# EDGAR Filing Document

**Accession Number:** 0000763852
**File Stem:** 0002071691-26-001825
**Filing Date:** 2026-1
**Character Count:** 569757
**Document Hash:** 1441326c501cc2d703f2b0a71e42da81
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001825.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001825

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST II
- **CENTRAL INDEX KEY:** 0000763852

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04236
- **FILM NUMBER:** 26571347

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONE GROUP MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20000721

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONE GROUP
- **DATE OF NAME CHANGE:** 19931105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HELMSMAN FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### JPMorgan High Yield Fund (Series ID: S000003486)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009636 | Class I      | OHYFX           |
| C000009637 | Class A      | OHYAX           |
| C000009639 | Class C      | OGHCX           |
| C000009640 | Class R6     | JHYUX           |
| C000033521 | Class R5     | JYHRX           |
| C000070641 | Class R2     | JHYZX           |
| C000192734 | Class R3     | JRJYX           |
| C000192735 | Class R4     | JRJKX           |

## Nport-Ex

**JPMorgan High Yield Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 80.0%** | **Corporate Bonds — 80.0%** | **Corporate Bonds — 80.0%** |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| &nbsp;&nbsp;&nbsp; ATI, Inc.  | &nbsp;&nbsp;&nbsp; ATI, Inc.  | &nbsp;&nbsp;&nbsp; ATI, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7269 | &nbsp;&nbsp;&nbsp;&nbsp; 7280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3202 | &nbsp;&nbsp;&nbsp;&nbsp; 3195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4319 | &nbsp;&nbsp;&nbsp;&nbsp; 4560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3006 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. 6.13%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1213 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 784 | &nbsp;&nbsp;&nbsp;&nbsp; 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7145 | &nbsp;&nbsp;&nbsp;&nbsp; 7714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5102 | &nbsp;&nbsp;&nbsp;&nbsp; 5435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3920 | &nbsp;&nbsp;&nbsp;&nbsp; 4130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3199 | &nbsp;&nbsp;&nbsp;&nbsp; 3374 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc.  | &nbsp;&nbsp;&nbsp; BWX Technologies, Inc.  | &nbsp;&nbsp;&nbsp; BWX Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8764 | &nbsp;&nbsp;&nbsp;&nbsp; 8598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8384 | &nbsp;&nbsp;&nbsp;&nbsp; 8228 |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC 6.75%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2769 |
| &nbsp;&nbsp;&nbsp; ICITII 6.00%, 1/31/2033 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5499 | &nbsp;&nbsp;&nbsp;&nbsp; 2579 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4729 | &nbsp;&nbsp;&nbsp;&nbsp; 4966 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11986 | &nbsp;&nbsp;&nbsp;&nbsp; 12345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6905 | &nbsp;&nbsp;&nbsp;&nbsp; 7177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/31/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2338 | &nbsp;&nbsp;&nbsp;&nbsp; 2424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 89816 |
| **Automobile Components — 3.3%** | **Automobile Components — 3.3%** | **Automobile Components — 3.3%** |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  | &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  | &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8626 | &nbsp;&nbsp;&nbsp;&nbsp; 8851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12898 | &nbsp;&nbsp;&nbsp;&nbsp; 13556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5538 | &nbsp;&nbsp;&nbsp;&nbsp; 5733 |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  | &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  | &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9690 | &nbsp;&nbsp;&nbsp;&nbsp; 9673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21988 | &nbsp;&nbsp;&nbsp;&nbsp; 22314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp; 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2245 | &nbsp;&nbsp;&nbsp;&nbsp; 2265 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. 6.88%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4461 | &nbsp;&nbsp;&nbsp;&nbsp; 4480 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7098 | &nbsp;&nbsp;&nbsp;&nbsp; 7281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5447 | &nbsp;&nbsp;&nbsp;&nbsp; 5662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10851 | &nbsp;&nbsp;&nbsp;&nbsp; 11161 |
| &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.50% (Cash), 3/31/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 57666 | &nbsp;&nbsp;&nbsp;&nbsp; 60450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% (Cash), 5/15/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 32736 | &nbsp;&nbsp;&nbsp;&nbsp; 32131 |
| &nbsp;&nbsp;&nbsp; Dana, Inc. 5.38%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8325 | &nbsp;&nbsp;&nbsp;&nbsp; 8342 |
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10418 | &nbsp;&nbsp;&nbsp;&nbsp; 8771 |
| &nbsp;&nbsp;&nbsp; Forvia SE (France) 6.75%, 9/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2146 | &nbsp;&nbsp;&nbsp;&nbsp; 2185 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4039 | &nbsp;&nbsp;&nbsp;&nbsp; 3924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2832 | &nbsp;&nbsp;&nbsp;&nbsp; 2878 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobile Components — continued** | **Automobile Components — continued** | **Automobile Components — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3334 | &nbsp;&nbsp;&nbsp;&nbsp; 3182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4657 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) | &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) | &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% (Cash), 11/15/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4548 | &nbsp;&nbsp;&nbsp;&nbsp; 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% (Cash), 11/15/2032 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1642 | &nbsp;&nbsp;&nbsp;&nbsp; 1711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 224361 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC 9.50%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9466 | &nbsp;&nbsp;&nbsp;&nbsp; 7944 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. Series T, (3-MONTH CME TERM SOFR + 4.78%), 6.25%, 8/15/2026 (c) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9565 | &nbsp;&nbsp;&nbsp;&nbsp; 9622 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. 6.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7468 | &nbsp;&nbsp;&nbsp;&nbsp; 7512 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3375 | &nbsp;&nbsp;&nbsp;&nbsp; 3012 |
