLC                                                                 | CUSIP: 26442UAV6<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |        99000 | PA      | $94315.18     | 0.00%             | 2055-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                    | Cleveland-Cliffs, Inc.                                                                   | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       335000 | PA      | $301243.93    | 0.01%             | 2031-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Altar Bidco, Inc.                                                         | Altar Bidco, Inc., 1st Lien Term Loan B                                                  | CUSIP: 02090CAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2292916 | PA      | $2261961.52   | 0.06%             | 2029-02-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                                  | WESCO Distribution, Inc.                                                                 | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |       803000 | PA      | $819663.86    | 0.02%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Viridien                                                                  | Viridien                                                                                 | CUSIP: N/A<br>LEI: 969500FCVQ5SLAAUJV59       | Long             | DBT              | CORP              | FR        |       929000 | PA      | $1007647.47   | 0.03%             | 2030-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Schaeffler AG                                                             | Schaeffler AG                                                                            | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | DBT              | CORP              | DE        |      1200000 | PA      | $1382978.10   | 0.04%             | 2031-04-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The), Series T                                                | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      3709000 | PA      | $3645373.22   | 0.10%             | 2026-05-10      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.                                     | Global Infrastructure Solutions, Inc.                                                    | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |       700000 | PA      | $698472.81    | 0.02%             | 2032-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                        | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class C             | CUSIP: 61765LAY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       607000 | PA      | $588501.74    | 0.02%             | 2048-05-15      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                                     | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |       640000 | PA      | $634880.00    | 0.02%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                        | Chord Energy Corp.                                                                       | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |       448000 | PA      | $444900.02    | 0.01%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| eircom Finance DAC                                                        | eircom Finance DAC                                                                       | CUSIP: N/A<br>LEI: 254900NA4DUH50UERM85       | Long             | DBT              | CORP              | IE        |       530881 | PA      | $601583.35    | 0.02%             | 2026-05-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Paprec Holding SA                                                         | Paprec Holding SA                                                                        | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |       651000 | PA      | $777984.79    | 0.02%             | 2029-11-17      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                                    | CUSIP: 401494AY5<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      6433000 | PA      | $6439433.00   | 0.18%             | 2031-08-06      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| TotalEnergies Capital SA                                                  | TotalEnergies Capital SA                                                                 | CUSIP: 89157XAE1<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |       870000 | PA      | $790185.34    | 0.02%             | 2054-09-10      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                                     | Global Payments, Inc.                                                                    | CUSIP: 37940XAH5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      3450000 | PA      | $2997340.85   | 0.08%             | 2031-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                                            | Rite Aid Corp.                                                                           | CUSIP: 767ESCAC0<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |      1643000 | PA      | $0.02         | 0.00%             | 2026-11-15      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Crescent Energy Finance LLC                                               | Crescent Energy Finance LLC                                                              | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |       475000 | PA      | $447823.54    | 0.01%             | 2032-04-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| SSB Equipment Co., Inc.                                                   | SSB Equipment Co., Inc.                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        84170 | NS      | $0.08         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bausch Health Americas, Inc.                                              | Bausch Health Americas, Inc.                                                             | CUSIP: 91911XAV6<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |      2760000 | PA      | $2719152.00   | 0.08%             | 2026-04-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corp.                                                             | Comcast Corp.                                                                            | CUSIP: 20030NEF4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      4000000 | PA      | $3621466.52   | 0.10%             | 2053-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2515000 | PA      | $2221204.72   | 0.06%             | 2033-02-24      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                                   | Volkswagen Group of America Finance LLC                                                  | CUSIP: 928668CS9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |       425000 | PA      | $420138.62    | 0.01%             | 2035-03-27      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Bertrand Franchise Finance SAS                                            | Bertrand Franchise Finance SAS                                                           | CUSIP: N/A<br>LEI: 969500HGPPEHSTNJFW57       | Long             | DBT              | CORP              | FR        |      2020000 | PA      | $2314625.34   | 0.07%             | 2030-07-18      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                                      | CUSIP: 46115HBZ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     10220000 | PA      | $10883898.56  | 0.31%             | 2033-06-20      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Entergy Corp.                                                             | Entergy Corp.                                                                            | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |      1280000 | PA      | $1308648.96   | 0.04%             | 2054-12-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Serta Simmons Bedding LLC                                                 | Serta Simmons Bedding LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        84170 | NS      | $883785.00    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| 1261229 BC Ltd.                                                           | 1261229 BC Ltd., 1st Lien Term Loan                                                      | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |       490909 | PA      | $465205.09    | 0.01%             | 2030-10-08      | Variable      | 10.59%                | No            |                  2 | On Loan: No      |
| Fluor Corp.                                                               | Fluor Corp.                                                                              | CUSIP: 343412AJ1<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |      1203000 | PA      | $1393675.50   | 0.04%             | 2029-08-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                          | CSC Holdings LLC, 1st Lien Term Loan                                                     | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |      1833768 | PA      | $1808554.00   | 0.05%             | 2028-01-18      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                               | Crescent Energy Finance LLC                                                              | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |      1110000 | PA      | $1146085.62   | 0.03%             | 2028-02-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                                        | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      2175000 | PA      | $2193303.31   | 0.06%             | 2030-06-05      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                                      | Frontier Communications Holdings LLC                                                     | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2430000 | PA      | $2436335.01   | 0.07%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     11955000 | PA      | $11616830.47  | 0.33%             | 2027-05-04      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                                   | Civitas Resources, Inc.                                                                  | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |       264000 | PA      | $264392.87    | 0.01%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Leasing GmbH                                                   | Volkswagen Leasing GmbH                                                                  | CUSIP: N/A<br>LEI: 5299004GLEUX88BSNB74       | Long             | DBT              | CORP              | DE        |      4300000 | PA      | $4487143.93   | 0.13%             | 2029-01-12      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                                               | INEOS Quattro Finance 2 plc                                                              | CUSIP: N/A<br>LEI: 213800V48W4Y5MT5Q131       | Long             | DBT              | CORP              | GB        |      1033000 | PA      | $1187900.39   | 0.03%             | 2029-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Chariot Buyer LLC                                                         | Chariot Buyer LLC, 1st Lien Term Loan                                                    | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |      2516427 | PA      | $2504700.95   | 0.07%             | 2028-11-03      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                          | Gray Media, Inc.                                                                         | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      1345000 | PA      | $1430435.75   | 0.04%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                     | Clydesdale Acquisition Holdings, Inc.                                                    | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |      1362000 | PA      | $1376407.45   | 0.04%             | 2032-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      2192000 | PA      | $2227802.92   | 0.06%             | 2036-04-17      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Bayer AG                                                                  | Bayer AG                                                                                 | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | DBT              | CORP              | DE        |      4400000 | PA      | $5301983.78   | 0.15%             | 2083-09-25      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                                        | Banco Santander SA                                                                       | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |      3200000 | PA      | $3679328.00   | 0.10%             | 2033-05-21      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| Enel SpA                                                                  | Enel SpA, Series 9.5Y                                                                    | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | DBT              | CORP              | IT        |      7000000 | PA      | $7007287.75   | 0.20%             | 2030-06-08      | Variable      | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Genesys Cloud Services, Inc.                                              | Genesys Cloud Services, Inc., 1st Lien Term Loan                                         | CUSIP: 39479UAY9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      3648204 | PA      | $3635180.21   | 0.10%             | 2032-01-30      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                                  | Cooperatieve Rabobank UA                                                                 | CUSIP: 74977RDN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |      5350000 | PA      | $5260242.30   | 0.15%             | 2028-04-06      | Variable      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Union Electric Co.                                                        | Union Electric Co.                                                                       | CUSIP: 906548CU4<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |       885000 | PA      | $653079.43    | 0.02%             | 2052-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                                | CUSIP: 92840VAG7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      3157000 | PA      | $3097930.51   | 0.09%             | 2027-01-30      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                                    | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        | 295427000000 | PA      | $18021997.30  | 0.51%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust, Series 2015-GC30, Class C                                  | CUSIP: 36250GAW5<br>LEI: 549300L45M7638EL0H21 | Long             | ABS-MBS          | CORP              | US        |       605000 | PA      | $538764.60    | 0.02%             | 2050-05-10      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                                        | Seagate HDD Cayman                                                                       | CUSIP: 81180WBN0<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |       825000 | PA      | $879338.63    | 0.02%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                                       | Nexstar Media, Inc.                                                                      | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |      1160000 | PA      | $1116022.31   | 0.03%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Raven Acquisition Holdings LLC                                            | Raven Acquisition Holdings LLC                                                           | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       506000 | PA      | $503703.67    | 0.01%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Notas do Tesouro Nacional                                                                | CUSIP: N/A<br>LEI: 254900ZFY40OYEADAP90       | Long             | DBT              | NUSS              | BR        |    229960000 | PA      | $39664577.93  | 1.12%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                            | Carnival Corp.                                                                           | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      1040000 | PA      | $1042568.21   | 0.03%             | 2033-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $25592.59     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $9412.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker BP ASA                                                               | Aker BP ASA                                                                              | CUSIP: 00973RAM5<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |       292000 | PA      | $293499.45    | 0.01%             | 2033-06-13      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                              | Oracle Corp.                                                                             | CUSIP: 68389XDB8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      2220000 | PA      | $2152355.31   | 0.06%             | 2055-08-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                                   | Uber Technologies, Inc.                                                                  | CUSIP: 90353TAQ3<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |       510000 | PA      | $463176.59    | 0.01%             | 2054-09-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MVW LLC                                                                   | MVW LLC, Series 2021-1WA, Class D                                                        | CUSIP: 55389TAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1814524 | PA      | $1720425.58   | 0.05%             | 2041-01-22      | Fixed         | 3.17%                 | Yes           |                  2 | On Loan: No      |