| &nbsp;&nbsp;&nbsp; Grifols SA (Spain) 4.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7780 | &nbsp;&nbsp;&nbsp;&nbsp; 7606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10618 |
| **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Liberty Interactive LLC 8.25%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp; SGUS LLC 11.00%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2569 | &nbsp;&nbsp;&nbsp;&nbsp; 2082 |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  | &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  | &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% (Cash), 10/1/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14847 | &nbsp;&nbsp;&nbsp;&nbsp; 14142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3589 | &nbsp;&nbsp;&nbsp;&nbsp; 3589 |
| &nbsp;&nbsp;&nbsp; Wayfair LLC  | &nbsp;&nbsp;&nbsp; Wayfair LLC  | &nbsp;&nbsp;&nbsp; Wayfair LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2951 | &nbsp;&nbsp;&nbsp;&nbsp; 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 9/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9192 | &nbsp;&nbsp;&nbsp;&nbsp; 9796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3633 | &nbsp;&nbsp;&nbsp;&nbsp; 3707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36484 |
| **Building Products — 2.8%** | **Building Products — 2.8%** | **Building Products — 2.8%** |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  | &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  | &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2418 | &nbsp;&nbsp;&nbsp;&nbsp; 2408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9419 | &nbsp;&nbsp;&nbsp;&nbsp; 8952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6517 | &nbsp;&nbsp;&nbsp;&nbsp; 6787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3261 | &nbsp;&nbsp;&nbsp;&nbsp; 3439 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP  | &nbsp;&nbsp;&nbsp; EMRLD Borrower LP  | &nbsp;&nbsp;&nbsp; EMRLD Borrower LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28820 | &nbsp;&nbsp;&nbsp;&nbsp; 29868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4407 | &nbsp;&nbsp;&nbsp;&nbsp; 4613 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15190 | &nbsp;&nbsp;&nbsp;&nbsp; 15209 |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  | &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  | &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16921 | &nbsp;&nbsp;&nbsp;&nbsp; 14532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4115 | &nbsp;&nbsp;&nbsp;&nbsp; 2798 |
| &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc.  | &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc.  | &nbsp;&nbsp;&nbsp; JH North America Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/31/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2934 | &nbsp;&nbsp;&nbsp;&nbsp; 2974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 7/31/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4401 | &nbsp;&nbsp;&nbsp;&nbsp; 4511 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc. 7.00%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8375 | &nbsp;&nbsp;&nbsp;&nbsp; 8640 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7543 | &nbsp;&nbsp;&nbsp;&nbsp; 7706 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4607 | &nbsp;&nbsp;&nbsp;&nbsp; 4350 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16751 | &nbsp;&nbsp;&nbsp;&nbsp; 17394 |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12546 | &nbsp;&nbsp;&nbsp;&nbsp; 13316 |
| &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc.  | &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc.  | &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8208 | &nbsp;&nbsp;&nbsp;&nbsp; 8468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8985 | &nbsp;&nbsp;&nbsp;&nbsp; 9215 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  | &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  | &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20815 | &nbsp;&nbsp;&nbsp;&nbsp; 20758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3188 | &nbsp;&nbsp;&nbsp;&nbsp; 2925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 193231 |
| **Capital Markets — 0.0% ^** | **Capital Markets — 0.0% ^** | **Capital Markets — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. 3.38%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1567 | &nbsp;&nbsp;&nbsp;&nbsp; 1482 |
| **Chemicals — 2.6%** | **Chemicals — 2.6%** | **Chemicals — 2.6%** |
| &nbsp;&nbsp;&nbsp; Avient Corp. 7.13%, 8/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3409 | &nbsp;&nbsp;&nbsp;&nbsp; 3520 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Dutch Holding B BV 7.25%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3886 | &nbsp;&nbsp;&nbsp;&nbsp; 4107 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC  | &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC  | &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9007 | &nbsp;&nbsp;&nbsp;&nbsp; 9007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8402 | &nbsp;&nbsp;&nbsp;&nbsp; 8115 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The)  | &nbsp;&nbsp;&nbsp; Chemours Co. (The)  | &nbsp;&nbsp;&nbsp; Chemours Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22275 | &nbsp;&nbsp;&nbsp;&nbsp; 21619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp;&nbsp; 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp;&nbsp; 3561 |
| &nbsp;&nbsp;&nbsp; CVR Partners LP 6.13%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2169 | &nbsp;&nbsp;&nbsp;&nbsp; 2163 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7630 | &nbsp;&nbsp;&nbsp;&nbsp; 7461 |
| &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) | &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) | &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1683 | &nbsp;&nbsp;&nbsp;&nbsp; 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5340 | &nbsp;&nbsp;&nbsp;&nbsp; 4793 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc (United Kingdom) 9.63%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4702 | &nbsp;&nbsp;&nbsp;&nbsp; 3999 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18174 | &nbsp;&nbsp;&nbsp;&nbsp; 18241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7247 | &nbsp;&nbsp;&nbsp;&nbsp; 7591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5827 | &nbsp;&nbsp;&nbsp;&nbsp; 5644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7127 | &nbsp;&nbsp;&nbsp;&nbsp; 7625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2935 | &nbsp;&nbsp;&nbsp;&nbsp; 3117 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  | &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  | &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9126 | &nbsp;&nbsp;&nbsp;&nbsp; 9112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12307 | &nbsp;&nbsp;&nbsp;&nbsp; 12051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 11034 | &nbsp;&nbsp;&nbsp;&nbsp; 10315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7629 | &nbsp;&nbsp;&nbsp;&nbsp; 7133 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc. 5.63%, 9/30/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4599 | &nbsp;&nbsp;&nbsp;&nbsp; 4624 |
| &nbsp;&nbsp;&nbsp; Trinseo Luxco Finance SPV SARL 7.63% (Blend (Cash 5.13% + PIK 2.50%)), 5/3/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6242 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6156 | &nbsp;&nbsp;&nbsp;&nbsp; 6100 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13268 | &nbsp;&nbsp;&nbsp;&nbsp; 12490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5110 | &nbsp;&nbsp;&nbsp;&nbsp; 5072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 180629 |
| **Commercial Services & Supplies — 3.4%** | **Commercial Services & Supplies — 3.4%** | **Commercial Services & Supplies — 3.4%** |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. 4.25%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13540 | &nbsp;&nbsp;&nbsp;&nbsp; 12275 |
| &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  | &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  | &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7299 | &nbsp;&nbsp;&nbsp;&nbsp; 7102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10847 | &nbsp;&nbsp;&nbsp;&nbsp; 10514 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC 4.63%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9660 | &nbsp;&nbsp;&nbsp;&nbsp; 9486 |
| &nbsp;&nbsp;&nbsp; APi Group DE, Inc.  | &nbsp;&nbsp;&nbsp; APi Group DE, Inc.  | &nbsp;&nbsp;&nbsp; APi Group DE, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5124 | &nbsp;&nbsp;&nbsp;&nbsp; 4979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4918 | &nbsp;&nbsp;&nbsp;&nbsp; 4833 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc. 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16206 | &nbsp;&nbsp;&nbsp;&nbsp; 16216 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The)  | &nbsp;&nbsp;&nbsp; Brink's Co. (The)  | &nbsp;&nbsp;&nbsp; Brink's Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14553 | &nbsp;&nbsp;&nbsp;&nbsp; 14508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2569 | &nbsp;&nbsp;&nbsp;&nbsp; 2653 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp.  | &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp.  | &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5135 | &nbsp;&nbsp;&nbsp;&nbsp; 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5562 | &nbsp;&nbsp;&nbsp;&nbsp; 5257 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc. 5.75%, 10/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5621 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. 8.25%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11987 | &nbsp;&nbsp;&nbsp;&nbsp; 12629 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) | &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) | &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8025 | &nbsp;&nbsp;&nbsp;&nbsp; 7879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4508 | &nbsp;&nbsp;&nbsp;&nbsp; 4628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6803 | &nbsp;&nbsp;&nbsp;&nbsp; 6954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3328 | &nbsp;&nbsp;&nbsp;&nbsp; 3412 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; GEO Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; GEO Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8011 | &nbsp;&nbsp;&nbsp;&nbsp; 8442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1611 | &nbsp;&nbsp;&nbsp;&nbsp; 1768 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8070 | &nbsp;&nbsp;&nbsp;&nbsp; 7912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12820 | &nbsp;&nbsp;&nbsp;&nbsp; 12805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5168 | &nbsp;&nbsp;&nbsp;&nbsp; 5094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9194 | &nbsp;&nbsp;&nbsp;&nbsp; 9652 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. 5.50%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7100 | &nbsp;&nbsp;&nbsp;&nbsp; 7091 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC 5.88%, 6/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13679 | &nbsp;&nbsp;&nbsp;&nbsp; 13528 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  | &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  | &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1529 | &nbsp;&nbsp;&nbsp;&nbsp; 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5674 | &nbsp;&nbsp;&nbsp;&nbsp; 5539 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC 6.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5475 | &nbsp;&nbsp;&nbsp;&nbsp; 5628 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  | &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  | &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3003 | &nbsp;&nbsp;&nbsp;&nbsp; 3098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1545 | &nbsp;&nbsp;&nbsp;&nbsp; 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5405 | &nbsp;&nbsp;&nbsp;&nbsp; 5631 |
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp. (Canada) 6.63%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7306 | &nbsp;&nbsp;&nbsp;&nbsp; 7668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 230903 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13845 | &nbsp;&nbsp;&nbsp;&nbsp; 13875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13828 | &nbsp;&nbsp;&nbsp;&nbsp; 13804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3045 | &nbsp;&nbsp;&nbsp;&nbsp; 3089 |
| &nbsp;&nbsp;&nbsp; CommScope Technologies LLC 5.00%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10084 | &nbsp;&nbsp;&nbsp;&nbsp; 10071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40839 |
| **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** |
| &nbsp;&nbsp;&nbsp; AECOM 6.00%, 8/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6922 | &nbsp;&nbsp;&nbsp;&nbsp; 7115 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9186 | &nbsp;&nbsp;&nbsp;&nbsp; 9063 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  | &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  | &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7648 | &nbsp;&nbsp;&nbsp;&nbsp; 7674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7813 | &nbsp;&nbsp;&nbsp;&nbsp; 8213 |
| &nbsp;&nbsp;&nbsp; Pike Corp.  | &nbsp;&nbsp;&nbsp; Pike Corp.  | &nbsp;&nbsp;&nbsp; Pike Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8114 | &nbsp;&nbsp;&nbsp;&nbsp; 8094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 1/31/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3240 | &nbsp;&nbsp;&nbsp;&nbsp; 3425 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC 4.88%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 703 | &nbsp;&nbsp;&nbsp;&nbsp; 692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44276 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp; Knife River Corp. 7.75%, 5/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10555 | &nbsp;&nbsp;&nbsp;&nbsp; 11101 |