| Paprec Holding SA                                                         | Paprec Holding SA                                                                        | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |      1713000 | PA      | $1932441.53   | 0.05%             | 2028-07-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Ziggo BV                                                                  | Ziggo BV                                                                                 | CUSIP: N/A<br>LEI: 213800TQASLF9JXH5J59       | Long             | DBT              | CORP              | NL        |       465000 | PA      | $488015.84    | 0.01%             | 2030-01-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Verisure Holding AB                                                       | Verisure Holding AB                                                                      | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |      1309000 | PA      | $1546442.89   | 0.04%             | 2030-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Sigma Holdco BV                                                           | Sigma Holdco BV                                                                          | CUSIP: N/A<br>LEI: 254900RAPCKVT00GAO59       | Long             | DBT              | CORP              | NL        |       298652 | PA      | $337871.56    | 0.01%             | 2026-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Topgolf Callaway Brands Corp.                                             | Topgolf Callaway Brands Corp., 1st Lien Term Loan                                        | CUSIP: 89071LAB6<br>LEI: 5493005UB0KFRKBPCU72 | Long             | LON              | CORP              | US        |      1250176 | PA      | $1218609.37   | 0.03%             | 2030-03-18      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                        | Energy Transfer LP                                                                       | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      4170000 | PA      | $4370948.13   | 0.12%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                                          | Burlington Northern Santa Fe LLC                                                         | CUSIP: 12189LBH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1760000 | PA      | $1080386.82   | 0.03%             | 2052-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                                              | Barclays plc                                                                             | CUSIP: 06738ECK9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      3300000 | PA      | $3463328.88   | 0.10%             | 2029-09-13      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                          | Boeing Co. (The)                                                                         | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      1080000 | PA      | $1042195.80   | 0.03%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| New Evhc Physical Equity                                                  | New Evhc Physical Equity                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         2866 | NS      | $41647.28     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                 | Ford Motor Credit Co. LLC                                                                | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      2550000 | PA      | $2512340.27   | 0.07%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BCPE Pequod Buyer, Inc.                                                   | BCPE Pequod Buyer, Inc., 1st Lien Term Loan                                              | CUSIP: 05624AAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      3000000 | PA      | $3006000.00   | 0.09%             | 2031-11-25      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust                       | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class C            | CUSIP: 46645UAZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       484000 | PA      | $416419.66    | 0.01%             | 2049-12-15      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| A10 Revolving Asset Financing I LLC                                       | A10 Revolving Asset Financing I LLC, Series 2012-RAF1, Class B                           | CUSIP: 002122AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       250000 | PA      | $250000.00    | 0.01%             | 2028-02-10      | Floating      | 10.85%                | Yes           |                  3 | On Loan: No      |
| MIWD Holdco II LLC                                                        | MIWD Holdco II LLC, 1st Lien Term Loan                                                   | CUSIP: 55336CAK8<br>LEI: 254900X3SPV5RVFJEY72 | Long             | LON              | CORP              | US        |      1905600 | PA      | $1899940.37   | 0.05%             | 2031-03-28      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GHT9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      4060000 | PA      | $4018410.54   | 0.11%             | 2027-04-23      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| Trident TPI Holdings, Inc.                                                | Trident TPI Holdings, Inc., 1st Lien Term Loan B-7                                       | CUSIP: 00216EAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       828427 | PA      | $800368.57    | 0.02%             | 2028-09-15      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | IRS                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     65120000 | PA      | $266041.50    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class C                     | CUSIP: 46644YBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       395000 | PA      | $316001.42    | 0.01%             | 2048-08-15      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| 888 Acquisitions Ltd.                                                     | 888 Acquisitions Ltd.                                                                    | CUSIP: N/A<br>LEI: 254900RFD0BP3JOPZU89       | Long             | DBT              | CORP              | GI        |       495000 | PA      | $562795.27    | 0.02%             | 2027-07-15      | Fixed         | 7.56%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                                           | Madison IAQ LLC                                                                          | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |      1630000 | PA      | $1568905.48   | 0.04%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC, 1st Lien Term Loan B-4                             | CUSIP: 16117LCB3<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |       439437 | PA      | $438664.08    | 0.01%             | 2030-12-09      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $234469.75    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                                        | CUSIP: 94974BGQ7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      1210000 | PA      | $1032586.04   | 0.03%             | 2045-11-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Amgen, Inc.                                                               | Amgen, Inc.                                                                              | CUSIP: 031162DU1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |       999000 | PA      | $944460.08    | 0.03%             | 2063-03-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                              | Avolon Holdings Funding Ltd.                                                             | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     12055000 | PA      | $12273982.33  | 0.35%             | 2029-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Pass-Through Trust                                                | JetBlue Pass-Through Trust, Series 2019-1, Class A                                       | CUSIP: 477143AJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       446370 | PA      | $407012.43    | 0.01%             | 2028-05-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Virgin Media Finance plc                                                  | Virgin Media Finance plc                                                                 | CUSIP: N/A<br>LEI: 2138001LVYC87DDHT482       | Long             | DBT              | CORP              | GB        |      1325000 | PA      | $1421725.33   | 0.04%             | 2030-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| AT&T, Inc.                                                                | AT&T, Inc.                                                                               | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |       410000 | PA      | $271043.65    | 0.01%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Swiss Re Finance Luxembourg SA                                            | Swiss Re Finance Luxembourg SA                                                           | CUSIP: 87089NAA8<br>LEI: 549300CLQZ6TM98LW631 | Long             | DBT              | CORP              | LU        |       200000 | PA      | $197269.00    | 0.01%             | 2049-04-02      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                                          | ABN AMRO Bank NV                                                                         | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | DBT              | CORP              | NL        |      2000000 | PA      | $2273170.90   | 0.06%             | 2025-09-22      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| SoFi Technologies, Inc.                                                   | SoFi Technologies, Inc.                                                                  | CUSIP: 83406FAC6<br>LEI: 549300SW81JCMVZDDY09 | Long             | DBT              | CORP              | US        |      1620000 | PA      | $2559893.22   | 0.07%             | 2029-03-15      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Evonik Industries AG                                                      | Evonik Industries AG                                                                     | CUSIP: N/A<br>LEI: 41GUOJQTALQHLF39XJ34       | Long             | DBT              | CORP              | DE        |      1000000 | PA      | $1099115.60   | 0.03%             | 2081-09-02      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2014-44, Class QI                                                    | CUSIP: 3136AKSK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        86656 | PA      | $1687.37      | 0.00%             | 2029-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commerzbank AG                                                            | Commerzbank AG                                                                           | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | DBT              | CORP              | DE        |       600000 | PA      | $743435.89    | 0.02%             | 2031-10-09      | Variable      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                                       | NuStar Logistics LP                                                                      | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |      1000000 | PA      | $1002489.00   | 0.03%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       882000 | PA      | $742797.09    | 0.02%             | 2032-02-13      | Variable      | 1.79%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                        | VICI Properties LP                                                                       | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       240000 | PA      | $235144.70    | 0.01%             | 2027-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Co.                                                     | Matador Resources Co.                                                                    | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |      1342000 | PA      | $1292664.19   | 0.04%             | 2033-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                  | Lumen Technologies, Inc.                                                                 | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |       579820 | PA      | $563150.18    | 0.02%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Japan 10 Year Bond                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | JP        |         -178 | NC      | $-296049.36   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Cooperatieve Rabobank UA                                                  | Cooperatieve Rabobank UA                                                                 | CUSIP: N/A<br>LEI: DG3RU1DBUFHT4ZF9WN62       | Long             | DBT              | CORP              | NL        |      8200000 | PA      | $9226232.73   | 0.26%             | 2027-06-29      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Chrome Holdco SAS                                                         | Chrome Holdco SAS                                                                        | CUSIP: N/A<br>LEI: 9845000E49865VT3N679       | Long             | DBT              | CORP              | FR        |       642000 | PA      | $154705.27    | 0.00%             | 2029-05-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Alstom SA                                                                 | Alstom SA                                                                                | CUSIP: N/A<br>LEI: 96950032TUYMW11FB530       | Long             | DBT              | CORP              | FR        |      2300000 | PA      | $2694613.15   | 0.08%             | 2029-05-29      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Synthomer plc                                                             | Synthomer plc                                                                            | CUSIP: N/A<br>LEI: 213800EHT3TI1KPQQJ56       | Long             | DBT              | CORP              | GB        |       165000 | PA      | $186213.44    | 0.01%             | 2025-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Huntington Bancshares, Inc.                                               | Huntington Bancshares, Inc.                                                              | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |      3851000 | PA      | $3874438.19   | 0.11%             | 2035-02-02      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                                     | Foundry JV Holdco LLC                                                                    | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |      1705000 | PA      | $1727038.15   | 0.05%             | 2031-01-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                                      | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |      3582000 | PA      | $3416475.78   | 0.10%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                                            | Czech Republic                                                                           | CUSIP: N/A<br>LEI: 3157007EFDLQABN47912       | Long             | DBT              | NUSS              | CZ        |    434150000 | PA      | $21044571.76  | 0.60%             | 2034-04-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Amber Finco plc                                                           | Amber Finco plc                                                                          | CUSIP: N/A<br>LEI: 9845004C0870D380O790       | Long             | DBT              | CORP              | GB        |       777000 | PA      | $923013.18    | 0.03%             | 2029-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| ILPT Commercial Mortgage Trust                                            | ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A                                | CUSIP: 449652AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2729007 | PA      | $2725595.74   | 0.08%             | 2039-10-15      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| DaVita, Inc.                                                              | DaVita, Inc.                                                                             | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |       396000 | PA      | $402273.40    | 0.01%             | 2032-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| American Express Co.                                                      | American Express Co.                                                                     | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      1388000 | PA      | $1342270.27   | 0.04%             | 2026-09-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| PG&E Corp.                                                                | PG&E Corp.                                                                               | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |      5273000 | PA      | $5163401.22   | 0.15%             | 2055-03-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                            | Braskem Netherlands Finance BV                                                           | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |      3100000 | PA      | $2698550.00   | 0.08%             | 2033-02-13      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                                                  | Boost Newco Borrower LLC, 1st Lien Term Loan B-2                                         | CUSIP: 92943EAG1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2011148 | PA      | $2012415.13   | 0.06%             | 2031-01-31      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Perrigo Finance Unlimited Co.                                             | Perrigo Finance Unlimited Co., Series USD                                                | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |       330000 | PA      | $329416.16    | 0.01%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                                 | CUSIP: N/A<br>LEI: 378900AAFB4F17004C49       | Long             | DBT              | NUSS              | ZA        |    737800000 | PA      | $34616021.01  | 0.98%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                                 | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |       200000 | PA      | $229056.70    | 0.01%             | 2026-01-22      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| VICI Properties LP                                                        | VICI Properties LP                                                                       | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       664000 | PA      | $644004.57    | 0.02%             | 2029-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                                        | Nationstar Mortgage Holdings, Inc.                                                       | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       985000 | PA      | $1025673.61   | 0.03%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| PPL Capital Funding, Inc.                                                 | PPL Capital Funding, Inc.                                                                | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |       330000 | PA      | $326690.82    | 0.01%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                                | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |      7400000 | PA      | $6876781.96   | 0.19%             | 2040-10-17      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                                       | Societe Generale SA                                                                      | CUSIP: 83370RAA6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      2927000 | PA      | $2611164.41   | 0.07%             | 2030-11-18      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Petronas Capital Ltd.                                                     | Petronas Capital Ltd.                                                                    | CUSIP: 71675CAE8<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |      6007000 | PA      | $3768791.80   | 0.11%             | 2061-04-28      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                                           | TransDigm, Inc.                                                                          | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       611000 | PA      | $620957.47    | 0.02%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                           | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       967000 | PA      | $959727.42    | 0.03%             | 2028-04-20      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple          | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                         | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      5401762 | PA      | $5314658.69   | 0.15%             | 2041-01-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4057, Class UI                                                      | CUSIP: 3137ARKV7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        35221 | PA      | $279.73       | 0.00%             | 2027-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                              | Fibercop SpA, Series 2033                                                                | CUSIP: 683879AB6<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |       464000 | PA      | $447760.00    | 0.01%             | 2033-11-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                                                | Pike Corp.                                                                               | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |       827000 | PA      | $820230.51    | 0.02%             | 2028-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                                      | Infrastrutture Wireless Italiane SpA                                                     | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | DBT              | CORP              | IT        |      1840000 | PA      | $2010043.65   | 0.06%             | 2028-10-21      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                                             | SM Energy Co.                                                                            | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |       402000 | PA      | $385923.34    | 0.01%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| HCFT                                                                      | HCFT                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |      6000000 | PA      | $5916000.00   | 0.17%             | 2025-06-13      | Fixed         | 7.25%                 | No            |                  3 | On Loan: No      |
| SES SA                                                                    | SES SA                                                                                   | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | DBT              | CORP              | LU        |      1000000 | PA      | $1081976.85   | 0.03%             | 2054-09-12      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $265301.70    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Cellular Corp.                                              | United States Cellular Corp.                                                             | CUSIP: 911684AD0<br>LEI: 549300B164AZXESI6E03 | Long             | DBT              | CORP              | US        |      2099000 | PA      | $2258660.44   | 0.06%             | 2033-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Outfront Media Capital LLC                                                | Outfront Media Capital LLC                                                               | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       545000 | PA      | $537963.67    | 0.02%             | 2027-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                     | OneMain Finance Corp.                                                                    | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |       700000 | PA      | $629843.41    | 0.02%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 5 Year Note                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -1584 | NC      | $-1094635.19  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak OP LLC                                                         | Healthpeak OP LLC                                                                        | CUSIP: 42250PAE3<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |      4042000 | PA      | $4036635.98   | 0.11%             | 2032-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ziggo Bond Co. BV                                                         | Ziggo Bond Co. BV                                                                        | CUSIP: N/A<br>LEI: 213800JYI4P7V5QDOG59       | Long             | DBT              | CORP              | NL        |      1310000 | PA      | $1279822.70   | 0.04%             | 2030-02-28      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2015-40, Class LS                                                    | CUSIP: 3136AN4Q7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1884559 | PA      | $209334.23    | 0.01%             | 2045-06-25      | Floating      | 1.73%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K088, Class X3          | CUSIP: 3137FL6H2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11410000 | PA      | $863040.99    | 0.02%             | 2047-02-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                  | Venture Global LNG, Inc.                                                                 | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |       620000 | PA      | $662870.52    | 0.02%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                                                       | Stagwell Global LLC                                                                      | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |      1464000 | PA      | $1376507.85   | 0.04%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                                                       | Station Casinos LLC, 1st Lien Term Loan B                                                | CUSIP: 85769EBB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1435500 | PA      | $1434854.03   | 0.04%             | 2031-03-14      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                              | Royal Caribbean Cruises Ltd.                                                             | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |       470000 | PA      | $476345.00    | 0.01%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Texas Instruments, Inc.                                                   | Texas Instruments, Inc.                                                                  | CUSIP: 882508CC6<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |       200000 | PA      | $178837.10    | 0.01%             | 2053-03-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coterra Energy, Inc.                                                      | Coterra Energy, Inc.                                                                     | CUSIP: 127097AM5<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |      2204000 | PA      | $2137213.03   | 0.06%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico                | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |      4300000 | PA      | $4079625.00   | 0.12%             | 2033-01-18      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ProGroup AG                                                               | ProGroup AG                                                                              | CUSIP: N/A<br>LEI: 529900YI5W5TQ8F2FP82       | Long             | DBT              | CORP              | DE        |      1900000 | PA      | $2152106.16   | 0.06%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Graham Packaging Co., Inc.                                                | Graham Packaging Co., Inc.                                                               | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |       680000 | PA      | $667628.62    | 0.02%             | 2028-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                                        | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      4372000 | PA      | $3987264.00   | 0.11%             | 2036-03-05      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                                   | Quikrete Holdings, Inc., 1st Lien Term Loan B-2                                          | CUSIP: 74839XAK5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1227600 | PA      | $1225807.70   | 0.03%             | 2029-03-19      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Autostrade per l'Italia SpA                                               | Autostrade per l'Italia SpA                                                              | CUSIP: N/A<br>LEI: 815600149448CEB9B230       | Long             | DBT              | CORP              | IT        |      6100000 | PA      | $7473432.21   | 0.21%             | 2033-06-14      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GJE0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1965000 | PA      | $1370146.26   | 0.04%             | 2041-06-19      | Variable      | 2.68%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA UMBS, 30 Year                                                                       | CUSIP: 3140XQF85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40647005 | PA      | $40490793.17  | 1.15%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 2 Year Note                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -1850 | NC      | $-551936.40   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| PLT VII Finance SARL                                                      | PLT VII Finance SARL                                                                     | CUSIP: N/A<br>LEI: 894500SKZV4JDP64R249       | Long             | DBT              | CORP              | LU        |      3713000 | PA      | $4355144.16   | 0.12%             | 2031-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                          | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      3345000 | PA      | $3336421.35   | 0.09%             | 2035-02-13      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                                        | Seagate HDD Cayman                                                                       | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |      4725000 | PA      | $7152299.45   | 0.20%             | 2028-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ball Corp.                                                                | Ball Corp.                                                                               | CUSIP: N/A<br>LEI: 0BGI85ALH27ZJP15DY16       | Long             | DBT              | CORP              | US        |       750000 | PA      | $831577.75    | 0.02%             | 2027-03-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                         | HSBC Holdings plc                                                                        | CUSIP: 404280CN7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      6075000 | PA      | $5467000.03   | 0.15%             | 2030-12-17      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                                                  | EquipmentShare.com, Inc.                                                                 | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |       890000 | PA      | $933299.92    | 0.03%             | 2032-05-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      3770000 | PA      | $3675110.83   | 0.10%             | 2027-03-09      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                                          | Cooper-Standard Automotive, Inc.                                                         | CUSIP: 216762AJ3<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |      2652142 | PA      | $2244697.40   | 0.06%             | 2027-05-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      1114000 | PA      | $1078087.17   | 0.03%             | 2035-10-23      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                       | Newell Brands, Inc.                                                                      | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       455000 | PA      | $439843.36    | 0.01%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust, Series 2023-1A, Class A                               | CUSIP: 224927AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       935456 | PA      | $940324.73    | 0.03%             | 2033-03-15      | Fixed         | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                                                | Builders FirstSource, Inc.                                                               | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      1317000 | PA      | $1194920.16   | 0.03%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Senegal                                                       | Republic of Senegal                                                                      | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |      2919000 | PA      | $2092572.72   | 0.06%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Southern California Edison Co.                                            | Southern California Edison Co.                                                           | CUSIP: 842400GT4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      1513000 | PA      | $980069.04    | 0.03%             | 2050-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Ashland Services BV                                                       | Ashland Services BV                                                                      | CUSIP: N/A<br>LEI: 549300S52OPXPKGJS029       | Long             | DBT              | CORP              | NL        |       407000 | PA      | $443429.53    | 0.01%             | 2028-01-30      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                                    | CUSIP: 401494AZ2<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      4022000 | PA      | $4022000.00   | 0.11%             | 2037-02-06      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| 888 Acquisitions Ltd.                                                     | 888 Acquisitions Ltd.                                                                    | CUSIP: N/A<br>LEI: 254900RFD0BP3JOPZU89       | Long             | DBT              | CORP              | GI        |      1070000 | PA      | $1218090.32   | 0.03%             | 2027-07-15      | Fixed         | 7.56%                 | Yes           |                  2 | On Loan: No      |