| **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10387 | &nbsp;&nbsp;&nbsp;&nbsp; 10385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3018 | &nbsp;&nbsp;&nbsp;&nbsp; 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.95%), 7.04%, 3/6/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 6/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4083 | &nbsp;&nbsp;&nbsp;&nbsp; 4125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18205 | &nbsp;&nbsp;&nbsp;&nbsp; 18179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 1/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 14888 | &nbsp;&nbsp;&nbsp;&nbsp; 14818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 18815 | &nbsp;&nbsp;&nbsp;&nbsp; 18624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/2/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp;&nbsp; 10011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 5/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 6/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2281 | &nbsp;&nbsp;&nbsp;&nbsp; 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 9/5/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3202 | &nbsp;&nbsp;&nbsp;&nbsp; 3259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8744 | &nbsp;&nbsp;&nbsp;&nbsp; 8238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12%, 11/7/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2073 | &nbsp;&nbsp;&nbsp;&nbsp; 2234 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3394 | &nbsp;&nbsp;&nbsp;&nbsp; 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6059 | &nbsp;&nbsp;&nbsp;&nbsp; 5980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2905 | &nbsp;&nbsp;&nbsp;&nbsp; 2979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 117658 |
| **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11112 | &nbsp;&nbsp;&nbsp;&nbsp; 11104 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17807 | &nbsp;&nbsp;&nbsp;&nbsp; 17835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15058 | &nbsp;&nbsp;&nbsp;&nbsp; 14436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5170 | &nbsp;&nbsp;&nbsp;&nbsp; 5131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/31/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1952 | &nbsp;&nbsp;&nbsp;&nbsp; 1979 |
| &nbsp;&nbsp;&nbsp; New Albertsons LP  | &nbsp;&nbsp;&nbsp; New Albertsons LP  | &nbsp;&nbsp;&nbsp; New Albertsons LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2278 | &nbsp;&nbsp;&nbsp;&nbsp; 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1704 | &nbsp;&nbsp;&nbsp;&nbsp; 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp;&nbsp;&nbsp; 3341 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  | &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  | &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17470 | &nbsp;&nbsp;&nbsp;&nbsp; 17469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11865 | &nbsp;&nbsp;&nbsp;&nbsp; 11649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2777 | &nbsp;&nbsp;&nbsp;&nbsp; 2857 |
| &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/1/2025 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 10299 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 15338 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 7.00%), 11.32%, 8/30/2031 ‡ (a) (e) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2679 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 15.00%, 8/30/2031 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3652 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 15.00%, 8/30/2031 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 7758 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Rite Aid Corp., Escrow 8.00%, 10/18/2025 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 7210 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; US Foods, Inc.  | &nbsp;&nbsp;&nbsp; US Foods, Inc.  | &nbsp;&nbsp;&nbsp; US Foods, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3411 | &nbsp;&nbsp;&nbsp;&nbsp; 3528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp;&nbsp; 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4960 | &nbsp;&nbsp;&nbsp;&nbsp; 4895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 99578 |
| **Containers & Packaging — 1.4%** | **Containers & Packaging — 1.4%** | **Containers & Packaging — 1.4%** |
| &nbsp;&nbsp;&nbsp; Ardagh Group SA  | &nbsp;&nbsp;&nbsp; Ardagh Group SA  | &nbsp;&nbsp;&nbsp; Ardagh Group SA  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12379 | &nbsp;&nbsp;&nbsp;&nbsp; 13343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00% (Blend (Cash 5.50% + PIK 6.50%)), 12/1/2030 (a) (b) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10415 | &nbsp;&nbsp;&nbsp;&nbsp; 9390 |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC 6.00%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. 6.75%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13105 | &nbsp;&nbsp;&nbsp;&nbsp; 13223 |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4398 | &nbsp;&nbsp;&nbsp;&nbsp; 4388 |
| &nbsp;&nbsp;&nbsp; LABL, Inc. 8.63%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  | &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  | &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 34108 | &nbsp;&nbsp;&nbsp;&nbsp; 32886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11764 | &nbsp;&nbsp;&nbsp;&nbsp; 11058 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3880 | &nbsp;&nbsp;&nbsp;&nbsp; 3887 |
| &nbsp;&nbsp;&nbsp; TriMas Corp. 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6045 | &nbsp;&nbsp;&nbsp;&nbsp; 5932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 94655 |
| **Distributors — 0.6%** | **Distributors — 0.6%** | **Distributors — 0.6%** |
| &nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1212 |
| &nbsp;&nbsp;&nbsp; Gates Corp. 6.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2111 |
| &nbsp;&nbsp;&nbsp; Incora Intermediate LLC (SOFR + 8.00%), 0.00%, 1/31/2030 ‡ (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 25322 | &nbsp;&nbsp;&nbsp;&nbsp; 25322 |
| &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) | &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) | &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4301 | &nbsp;&nbsp;&nbsp;&nbsp; 4404 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Distributors — continued** | **Distributors — continued** | **Distributors — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1729 | &nbsp;&nbsp;&nbsp;&nbsp; 1812 |
| &nbsp;&nbsp;&nbsp; Resideo Funding, Inc. 6.50%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6787 | &nbsp;&nbsp;&nbsp;&nbsp; 6948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 41809 |
| **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Service Corp. International  | &nbsp;&nbsp;&nbsp; Service Corp. International  | &nbsp;&nbsp;&nbsp; Service Corp. International  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3726 | &nbsp;&nbsp;&nbsp;&nbsp; 3838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp;&nbsp; 3980 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5214 | &nbsp;&nbsp;&nbsp;&nbsp; 5494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13312 |
| **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; VICI Properties LP  | &nbsp;&nbsp;&nbsp; VICI Properties LP  | &nbsp;&nbsp;&nbsp; VICI Properties LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16880 | &nbsp;&nbsp;&nbsp;&nbsp; 16871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18890 |
| **Diversified Telecommunication Services — 6.8%** | **Diversified Telecommunication Services — 6.8%** | **Diversified Telecommunication Services — 6.8%** |
| &nbsp;&nbsp;&nbsp; Altice Financing SA (Luxembourg) 5.75%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7883 | &nbsp;&nbsp;&nbsp;&nbsp; 5262 |
| &nbsp;&nbsp;&nbsp; Altice France SA (France) | &nbsp;&nbsp;&nbsp; Altice France SA (France) | &nbsp;&nbsp;&nbsp; Altice France SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9447 | &nbsp;&nbsp;&nbsp;&nbsp; 9191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4408 | &nbsp;&nbsp;&nbsp;&nbsp; 4297 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14140 | &nbsp;&nbsp;&nbsp;&nbsp; 14134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24162 | &nbsp;&nbsp;&nbsp;&nbsp; 24128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 53834 | &nbsp;&nbsp;&nbsp;&nbsp; 53384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11015 | &nbsp;&nbsp;&nbsp;&nbsp; 10908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 66335 | &nbsp;&nbsp;&nbsp;&nbsp; 63183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 41934 | &nbsp;&nbsp;&nbsp;&nbsp; 39237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 45651 | &nbsp;&nbsp;&nbsp;&nbsp; 42055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8108 | &nbsp;&nbsp;&nbsp;&nbsp; 7304 |
| &nbsp;&nbsp;&nbsp; Cipher Compute LLC 7.13%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4511 | &nbsp;&nbsp;&nbsp;&nbsp; 4583 |
| &nbsp;&nbsp;&nbsp; Connect Holding II LLC 10.50%, 4/3/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7170 | &nbsp;&nbsp;&nbsp;&nbsp; 6796 |
| &nbsp;&nbsp;&nbsp; Embarq LLC 8.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 11178 | &nbsp;&nbsp;&nbsp;&nbsp; 4419 |
| &nbsp;&nbsp;&nbsp; Fibercop SpA (Italy) | &nbsp;&nbsp;&nbsp; Fibercop SpA (Italy) | &nbsp;&nbsp;&nbsp; Fibercop SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2033, 6.38%, 11/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/30/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1484 | &nbsp;&nbsp;&nbsp;&nbsp; 1393 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  | &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  | &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9321 | &nbsp;&nbsp;&nbsp;&nbsp; 9334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20038 | &nbsp;&nbsp;&nbsp;&nbsp; 20109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2191 | &nbsp;&nbsp;&nbsp;&nbsp; 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1741 | &nbsp;&nbsp;&nbsp;&nbsp; 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6506 | &nbsp;&nbsp;&nbsp;&nbsp; 6802 |
| &nbsp;&nbsp;&nbsp; GCI LLC 4.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19110 | &nbsp;&nbsp;&nbsp;&nbsp; 18518 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  | &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  | &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7105 | &nbsp;&nbsp;&nbsp;&nbsp; 6545 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4861 | &nbsp;&nbsp;&nbsp;&nbsp; 4349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 6/30/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11659 | &nbsp;&nbsp;&nbsp;&nbsp; 11873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/31/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10699 | &nbsp;&nbsp;&nbsp;&nbsp; 10958 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5488 | &nbsp;&nbsp;&nbsp;&nbsp; 5426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp;&nbsp;&nbsp; 6244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28048 | &nbsp;&nbsp;&nbsp;&nbsp; 27809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4809 | &nbsp;&nbsp;&nbsp;&nbsp; 4844 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA (Italy) | &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA (Italy) | &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance plc (United Kingdom) 4.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11062 | &nbsp;&nbsp;&nbsp;&nbsp; 10314 |
| &nbsp;&nbsp;&nbsp; WULF Compute LLC 7.75%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13920 | &nbsp;&nbsp;&nbsp;&nbsp; 14392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 462200 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7198 | &nbsp;&nbsp;&nbsp;&nbsp; 7218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5684 | &nbsp;&nbsp;&nbsp;&nbsp; 5445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6160 | &nbsp;&nbsp;&nbsp;&nbsp; 6186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 811 | &nbsp;&nbsp;&nbsp;&nbsp; 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1364 | &nbsp;&nbsp;&nbsp;&nbsp; 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8423 | &nbsp;&nbsp;&nbsp;&nbsp; 8601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2783 | &nbsp;&nbsp;&nbsp;&nbsp; 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6458 | &nbsp;&nbsp;&nbsp;&nbsp; 6510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6458 | &nbsp;&nbsp;&nbsp;&nbsp; 6559 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5972 | &nbsp;&nbsp;&nbsp;&nbsp; 5928 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3083 | &nbsp;&nbsp;&nbsp;&nbsp; 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2540 | &nbsp;&nbsp;&nbsp;&nbsp; 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17649 | &nbsp;&nbsp;&nbsp;&nbsp; 18747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4681 | &nbsp;&nbsp;&nbsp;&nbsp; 4923 |
| &nbsp;&nbsp;&nbsp; VoltaGrid LLC 7.38%, 11/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5090 | &nbsp;&nbsp;&nbsp;&nbsp; 5076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 85909 |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. 6.05%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp;&nbsp; 3708 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies BV  | &nbsp;&nbsp;&nbsp; Sensata Technologies BV  | &nbsp;&nbsp;&nbsp; Sensata Technologies BV  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11077 | &nbsp;&nbsp;&nbsp;&nbsp; 10816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18782 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| &nbsp;&nbsp;&nbsp; Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25529 | &nbsp;&nbsp;&nbsp;&nbsp; 25300 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc. 6.63%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2082 | &nbsp;&nbsp;&nbsp;&nbsp; 2131 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2088 | &nbsp;&nbsp;&nbsp;&nbsp; 2183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29875 |