| WEC US Holdings, Inc.                                                     | WEC US Holdings, Inc., 1st Lien Term Loan                                                | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |      1488750 | PA      | $1485251.44   | 0.04%             | 2031-01-27      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| Pinnacle Bidco plc                                                        | Pinnacle Bidco plc                                                                       | CUSIP: N/A<br>LEI: 2138006Z5V8OBL2A2Q06       | Long             | DBT              | CORP              | GB        |      1084000 | PA      | $1298523.33   | 0.04%             | 2028-10-11      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                                  | Venture Global LNG, Inc.                                                                 | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |       550000 | PA      | $562870.00    | 0.02%             | 2028-06-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Mundys SpA                                                                | Mundys SpA                                                                               | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |      1990000 | PA      | $2215321.68   | 0.06%             | 2027-07-13      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, 30 Year                                                                         | CUSIP: 36179XDD5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     81538175 | PA      | $75010039.97  | 2.13%             | 2052-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                             | Netflix, Inc.                                                                            | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |      9956000 | PA      | $10317032.64  | 0.29%             | 2029-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                                            | JELD-WEN, Inc.                                                                           | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |       870000 | PA      | $759609.18    | 0.02%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                                   | SS&C Technologies, Inc.                                                                  | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |      1795000 | PA      | $1843091.64   | 0.05%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                                          | Boeing Co. (The)                                                                         | CUSIP: 097023CP8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |       190000 | PA      | $156370.09    | 0.00%             | 2035-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                                        | Vail Resorts, Inc.                                                                       | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |       410000 | PA      | $420003.59    | 0.01%             | 2032-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                                        | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |      5140000 | PA      | $5371968.20   | 0.15%             | 2031-01-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $27915.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaixo Bondco Telecom SA                                                   | Kaixo Bondco Telecom SA                                                                  | CUSIP: N/A<br>LEI: 959800ULWB3MZHZ69055       | Long             | DBT              | CORP              | ES        |      1924000 | PA      | $2217374.89   | 0.06%             | 2029-09-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                                           | Madison IAQ LLC                                                                          | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |      1475000 | PA      | $1426782.99   | 0.04%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Snowflake, Inc.                                                           | Snowflake, Inc.                                                                          | CUSIP: 833445AA7<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |      3654000 | PA      | $5214258.00   | 0.15%             | 2027-10-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                                       | Hilton Domestic Operating Co., Inc.                                                      | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |       628000 | PA      | $632242.14    | 0.02%             | 2033-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Southern California Edison Co.                                            | Southern California Edison Co., Series A                                                 | CUSIP: 842400GQ0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      2217000 | PA      | $2159094.07   | 0.06%             | 2029-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                                       | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |    169466788 | PA      | $40296246.29  | 1.14%             | 2036-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Telefonica Europe BV                                                      | Telefonica Europe BV                                                                     | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |      2800000 | PA      | $3469335.68   | 0.10%             | 2031-06-07      | Variable      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp.                                                     | JetBlue Airways Corp.                                                                    | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1391000 | PA      | $1375929.52   | 0.04%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                                            | Broadcom, Inc.                                                                           | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |       652000 | PA      | $539996.13    | 0.02%             | 2035-11-15      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                                       | Expand Energy Corp.                                                                      | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      5915000 | PA      | $5882862.56   | 0.17%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VZ Vendor Financing II BV                                                 | VZ Vendor Financing II BV                                                                | CUSIP: N/A<br>LEI: 724500DRKUUR3GFOSK76       | Long             | DBT              | CORP              | NL        |      2030000 | PA      | $2085991.97   | 0.06%             | 2029-01-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Phoenix Newco, Inc.                                                       | Phoenix Newco, Inc., 1st Lien Term Loan                                                  | CUSIP: 71911KAE4<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |      1708431 | PA      | $1708038.54   | 0.05%             | 2028-11-15      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                           | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      1300000 | PA      | $1352315.90   | 0.04%             | 2029-08-16      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                                | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |       623000 | PA      | $712460.85    | 0.02%             | 2030-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                                  | PNC Financial Services Group, Inc. (The)                                                 | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      1975000 | PA      | $1950366.54   | 0.06%             | 2032-10-21      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| Verisure Midholding AB                                                    | Verisure Midholding AB                                                                   | CUSIP: N/A<br>LEI: 549300496LYEZ55X1M49       | Long             | DBT              | CORP              | SE        |      3903000 | PA      | $4464898.81   | 0.13%             | 2029-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC                                                  | NGL Energy Operating LLC                                                                 | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1085000 | PA      | $1060567.44   | 0.03%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                                   | CUSIP: N/A<br>LEI: 213800D26TAPVTCVWG40       | Long             | DBT              | NUSS              | MA        |      2280000 | PA      | $2130728.40   | 0.06%             | 2044-04-25      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | OIS                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    482691000 | PA      | $990898.25    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                                | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      3908000 | PA      | $3683504.94   | 0.10%             | 2036-04-01      | Fixed         | 8.07%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K724, Class X3          | CUSIP: 3137BTU58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       212957 | PA      | $19.10        | 0.00%             | 2044-12-25      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| Five9, Inc.                                                               | Five9, Inc.                                                                              | CUSIP: 338307AF8<br>LEI: 254900MXP6EWY0SFFR59 | Long             | DBT              | CORP              | US        |      4407000 | PA      | $3818665.50   | 0.11%             | 2029-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                    | Cleveland-Cliffs, Inc.                                                                   | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       251000 | PA      | $216499.42    | 0.01%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| DaVita, Inc.                                                              | DaVita, Inc.                                                                             | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |      2975000 | PA      | $2779961.68   | 0.08%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                                                    | Shutterfly Finance LLC                                                                   | CUSIP: 82568NAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       173204 | PA      | $172770.99    | 0.00%             | 2027-10-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K094, Class X3          | CUSIP: 3137FMU34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4450000 | PA      | $343955.63    | 0.01%             | 2047-07-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| Neopharmed Gentili SpA                                                    | Neopharmed Gentili SpA                                                                   | CUSIP: N/A<br>LEI: 815600C8FD3DCB866E50       | Long             | DBT              | CORP              | IT        |       600000 | PA      | $712484.69    | 0.02%             | 2030-04-08      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| ILFC E-Capital Trust I                                                    | ILFC E-Capital Trust I                                                                   | CUSIP: 44965TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       500000 | PA      | $413054.30    | 0.01%             | 2065-12-21      | Floating      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 674 mbH                                    | Techem Verwaltungsgesellschaft 674 mbH                                                   | CUSIP: N/A<br>LEI: 549300W2QKB8BC676O97       | Long             | DBT              | CORP              | DE        |      1547388 | PA      | $1756989.03   | 0.05%             | 2026-07-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                                  | Svenska Handelsbanken AB                                                                 | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | DBT              | CORP              | SE        |      8200000 | PA      | $7441696.80   | 0.21%             | 2031-03-01      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                                | iHeartCommunications, Inc.                                                               | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      1753300 | PA      | $1350263.70   | 0.04%             | 2030-08-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| ACCO Brands Corp.                                                         | ACCO Brands Corp.                                                                        | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |      4826000 | PA      | $4263014.77   | 0.12%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Public Service Enterprise Group, Inc.                                     | Public Service Enterprise Group, Inc.                                                    | CUSIP: 744573AQ9<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | DBT              | CORP              | US        |      2695000 | PA      | $2301677.09   | 0.07%             | 2030-08-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| TEGNA, Inc.                                                               | TEGNA, Inc.                                                                              | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |       505000 | PA      | $489568.99    | 0.01%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Pertamina Persero PT                                                      | Pertamina Persero PT                                                                     | CUSIP: 69370PAD3<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |      3619000 | PA      | $3447097.50   | 0.10%             | 2029-07-30      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                                      | Columbia Pipelines Operating Co. LLC                                                     | CUSIP: 19828TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      8155000 | PA      | $8473002.84   | 0.24%             | 2030-08-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                                                | Edgewell Personal Care Co.                                                               | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |      2281000 | PA      | $2242576.81   | 0.06%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                                        | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      3930000 | PA      | $3952299.61   | 0.11%             | 2035-01-23      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| IQVIA, Inc.                                                               | IQVIA, Inc.                                                                              | CUSIP: N/A<br>LEI: 549300PLWY28YB00C717       | Long             | DBT              | CORP              | US        |      1120000 | PA      | $1233451.14   | 0.03%             | 2028-01-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Q-Park Holding I BV                                                       | Q-Park Holding I BV                                                                      | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |      1398000 | PA      | $1634860.82   | 0.05%             | 2029-03-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                                  | Benchmark Mortgage Trust, Series 2019-B11, Class C                                       | CUSIP: 08162BBL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5352000 | PA      | $4103584.99   | 0.12%             | 2052-05-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                           | CoreWeave, Inc.                                                                          | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |       744000 | PA      | $743165.30    | 0.02%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Welltower OP LLC                                                          | Welltower OP LLC                                                                         | CUSIP: 95040QAR5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |      1390000 | PA      | $1302029.29   | 0.04%             | 2032-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Ultra Note                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         1607 | NC      | $2873200.54   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope LLC                                                             | CommScope LLC                                                                            | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |      1433000 | PA      | $1372142.05   | 0.04%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                                     | Heathrow Funding Ltd.                                                                    | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |     10300000 | PA      | $10476440.07  | 0.30%             | 2030-10-08      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| KeyCorp                                                                   | KeyCorp                                                                                  | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |      7059000 | PA      | $7407710.22   | 0.21%             | 2035-03-06      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| Camelot US Acquisition LLC                                                | Camelot US Acquisition LLC, 1st Lien Term Loan B                                         | CUSIP: L2000AAF7<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |      1878365 | PA      | $1850771.96   | 0.05%             | 2031-01-31      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corp.                                                          | Fair Isaac Corp.                                                                         | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |       384000 | PA      | $383275.05    | 0.01%             | 2033-05-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | NDIRS                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    181099709 | PA      | $-1372821.69  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Transocean Poseidon Ltd.                                                  | Transocean Poseidon Ltd.                                                                 | CUSIP: 89383JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |        66150 | PA      | $66227.20     | 0.00%             | 2027-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Enel SpA                                                                  | Enel SpA                                                                                 | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | DBT              | CORP              | IT        |      2500000 | PA      | $3155110.29   | 0.09%             | 2031-04-16      | Variable      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                                | CUSIP: 404119BU2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      1840000 | PA      | $1834374.11   | 0.05%             | 2027-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EDP SA                                                                    | EDP SA                                                                                   | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |      3500000 | PA      | $4202584.31   | 0.12%             | 2083-04-23      | Variable      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                          | Goodyear Tire & Rubber Co. (The)                                                         | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |       242000 | PA      | $242234.26    | 0.01%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Phoenix PIB Dutch Finance BV                                              | Phoenix PIB Dutch Finance BV                                                             | CUSIP: N/A<br>LEI: 529900UUYBCBB7HMVI56       | Long             | DBT              | CORP              | NL        |      1900000 | PA      | $2245364.30   | 0.06%             | 2029-07-10      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                                            | DISH DBS Corp.                                                                           | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1111000 | PA      | $955203.34    | 0.03%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                                                            | 1011778 BC ULC                                                                           | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       975000 | PA      | $896675.82    | 0.03%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Cheesecake Factory, Inc. (The)                                            | Cheesecake Factory, Inc. (The)                                                           | CUSIP: 163072AA9<br>LEI: 529900872XMLK10SY247 | Long             | DBT              | CORP              | US        |       876000 | PA      | $871827.19    | 0.02%             | 2026-06-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                      | Clear Channel Outdoor Holdings, Inc.                                                     | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      2985000 | PA      | $2727543.75   | 0.08%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Cheesecake Factory, Inc. (The)                                            | Cheesecake Factory, Inc. (The)                                                           | CUSIP: 163072AB7<br>LEI: 529900872XMLK10SY247 | Long             | DBT              | CORP              | US        |      1130000 | PA      | $1151768.76   | 0.03%             | 2030-03-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Electricite de France SA                                                  | Electricite de France SA                                                                 | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |      2200000 | PA      | $2448652.43   | 0.07%             | 2027-09-03      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                    | Tenet Healthcare Corp.                                                                   | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |        25000 | PA      | $25244.96     | 0.00%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                                            | Rite Aid Corp., Escrow                                                                   | CUSIP: 767ESCAG1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |       706845 | PA      | $0.01         | 0.00%             | 2024-10-18      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Central Parent LLC                                                        | Central Parent LLC, 1st Lien Term Loan                                                   | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       995000 | PA      | $883948.05    | 0.03%             | 2029-07-06      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                            | Community Health Systems, Inc.                                                           | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      2275000 | PA      | $1947297.78   | 0.06%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                                        | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |      3134000 | PA      | $542182.00    | 0.02%             | 2028-11-03      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                      | IHO Verwaltungs GmbH                                                                     | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |      2320000 | PA      | $2766528.39   | 0.08%             | 2031-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Volvo Car AB                                                              | Volvo Car AB                                                                             | CUSIP: N/A<br>LEI: 5299000EAMGGBEYP7J33       | Long             | DBT              | CORP              | SE        |       840000 | PA      | $935282.13    | 0.03%             | 2027-10-07      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      2035000 | PA      | $2108319.54   | 0.06%             | 2029-09-15      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc., Series CC                                                               | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      5130000 | PA      | $5187532.95   | 0.15%             | 2029-08-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Spectrum Brands, Inc.                                                     | Spectrum Brands, Inc.                                                                    | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |       217000 | PA      | $173235.20    | 0.00%             | 2031-03-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                                       | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      8226000 | PA      | $8254791.00   | 0.23%             | 2037-03-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Elastic NV                                                                | Elastic NV                                                                               | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |       930000 | PA      | $872032.58    | 0.02%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                              | MASTR Alternative Loan Trust, Series 2003-5, Class 30B1                                  | CUSIP: 576434FU3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        80532 | PA      | $43408.97     | 0.00%             | 2033-08-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                                     | NextEra Energy Capital Holdings, Inc.                                                    | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      1700000 | PA      | $1738176.90   | 0.05%             | 2054-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                                          | Cooper-Standard Automotive, Inc.                                                         | CUSIP: 216762AH7<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |      2451992 | PA      | $2571526.61   | 0.07%             | 2027-03-31      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| FNMA                                                                      | FNMA, REMIC, Series 2012-93, Class SG                                                    | CUSIP: 3136A8JN1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       240221 | PA      | $27322.15     | 0.00%             | 2042-09-25      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| Bombardier, Inc.                                                          | Bombardier, Inc.                                                                         | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |       359000 | PA      | $367154.69    | 0.01%             | 2032-06-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Perrigo Finance Unlimited Co.                                             | Perrigo Finance Unlimited Co.                                                            | CUSIP: N/A<br>LEI: 549300E86RB6YCTMRM83       | Long             | DBT              | CORP              | IE        |      1070000 | PA      | $1254332.94   | 0.04%             | 2032-09-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Indonesia Asahan Aluminium PT                                             | Indonesia Asahan Aluminium PT                                                            | CUSIP: N/A<br>LEI: 2549008P48EB9SN2OI80       | Long             | DBT              | CORP              | ID        |       595000 | PA      | $604145.15    | 0.02%             | 2048-11-15      | Fixed         | 6.76%                 | Yes           |                  2 | On Loan: No      |
| Box, Inc.                                                                 | Box, Inc.                                                                                | CUSIP: 10316TAB0<br>LEI: 549300KQUCPD8687YS68 | Long             | DBT              | CORP              | US        |      2548000 | PA      | $3740464.00   | 0.11%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $103563.06    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Elis SA                                                                   | Elis SA                                                                                  | CUSIP: N/A<br>LEI: 969500UX71LCE8MAY492       | Long             | DBT              | CORP              | FR        |      1000000 | PA      | $1096844.70   | 0.03%             | 2028-04-03      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4043, Class PI                                                      | CUSIP: 3137APSV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       170044 | PA      | $2906.89      | 0.00%             | 2027-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                             | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |      6400000 | PA      | $7475802.80   | 0.21%             | 2027-10-09      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                                           | 1261229 BC Ltd.                                                                          | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      1645000 | PA      | $1628577.83   | 0.05%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                         | Wells Fargo & Co.                                                                        | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      4165000 | PA      | $4213653.28   | 0.12%             | 2036-04-23      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      2165000 | PA      | $2196554.88   | 0.06%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                                   | GFL Environmental, Inc.                                                                  | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |       875000 | PA      | $853673.80    | 0.02%             | 2029-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FGI Operating Co. LLC                                                     | FGI Operating Co. LLC, 1st Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |        40819 | PA      | $408.19       | 0.00%             | 2025-12-31      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Grupo Antolin-Irausa SA                                                   | Grupo Antolin-Irausa SA                                                                  | CUSIP: N/A<br>LEI: 213800OILC5Q9AR63B63       | Long             | DBT              | CORP              | ES        |       725000 | PA      | $596203.51    | 0.02%             | 2030-01-30      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                              | Scotts Miracle-Gro Co. (The)                                                             | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |       395000 | PA      | $393514.44    | 0.01%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                                              | CaixaBank SA                                                                             | CUSIP: 12803RAC8<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      3945000 | PA      | $4273060.83   | 0.12%             | 2034-09-13      | Variable      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| EC Finance plc                                                            | EC Finance plc                                                                           | CUSIP: N/A<br>LEI: 213800NKPB53RHYDQE45       | Long             | DBT              | CORP              | GB        |      2809000 | PA      | $3149610.56   | 0.09%             | 2026-10-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| AbbVie, Inc.                                                              | AbbVie, Inc.                                                                             | CUSIP: 00287YAS8<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |       862000 | PA      | $756790.77    | 0.02%             | 2045-05-14      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                                               | Cheniere Energy Partners LP                                                              | CUSIP: 16411QAQ4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      4670000 | PA      | $4778323.50   | 0.14%             | 2033-06-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fremont Home Loan Trust                                                   | Fremont Home Loan Trust, Series 2004-2, Class M2                                         | CUSIP: 35729PEE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         1475 | PA      | $1546.95      | 0.00%             | 2034-07-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                                  | WESCO Distribution, Inc.                                                                 | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |       550000 | PA      | $556501.00    | 0.02%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Sunrise HoldCo IV BV                                                      | Sunrise HoldCo IV BV                                                                     | CUSIP: N/A<br>LEI: 213800G1DU7LKI6ZCD69       | Long             | DBT              | CORP              | NL        |      2370000 | PA      | $2665459.92   | 0.08%             | 2029-06-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                              | Ardagh Packaging Finance plc                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IE        |       100000 | PA      | $104461.40    | 0.00%             | 2026-08-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                                              | Barclays plc                                                                             | CUSIP: 06738EBK0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |       305000 | PA      | $303824.08    | 0.01%             | 2030-06-20      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                                              | Trivium Packaging Finance BV                                                             | CUSIP: N/A<br>LEI: 724500GMZWW3PVYET548       | Long             | DBT              | CORP              | NL        |      1180000 | PA      | $1339161.08   | 0.04%             | 2026-08-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                                | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      1126000 | PA      | $1088530.10   | 0.03%             | 2029-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                                       | Sirius XM Radio LLC                                                                      | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |      2426000 | PA      | $2386323.01   | 0.07%             | 2029-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GJF7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      6260000 | PA      | $5419122.24   | 0.15%             | 2031-07-23      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Renaissance Home Equity Loan Trust                                        | Renaissance Home Equity Loan Trust, Series 2005-1, Class AF6                             | CUSIP: 759950FG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        22179 | PA      | $22073.48     | 0.00%             | 2035-05-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                                | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |      2200000 | PA      | $2515913.08   | 0.07%             | 2030-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| United States Steel Corp.                                                 | United States Steel Corp.                                                                | CUSIP: 912909AU2<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |       190000 | PA      | $191656.23    | 0.01%             | 2029-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                                                           | MYT Holding LLC, Series A                                                                | CUSIP: 55406N202<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       419284 | NS      | $534587.10    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Clarios Global LP                                                         | Clarios Global LP                                                                        | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1873000 | PA      | $1881089.49   | 0.05%             | 2027-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Coty, Inc.                                                                | Coty, Inc.                                                                               | CUSIP: 222070AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       420000 | PA      | $403803.16    | 0.01%             | 2029-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Amer Sports Co.                                                           | Amer Sports Co.                                                                          | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |       915000 | PA      | $944755.80    | 0.03%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                           | Citigroup, Inc.                                                                          | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      9400000 | PA      | $8420463.04   | 0.24%             | 2031-06-03      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| Duke Energy Ohio, Inc.                                                    | Duke Energy Ohio, Inc.                                                                   | CUSIP: 26442EAK6<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |       149000 | PA      | $141529.34    | 0.00%             | 2053-04-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Neon Maple US Debt Mergersub, Inc.                                        | Neon Maple US Debt Mergersub, Inc., 1st Lien Term Loan B-1                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      1500000 | PA      | $1496985.00   | 0.04%             | 2031-11-17      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                    | Tenet Healthcare Corp.                                                                   | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       735000 | PA      | $757088.22    | 0.02%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-654577.73   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA, Series 2011-13, Class S                                                            | CUSIP: 38377TCP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       243714 | PA      | $21364.97     | 0.00%             | 2041-01-16      | Floating      | 1.51%                 | No            |                  2 | On Loan: No      |
| US Auto Funding                                                           | US Auto Funding, Series 2021-1A, Class C                                                 | CUSIP: 90355EAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2499938 | PA      | $2332680.75   | 0.07%             | 2026-05-15      | Fixed         | 2.20%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $666664.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Guala Closures SpA                                                        | Guala Closures SpA                                                                       | CUSIP: N/A<br>LEI: 81560014151D1C625F49       | Long             | DBT              | CORP              | IT        |       600000 | PA      | $659224.10    | 0.02%             | 2028-06-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $83274.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                      | NOVA Chemicals Corp.                                                                     | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |      1073000 | PA      | $1071307.24   | 0.03%             | 2027-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                                              | Trivium Packaging Finance BV                                                             | CUSIP: N/A<br>LEI: 724500GMZWW3PVYET548       | Long             | DBT              | CORP              | NL        |       593000 | PA      | $691770.87    | 0.02%             | 2030-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Hilton Worldwide Finance LLC                                              | Hilton Worldwide Finance LLC                                                             | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       455000 | PA      | $453553.15    | 0.01%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana LLC                                                     | Entergy Louisiana LLC                                                                    | CUSIP: 29364WBP2<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |       280000 | PA      | $277014.12    | 0.01%             | 2034-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                              | Marriott International, Inc.                                                             | CUSIP: 571903BS1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      1750000 | PA      | $1726322.27   | 0.05%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                        | T-Mobile USA, Inc.                                                                       | CUSIP: 87264ABS3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      1009000 | PA      | $938594.10    | 0.03%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                               | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |       700000 | PA      | $761699.43    | 0.02%             | 2027-10-04      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Boxer Parent Co., Inc.                                                    | Boxer Parent Co., Inc., 1st Lien Term Loan                                               | CUSIP: 05988HAQ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1240000 | PA      | $1230501.60   | 0.03%             | 2031-07-30      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                                              | Rockies Express Pipeline LLC                                                             | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |       344000 | PA      | $354301.77    | 0.01%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-211782.73   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| US Bancorp                                                                | US Bancorp                                                                               | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      1100000 | PA      | $1120604.07   | 0.03%             | 2035-01-23      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                       | Newell Brands, Inc.                                                                      | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |      1595000 | PA      | $1471687.52   | 0.04%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                        | T-Mobile USA, Inc.                                                                       | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      3778000 | PA      | $3239300.31   | 0.09%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     11190000 | PA      | $9714764.67   | 0.28%             | 2032-10-21      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Guara Norte SARL                                                          | Guara Norte SARL                                                                         | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |      3438188 | PA      | $3206970.09   | 0.09%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Ziggo BV                                                                  | Ziggo BV                                                                                 | CUSIP: N/A<br>LEI: 213800TQASLF9JXH5J59       | Long             | DBT              | CORP              | NL        |       600000 | PA      | $629697.86    | 0.02%             | 2030-01-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                              | Oracle Corp.                                                                             | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      2749000 | PA      | $1867866.22   | 0.05%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                            | BNP Paribas SA                                                                           | CUSIP: 09659W3A0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      2720000 | PA      | $2786072.20   | 0.08%             | 2033-01-13      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Anglo American Capital plc                                                | Anglo American Capital plc                                                               | CUSIP: 034863BD1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |      7480000 | PA      | $7442151.20   | 0.21%             | 2033-05-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                                | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      3010000 | PA      | $2603297.05   | 0.07%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                           | Goldman Sachs Group, Inc. (The)                                                          | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      4540000 | PA      | $4385880.12   | 0.12%             | 2028-02-24      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                                | AT&T, Inc.                                                                               | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      3980000 | PA      | $2644647.83   | 0.07%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                                                | Sensata Technologies, Inc.                                                               | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |        11000 | PA      | $9767.31      | 0.00%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                 | Duke Energy Carolinas LLC                                                                | CUSIP: 26442CBL7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |       333000 | PA      | $310270.01    | 0.01%             | 2054-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Standard Industries, Inc.                                                 | Standard Industries, Inc.                                                                | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      3900000 | PA      | $3829567.95   | 0.11%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                        | T-Mobile USA, Inc.                                                                       | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      4380000 | PA      | $4177120.15   | 0.12%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                             | SM Energy Co.                                                                            | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |       469000 | PA      | $459565.64    | 0.01%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                           | CHL Mortgage Pass-Through Trust, Series 2007-16, Class A1                                | CUSIP: 12544MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       883097 | PA      | $359679.74    | 0.01%             | 2037-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NCR Atleos Corp.                                                          | NCR Atleos Corp.                                                                         | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |      1207000 | PA      | $1318430.24   | 0.04%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                                                  | AthenaHealth Group, Inc.                                                                 | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |      2305000 | PA      | $2220919.36   | 0.06%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                                          | CSC Holdings LLC                                                                         | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |       790000 | PA      | $398775.03    | 0.01%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Monitchem HoldCo 3 SA                                                     | Monitchem HoldCo 3 SA                                                                    | CUSIP: N/A<br>LEI: 222100SJHJ1CNJMSW162       | Long             | DBT              | CORP              | LU        |       460000 | PA      | $526045.30    | 0.01%             | 2028-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                                    | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      3983000 | PA      | $3937195.50   | 0.11%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Moran Foods Backstop Equity                                               | Moran Foods Backstop Equity                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   3408992334 | NS      | $3408.99      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Six Flags Entertainment Corp.                                             | Six Flags Entertainment Corp.                                                            | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1134000 | PA      | $1100974.18   | 0.03%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                                                | Baxter International, Inc.                                                               | CUSIP: 071813CS6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |      5800000 | PA      | $4973765.58   | 0.14%             | 2032-02-01      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Altice France Holding SA                                                  | Altice France Holding SA                                                                 | CUSIP: N/A<br>LEI: 5299000JVHXKJPOE6H40       | Long             | DBT              | CORP              | LU        |      2823000 | PA      | $1153935.13   | 0.03%             | 2027-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Veeco Instruments, Inc.                                                   | Veeco Instruments, Inc.                                                                  | CUSIP: 922417AJ9<br>LEI: 5493004201F72ADDZW04 | Long             | DBT              | CORP              | US        |      3349000 | PA      | $3482459.26   | 0.10%             | 2029-06-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                                             | Enel Finance International NV                                                            | CUSIP: 29278GAF5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      3665000 | PA      | $3554831.16   | 0.10%             | 2028-04-06      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                                   | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |       580000 | PA      | $589347.12    | 0.02%             | 2035-01-24      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                         | CD Mortgage Trust, Series 2016-CD2, Class C                                              | CUSIP: 12515ABJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       303000 | PA      | $178000.35    | 0.01%             | 2049-11-10      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |       688000 | PA      | $693437.64    | 0.02%             | 2036-01-24      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                                   | Quikrete Holdings, Inc., 1st Lien Term Loan B-3                                          | CUSIP: 74839XAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1000000 | PA      | $995000.00    | 0.03%             | 2032-02-10      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                                                  | EquipmentShare.com, Inc.                                                                 | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |       313000 | PA      | $321583.09    | 0.01%             | 2033-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| KBC Group NV                                                              | KBC Group NV                                                                             | CUSIP: 48241FAB0<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |      1340000 | PA      | $1376502.56   | 0.04%             | 2029-01-19      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Forvia SE                                                                 | Forvia SE                                                                                | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |      2370000 | PA      | $2647691.14   | 0.08%             | 2028-06-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Cirsa Finance International SARL                                          | Cirsa Finance International SARL                                                         | CUSIP: N/A<br>LEI: 254900KUJN6DHWH2K029       | Long             | DBT              | CORP              | LU        |       524000 | PA      | $624130.81    | 0.02%             | 2029-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $72119.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, REMIC, Series 4585, Class JI                                                      | CUSIP: 3137BPGA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       926145 | PA      | $114093.60    | 0.00%             | 2045-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                                | CUSIP: 71568QAM9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | NUSS              | ID        |       879000 | PA      | $642707.22    | 0.02%             | 2050-02-05      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Microchip Technology, Inc.                                                | Microchip Technology, Inc.                                                               | CUSIP: 595017BF0<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |      2390000 | PA      | $2280060.00   | 0.06%             | 2030-06-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Pinnacle Bidco plc                                                        | Pinnacle Bidco plc                                                                       | CUSIP: N/A<br>LEI: 2138006Z5V8OBL2A2Q06       | Long             | DBT              | CORP              | GB        |      1090000 | PA      | $1305710.73   | 0.04%             | 2028-10-11      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Conair Holdings LLC                                                       | Conair Holdings LLC, 1st Lien Term Loan B                                                | CUSIP: 20600RAB8<br>LEI: 549300804G00T34FLV17 | Long             | LON              | CORP              | US        |      2809477 | PA      | $1973657.63   | 0.06%             | 2028-05-17      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                                | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     10266000 | PA      | $10086858.30  | 0.29%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Euro-Schatz                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          -11 | NC      | $-9096.64     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries, Inc.                                                    | Chart Industries, Inc.                                                                   | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |       700000 | PA      | $730660.70    | 0.02%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Indiana LLC                                                   | Duke Energy Indiana LLC                                                                  | CUSIP: 26443TAD8<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |       375000 | PA      | $346002.33    | 0.01%             | 2053-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                                 | Ford Motor Credit Co. LLC                                                                | CUSIP: 345397A60<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      2965000 | PA      | $2964881.13   | 0.08%             | 2025-06-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                                           | Santander UK Group Holdings plc                                                          | CUSIP: 80281LAQ8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |      5200000 | PA      | $5023795.56   | 0.14%             | 2027-06-14      | Variable      | 1.67%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                            | CUSIP: 904678AY5<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |      4935000 | PA      | $4410615.68   | 0.12%             | 2032-06-03      | Variable      | 3.13%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                                          | Boeing Co. (The)                                                                         | CUSIP: 097023CE3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      2500000 | PA      | $1885282.45   | 0.05%             | 2039-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                             | Cheplapharm Arzneimittel GmbH                                                            | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |      1190000 | PA      | $1364697.36   | 0.04%             | 2030-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Box, Inc.                                                                 | Box, Inc.                                                                                | CUSIP: 10316TAC8<br>LEI: 549300KQUCPD8687YS68 | Long             | DBT              | CORP              | US        |       554000 | PA      | $591395.00    | 0.02%             | 2029-09-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Marvell Technology, Inc.                                                  | Marvell Technology, Inc.                                                                 | CUSIP: 573874AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2350000 | PA      | $2101282.27   | 0.06%             | 2031-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                | AMSR Trust, Series 2019-SFR1, Class E                                                    | CUSIP: 00178XAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3100000 | PA      | $2978889.51   | 0.08%             | 2039-01-19      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                                               | IQVIA, Inc.                                                                              | CUSIP: N/A<br>LEI: 549300PLWY28YB00C717       | Long             | DBT              | CORP              | US        |      3359000 | PA      | $3740492.67   | 0.11%             | 2028-06-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $504162.43    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                                 | HCA, Inc.                                                                                | CUSIP: 404119BV0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       181000 | PA      | $163801.04    | 0.00%             | 2047-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                                 | Vistra Operations Co. LLC                                                                | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       457000 | PA      | $475436.29    | 0.01%             | 2032-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                                       | Medline Borrower LP                                                                      | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |      1570000 | PA      | $1534289.41   | 0.04%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                                                 | Standard Industries, Inc.                                                                | CUSIP: 853496AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        34000 | PA      | $33768.43     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                             | Six Flags Entertainment Corp.                                                            | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |      4110000 | PA      | $4100837.17   | 0.12%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                                    | Truist Financial Corp.                                                                   | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      3876000 | PA      | $3799999.66   | 0.11%             | 2034-01-26      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Nidda Healthcare Holding GmbH                                             | Nidda Healthcare Holding GmbH                                                            | CUSIP: N/A<br>LEI: 549300Q89C4WAO6L0L19       | Long             | DBT              | CORP              | DE        |      1400000 | PA      | $1625913.31   | 0.05%             | 2030-02-21      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Birkenstock Financing SARL                                                | Birkenstock Financing SARL                                                               | CUSIP: N/A<br>LEI: 5299004DSXRFOZZ5UG09       | Long             | DBT              | CORP              | LU        |       700000 | PA      | $805722.25    | 0.02%             | 2029-04-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                                             | AIB Group plc                                                                            | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | DBT              | CORP              | IE        |      7400000 | PA      | $8826126.72   | 0.25%             | 2029-07-23      | Variable      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                                | Renault SA                                                                               | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |      1500000 | PA      | $1701597.86   | 0.05%             | 2025-06-24      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                                                  | EquipmentShare.com, Inc.                                                                 | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |      1040000 | PA      | $1079660.40   | 0.03%             | 2028-05-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                                      | Frontier Communications Holdings LLC                                                     | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       785000 | PA      | $783398.21    | 0.02%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AI Candelaria -spain- SA                                                  | AI Candelaria -spain- SA                                                                 | CUSIP: N/A<br>LEI: 213800L5KA2MJ5FKRZ02       | Long             | DBT              | CORP              | ES        |       849997 | PA      | $835122.37    | 0.02%             | 2028-12-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ams-OSRAM AG                                                              | ams-OSRAM AG                                                                             | CUSIP: N/A<br>LEI: 5299001JPPT2QFTV5D76       | Long             | DBT              | CORP              | AT        |      1700000 | PA      | $1780669.46   | 0.05%             | 2027-11-03      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                                                       | Station Casinos LLC                                                                      | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |       505000 | PA      | $505692.36    | 0.01%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Diamondback Energy, Inc.                                                  | Diamondback Energy, Inc.                                                                 | CUSIP: 25278XAR0<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      3145000 | PA      | $2838442.23   | 0.08%             | 2031-03-24      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Claire's Stores, Inc.                                                     | Claire's Stores, Inc.                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         1362 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Altice France SA                                                          | Altice France SA                                                                         | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      1745000 | PA      | $1482535.77   | 0.04%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                                                     | Prestige Brands, Inc.                                                                    | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |      1270000 | PA      | $1263851.17   | 0.04%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.                                     | Global Infrastructure Solutions, Inc.                                                    | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |       345000 | PA      | $336719.62    | 0.01%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Constellium SE                                                            | Constellium SE                                                                           | CUSIP: 21039CAA2<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |       930000 | PA      | $913357.46    | 0.03%             | 2028-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                                  | Bristol-Myers Squibb Co.                                                                 | CUSIP: 110122EK0<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      4290000 | PA      | $4073875.12   | 0.12%             | 2054-02-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                                      | Charter Communications Operating LLC                                                     | CUSIP: 161175CK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1155000 | PA      | $952079.78    | 0.03%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp.                                                    | ON Semiconductor Corp.                                                                   | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |      2301000 | PA      | $2197658.87   | 0.06%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Leasing GmbH                                                   | Volkswagen Leasing GmbH                                                                  | CUSIP: N/A<br>LEI: 5299004GLEUX88BSNB74       | Long             | DBT              | CORP              | DE        |      3100000 | PA      | $3193783.55   | 0.09%             | 2029-07-19      | Fixed         | 0.62%                 | Yes           |                  2 | On Loan: No      |