| **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP  | &nbsp;&nbsp;&nbsp; Archrock Partners LP  | &nbsp;&nbsp;&nbsp; Archrock Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3150 | &nbsp;&nbsp;&nbsp;&nbsp; 3169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4277 | &nbsp;&nbsp;&nbsp;&nbsp; 4404 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co. 8.50%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9332 | &nbsp;&nbsp;&nbsp;&nbsp; 9927 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC  | &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC  | &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6071 | &nbsp;&nbsp;&nbsp;&nbsp; 6330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2767 | &nbsp;&nbsp;&nbsp;&nbsp; 2823 |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC 8.00%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4210 | &nbsp;&nbsp;&nbsp;&nbsp; 4374 |
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp. (Canada) 6.88%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp; Transocean International Ltd.  | &nbsp;&nbsp;&nbsp; Transocean International Ltd.  | &nbsp;&nbsp;&nbsp; Transocean International Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7050 | &nbsp;&nbsp;&nbsp;&nbsp; 7171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2626 | &nbsp;&nbsp;&nbsp;&nbsp; 2738 |
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1331 | &nbsp;&nbsp;&nbsp;&nbsp; 1368 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd. 8.38%, 4/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2203 | &nbsp;&nbsp;&nbsp;&nbsp; 2298 |
| &nbsp;&nbsp;&nbsp; WBI Operating LLC 6.25%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7208 | &nbsp;&nbsp;&nbsp;&nbsp; 7211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 52220 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  | &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  | &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3985 | &nbsp;&nbsp;&nbsp;&nbsp; 3975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2638 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26817 | &nbsp;&nbsp;&nbsp;&nbsp; 27084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25861 | &nbsp;&nbsp;&nbsp;&nbsp; 25817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1161 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. 4.28%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10532 | &nbsp;&nbsp;&nbsp;&nbsp; 9624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 70390 |
| **Financial Services — 1.3%** | **Financial Services — 1.3%** | **Financial Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3811 | &nbsp;&nbsp;&nbsp;&nbsp; 3779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2884 | &nbsp;&nbsp;&nbsp;&nbsp; 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 14851 | &nbsp;&nbsp;&nbsp;&nbsp; 15520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4350 | &nbsp;&nbsp;&nbsp;&nbsp; 4471 |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC 7.50%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc. 7.88%, 9/30/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7226 | &nbsp;&nbsp;&nbsp;&nbsp; 6885 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. 9.50%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10795 | &nbsp;&nbsp;&nbsp;&nbsp; 11667 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.  | &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.  | &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 947 | &nbsp;&nbsp;&nbsp;&nbsp; 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 8/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9286 | &nbsp;&nbsp;&nbsp;&nbsp; 9639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4235 | &nbsp;&nbsp;&nbsp;&nbsp; 4453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4951 | &nbsp;&nbsp;&nbsp;&nbsp; 5185 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5350 | &nbsp;&nbsp;&nbsp;&nbsp; 5263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6544 | &nbsp;&nbsp;&nbsp;&nbsp; 6321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1739 | &nbsp;&nbsp;&nbsp;&nbsp; 1611 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC 6.75%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6228 | &nbsp;&nbsp;&nbsp;&nbsp; 6474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 85720 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9540 | &nbsp;&nbsp;&nbsp;&nbsp; 9255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/31/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13092 | &nbsp;&nbsp;&nbsp;&nbsp; 13094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8528 | &nbsp;&nbsp;&nbsp;&nbsp; 8306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6813 | &nbsp;&nbsp;&nbsp;&nbsp; 7035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37762 |
| **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  | &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  | &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3013 | &nbsp;&nbsp;&nbsp;&nbsp; 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3829 | &nbsp;&nbsp;&nbsp;&nbsp; 3975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3992 | &nbsp;&nbsp;&nbsp;&nbsp; 4231 |
| &nbsp;&nbsp;&nbsp; Superior Plus LP (Canada) 4.50%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4512 | &nbsp;&nbsp;&nbsp;&nbsp; 4364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15595 |
| **Ground Transportation — 1.8%** | **Ground Transportation — 1.8%** | **Ground Transportation — 1.8%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6554 | &nbsp;&nbsp;&nbsp;&nbsp; 6547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7650 | &nbsp;&nbsp;&nbsp;&nbsp; 7461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11860 | &nbsp;&nbsp;&nbsp;&nbsp; 11496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12101 | &nbsp;&nbsp;&nbsp;&nbsp; 12462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6699 | &nbsp;&nbsp;&nbsp;&nbsp; 6897 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  | &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  | &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13502 | &nbsp;&nbsp;&nbsp;&nbsp; 13781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4127 | &nbsp;&nbsp;&nbsp;&nbsp; 4244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3298 | &nbsp;&nbsp;&nbsp;&nbsp; 3362 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12934 | &nbsp;&nbsp;&nbsp;&nbsp; 12597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11303 | &nbsp;&nbsp;&nbsp;&nbsp; 11293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17573 | &nbsp;&nbsp;&nbsp;&nbsp; 12094 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The), Escrow  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The), Escrow  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The), Escrow  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2024 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 6563 | &nbsp;&nbsp;&nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 8/1/2026 ‡ (f) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 22954 | &nbsp;&nbsp;&nbsp;&nbsp; 3902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2028 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 20858 | &nbsp;&nbsp;&nbsp;&nbsp; 3337 |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2416 | &nbsp;&nbsp;&nbsp;&nbsp; 2386 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| &nbsp;&nbsp;&nbsp; XPO, Inc.  | &nbsp;&nbsp;&nbsp; XPO, Inc.  | &nbsp;&nbsp;&nbsp; XPO, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5232 | &nbsp;&nbsp;&nbsp;&nbsp; 5339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3663 | &nbsp;&nbsp;&nbsp;&nbsp; 3870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 121748 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14816 | &nbsp;&nbsp;&nbsp;&nbsp; 14676 |
| &nbsp;&nbsp;&nbsp; Bausch + Lomb Corp. 8.38%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2820 | &nbsp;&nbsp;&nbsp;&nbsp; 2940 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc.  | &nbsp;&nbsp;&nbsp; Hologic, Inc.  | &nbsp;&nbsp;&nbsp; Hologic, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5217 | &nbsp;&nbsp;&nbsp;&nbsp; 5154 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16710 | &nbsp;&nbsp;&nbsp;&nbsp; 16221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9413 | &nbsp;&nbsp;&nbsp;&nbsp; 9736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14751 | &nbsp;&nbsp;&nbsp;&nbsp; 14786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63983 |
| **Health Care Providers & Services — 3.8%** | **Health Care Providers & Services — 3.8%** | **Health Care Providers & Services — 3.8%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  | &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  | &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11535 | &nbsp;&nbsp;&nbsp;&nbsp; 11427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1657 | &nbsp;&nbsp;&nbsp;&nbsp; 1689 |
| &nbsp;&nbsp;&nbsp; AHP Health Partners, Inc. 5.75%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6904 | &nbsp;&nbsp;&nbsp;&nbsp; 6770 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5331 | &nbsp;&nbsp;&nbsp;&nbsp; 5331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3972 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16075 | &nbsp;&nbsp;&nbsp;&nbsp; 15186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20398 | &nbsp;&nbsp;&nbsp;&nbsp; 18249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11350 | &nbsp;&nbsp;&nbsp;&nbsp; 12259 |
| &nbsp;&nbsp;&nbsp; Concentra Health Services, Inc. 6.88%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2566 | &nbsp;&nbsp;&nbsp;&nbsp; 2687 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.  | &nbsp;&nbsp;&nbsp; DaVita, Inc.  | &nbsp;&nbsp;&nbsp; DaVita, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11340 | &nbsp;&nbsp;&nbsp;&nbsp; 10999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19091 | &nbsp;&nbsp;&nbsp;&nbsp; 17703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4210 | &nbsp;&nbsp;&nbsp;&nbsp; 4381 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp.  | &nbsp;&nbsp;&nbsp; Encompass Health Corp.  | &nbsp;&nbsp;&nbsp; Encompass Health Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 19829 | &nbsp;&nbsp;&nbsp;&nbsp; 19792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1317 | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3872 | &nbsp;&nbsp;&nbsp;&nbsp; 3818 |
| &nbsp;&nbsp;&nbsp; Global Medical Response, Inc. 7.38%, 10/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4402 | &nbsp;&nbsp;&nbsp;&nbsp; 4638 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. 6.50%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5001 | &nbsp;&nbsp;&nbsp;&nbsp; 5109 |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  | &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  | &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9484 | &nbsp;&nbsp;&nbsp;&nbsp; 6707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6598 | &nbsp;&nbsp;&nbsp;&nbsp; 4231 |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc.  | &nbsp;&nbsp;&nbsp; Radiology Partners, Inc.  | &nbsp;&nbsp;&nbsp; Radiology Partners, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.78% (PIK), 2/15/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7551 | &nbsp;&nbsp;&nbsp;&nbsp; 7056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14122 | &nbsp;&nbsp;&nbsp;&nbsp; 14669 |
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC 7.38%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5299 | &nbsp;&nbsp;&nbsp;&nbsp; 5581 |
| &nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc. 7.25%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8241 | &nbsp;&nbsp;&nbsp;&nbsp; 8457 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 32551 | &nbsp;&nbsp;&nbsp;&nbsp; 32554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2073 | &nbsp;&nbsp;&nbsp;&nbsp; 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11753 | &nbsp;&nbsp;&nbsp;&nbsp; 12013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 19863 | &nbsp;&nbsp;&nbsp;&nbsp; 20695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 258645 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP 8.50%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3926 | &nbsp;&nbsp;&nbsp;&nbsp; 4149 |
| **Health Care Technology — 0.8%** | **Health Care Technology — 0.8%** | **Health Care Technology — 0.8%** |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc.  | &nbsp;&nbsp;&nbsp; IQVIA, Inc.  | &nbsp;&nbsp;&nbsp; IQVIA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23369 | &nbsp;&nbsp;&nbsp;&nbsp; 23354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13039 | &nbsp;&nbsp;&nbsp;&nbsp; 13024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15605 | &nbsp;&nbsp;&nbsp;&nbsp; 16322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 52700 |
| **Hotel & Resort REITs — 0.8%** | **Hotel & Resort REITs — 0.8%** | **Hotel & Resort REITs — 0.8%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  | &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  | &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20910 | &nbsp;&nbsp;&nbsp;&nbsp; 20862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2309 | &nbsp;&nbsp;&nbsp;&nbsp; 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17904 | &nbsp;&nbsp;&nbsp;&nbsp; 17662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13009 | &nbsp;&nbsp;&nbsp;&nbsp; 13482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1507 | &nbsp;&nbsp;&nbsp;&nbsp; 1566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55954 |
| **Hotels, Restaurants & Leisure — 5.0%** | **Hotels, Restaurants & Leisure — 5.0%** | **Hotels, Restaurants & Leisure — 5.0%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) | &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) | &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp;&nbsp; 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp; 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10076 | &nbsp;&nbsp;&nbsp;&nbsp; 9601 |