| State of Israel                                                           | State of Israel Government Bond                                                          | CUSIP: 46513JXN6<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |      7840000 | PA      | $4858350.00   | 0.14%             | 2050-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| INEOS Finance plc                                                         | INEOS Finance plc                                                                        | CUSIP: N/A<br>LEI: 2138002D68XDR4LZCG32       | Long             | DBT              | CORP              | GB        |      1200000 | PA      | $1399869.57   | 0.04%             | 2028-05-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                                             | Organon & Co.                                                                            | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       500000 | PA      | $420140.30    | 0.01%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Duquesne Light Holdings, Inc.                                             | Duquesne Light Holdings, Inc.                                                            | CUSIP: 266233AJ4<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |      1920000 | PA      | $1637281.84   | 0.05%             | 2032-01-07      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                                            | 1011778 BC ULC                                                                           | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      1840000 | PA      | $1781036.28   | 0.05%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| eDreams ODIGEO SA                                                         | eDreams ODIGEO SA                                                                        | CUSIP: N/A<br>LEI: 959800Y8LQ5MR2YZ4N96       | Long             | DBT              | CORP              | ES        |      1517000 | PA      | $1739771.33   | 0.05%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Dryden 68 CLO Ltd.                                                        | Dryden CLO Ltd., Series 2019-68A, Class ARR                                              | CUSIP: 26252QAS1<br>LEI: 254900MX6QAMC9XBAB53 | Long             | ABS-CBDO         | CORP              | KY        |      3600000 | PA      | $3598938.00   | 0.10%             | 2035-07-15      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                                        | Credit Agricole SA                                                                       | CUSIP: 22535WAN7<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |      4240000 | PA      | $4307506.95   | 0.12%             | 2036-01-09      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Wayfair, Inc.                                                             | Wayfair, Inc.                                                                            | CUSIP: 94419LAP6<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |      2855000 | PA      | $2982047.50   | 0.08%             | 2027-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Entergy Texas, Inc.                                                       | Entergy Texas, Inc.                                                                      | CUSIP: 29365TAK0<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |      1355000 | PA      | $1153678.00   | 0.03%             | 2031-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                      | FirstKey Homes Trust, Series 2020-SFR2, Class F1                                         | CUSIP: 33767JAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3000000 | PA      | $2959276.80   | 0.08%             | 2037-10-19      | Fixed         | 3.02%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                                           | TransDigm, Inc.                                                                          | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       612000 | PA      | $625161.06    | 0.02%             | 2032-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                                                  | BX Trust, Series 2022-LBA6, Class A                                                      | CUSIP: 12433EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10375000 | PA      | $10352304.69  | 0.29%             | 2039-01-15      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Thermo Fisher Scientific, Inc.                                            | Thermo Fisher Scientific, Inc.                                                           | CUSIP: 883556CC4<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |       200000 | PA      | $199264.66    | 0.01%             | 2031-10-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Long Gilt                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |         1705 | NC      | $2826285.39   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilcorp Energy I LP                                                       | Hilcorp Energy I LP                                                                      | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      1205000 | PA      | $1151121.80   | 0.03%             | 2029-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K089, Class X3          | CUSIP: 3137FL6S8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11650394 | PA      | $870442.88    | 0.02%             | 2046-01-25      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                      | GNMA II, Single Family, 30 Year                                                          | CUSIP: 21H050672<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     88604000 | PA      | $85893526.55  | 2.43%             | 2055-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                    | Tenet Healthcare Corp.                                                                   | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      1665000 | PA      | $1632660.79   | 0.05%             | 2028-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                            | CUSIP: 904678AW9<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |      2806000 | PA      | $2724853.76   | 0.08%             | 2027-06-03      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                                          | Bombardier, Inc.                                                                         | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |       731000 | PA      | $741242.04    | 0.02%             | 2033-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Synopsys, Inc.                                                            | Synopsys, Inc.                                                                           | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |      2510000 | PA      | $2396227.70   | 0.07%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Schaeffler AG                                                             | Schaeffler AG                                                                            | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | DBT              | CORP              | DE        |      1390000 | PA      | $1572655.26   | 0.04%             | 2027-03-26      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Mid-State Capital Corp. Trust                                             | Mid-State Capital Corp. Trust, Series 2006-1, Class M2                                   | CUSIP: 59548PAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        42384 | PA      | $42842.88     | 0.00%             | 2040-10-15      | Fixed         | 6.74%                 | Yes           |                  2 | On Loan: No      |
| FREMF                                                                     | FREMF, Series 2018-KF46, Class B                                                         | CUSIP: 302955AC3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |        60470 | PA      | $58077.85     | 0.00%             | 2028-03-25      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $106908.81    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | CDI                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    225686000 | PA      | $-3780236.73  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| UKG, Inc.                                                                 | UKG, Inc., 1st Lien Term Loan                                                            | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |      2145556 | PA      | $2148988.67   | 0.06%             | 2031-02-10      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                     | FHLMC STACR REMIC Trust, Series 2022-DNA3, Class M1B                                     | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |      1700000 | PA      | $1751335.58   | 0.05%             | 2042-04-25      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| CT Investment GmbH                                                        | CT Investment GmbH                                                                       | CUSIP: N/A<br>LEI: 529900VYBTC7HKBCNB72       | Long             | DBT              | CORP              | DE        |       905000 | PA      | $1060978.67   | 0.03%             | 2030-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                                             | AIB Group plc                                                                            | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | DBT              | CORP              | IE        |      6400000 | PA      | $7280105.72   | 0.21%             | 2025-06-23      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                     | Bank of America Corp.                                                                    | CUSIP: 06051GJZ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      1875000 | PA      | $1740584.49   | 0.05%             | 2029-06-14      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| Generali                                                                  | Generali                                                                                 | CUSIP: N/A<br>LEI: 549300X5UKJVE386ZB61       | Long             | DBT              | CORP              | IT        |      1200000 | PA      | $1432513.24   | 0.04%             | 2047-10-27      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Ventas Realty LP                                                          | Ventas Realty LP                                                                         | CUSIP: 92277GBA4<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |      2645000 | PA      | $2543371.03   | 0.07%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $-36053.27    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |            1 | NC      | $27632.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                                 | CUSIP: 836205AU8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      5530000 | PA      | $5288062.50   | 0.15%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Mallinckrodt plc                                                          | Mallinckrodt plc                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          671 | NS      | $57901.60     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bausch Health Cos., Inc.                                                  | Bausch Health Cos., Inc.                                                                 | CUSIP: 071734AH0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |       505000 | PA      | $399859.00    | 0.01%             | 2028-01-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                                   | Civitas Resources, Inc.                                                                  | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |      1025000 | PA      | $1032692.63   | 0.03%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 675 mbH                                    | Techem Verwaltungsgesellschaft 675 mbH                                                   | CUSIP: N/A<br>LEI: 529900N0M7FQHNAV1A41       | Long             | DBT              | CORP              | DE        |       900000 | PA      | $1046071.01   | 0.03%             | 2029-07-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CFAMC III Co. Ltd.                                                        | CFAMC III Co. Ltd.                                                                       | CUSIP: N/A<br>LEI: 5493006V07LYI3HE6G83       | Long             | DBT              | CORP              | VG        |      3620000 | PA      | $3528595.00   | 0.10%             | 2027-11-07      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                                                | Garda World Security Corp.                                                               | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |       318000 | PA      | $319065.62    | 0.01%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| United Arab Emirates Government Bond                                      | United Arab Emirates Government Bond                                                     | CUSIP: 38381CAB8<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |      6850000 | PA      | $4281250.00   | 0.12%             | 2050-07-28      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                                                       | Baytex Energy Corp.                                                                      | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |       795000 | PA      | $770316.12    | 0.02%             | 2030-04-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                              | Royal Caribbean Cruises Ltd.                                                             | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |       693000 | PA      | $695487.50    | 0.02%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Silgan Holdings, Inc.                                                     | Silgan Holdings, Inc.                                                                    | CUSIP: N/A<br>LEI: KAF673KJXD92C8KSLU49       | Long             | DBT              | CORP              | US        |       100000 | PA      | $109853.88    | 0.00%             | 2028-06-01      | Fixed         | 2.25%                 | 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