| &nbsp;&nbsp;&nbsp; Acushnet Co. 5.63%, 12/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1497 |
| &nbsp;&nbsp;&nbsp; Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12862 | &nbsp;&nbsp;&nbsp;&nbsp; 12657 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5386 | &nbsp;&nbsp;&nbsp;&nbsp; 5097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10547 | &nbsp;&nbsp;&nbsp;&nbsp; 10918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16341 | &nbsp;&nbsp;&nbsp;&nbsp; 16621 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3055 | &nbsp;&nbsp;&nbsp;&nbsp; 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3196 | &nbsp;&nbsp;&nbsp;&nbsp; 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp; 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15857 | &nbsp;&nbsp;&nbsp;&nbsp; 16255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17396 | &nbsp;&nbsp;&nbsp;&nbsp; 17919 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. 5.75%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2813 | &nbsp;&nbsp;&nbsp;&nbsp; 2835 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9612 | &nbsp;&nbsp;&nbsp;&nbsp; 9639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2722 | &nbsp;&nbsp;&nbsp;&nbsp; 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1512 | &nbsp;&nbsp;&nbsp;&nbsp; 1467 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5695 | &nbsp;&nbsp;&nbsp;&nbsp; 5707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6609 | &nbsp;&nbsp;&nbsp;&nbsp; 6854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8764 | &nbsp;&nbsp;&nbsp;&nbsp; 9037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9697 | &nbsp;&nbsp;&nbsp;&nbsp; 9939 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8206 | &nbsp;&nbsp;&nbsp;&nbsp; 8205 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4566 | &nbsp;&nbsp;&nbsp;&nbsp; 4335 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International  | &nbsp;&nbsp;&nbsp; MGM Resorts International  | &nbsp;&nbsp;&nbsp; MGM Resorts International  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15175 | &nbsp;&nbsp;&nbsp;&nbsp; 15154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6520 | &nbsp;&nbsp;&nbsp;&nbsp; 6566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6163 | &nbsp;&nbsp;&nbsp;&nbsp; 6300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7863 | &nbsp;&nbsp;&nbsp;&nbsp; 8071 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd. 5.88%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5799 | &nbsp;&nbsp;&nbsp;&nbsp; 5723 |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC 6.25%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1971 | &nbsp;&nbsp;&nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5711 | &nbsp;&nbsp;&nbsp;&nbsp; 5837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14347 | &nbsp;&nbsp;&nbsp;&nbsp; 14846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9003 | &nbsp;&nbsp;&nbsp;&nbsp; 9270 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7301 | &nbsp;&nbsp;&nbsp;&nbsp; 6773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7442 | &nbsp;&nbsp;&nbsp;&nbsp; 7096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22051 | &nbsp;&nbsp;&nbsp;&nbsp; 21997 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC  | &nbsp;&nbsp;&nbsp; Station Casinos LLC  | &nbsp;&nbsp;&nbsp; Station Casinos LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21163 | &nbsp;&nbsp;&nbsp;&nbsp; 20933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3490 | &nbsp;&nbsp;&nbsp;&nbsp; 3303 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc.  | &nbsp;&nbsp;&nbsp; Vail Resorts, Inc.  | &nbsp;&nbsp;&nbsp; Vail Resorts, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3829 | &nbsp;&nbsp;&nbsp;&nbsp; 3885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7743 | &nbsp;&nbsp;&nbsp;&nbsp; 8049 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd. 5.88%, 10/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10059 | &nbsp;&nbsp;&nbsp;&nbsp; 10222 |
| &nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC 5.25%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  | &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  | &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14648 | &nbsp;&nbsp;&nbsp;&nbsp; 14722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2806 | &nbsp;&nbsp;&nbsp;&nbsp; 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4590 | &nbsp;&nbsp;&nbsp;&nbsp; 4694 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. 4.63%, 1/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2229 | &nbsp;&nbsp;&nbsp;&nbsp; 2195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 343045 |
| **Household Durables — 0.8%** | **Household Durables — 0.8%** | **Household Durables — 0.8%** |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8169 | &nbsp;&nbsp;&nbsp;&nbsp; 5529 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  | &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  | &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2655 | &nbsp;&nbsp;&nbsp;&nbsp; 2654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5297 | &nbsp;&nbsp;&nbsp;&nbsp; 5514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6414 | &nbsp;&nbsp;&nbsp;&nbsp; 6312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5724 | &nbsp;&nbsp;&nbsp;&nbsp; 5501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp;&nbsp; 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.37%, 4/1/2036 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2837 | &nbsp;&nbsp;&nbsp;&nbsp; 2634 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc.  | &nbsp;&nbsp;&nbsp; Somnigroup International, Inc.  | &nbsp;&nbsp;&nbsp; Somnigroup International, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14792 | &nbsp;&nbsp;&nbsp;&nbsp; 14403 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8215 | &nbsp;&nbsp;&nbsp;&nbsp; 7686 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp. 5.63%, 1/31/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4399 | &nbsp;&nbsp;&nbsp;&nbsp; 4459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 56289 |
| **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  | &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  | &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3062 | &nbsp;&nbsp;&nbsp;&nbsp; 3059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 14929 | &nbsp;&nbsp;&nbsp;&nbsp; 14309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1046 | &nbsp;&nbsp;&nbsp;&nbsp; 987 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18011 | &nbsp;&nbsp;&nbsp;&nbsp; 17787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14791 | &nbsp;&nbsp;&nbsp;&nbsp; 14071 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands, Inc. 3.88%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp; 544 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50757 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| &nbsp;&nbsp;&nbsp; Calpine Corp.  | &nbsp;&nbsp;&nbsp; Calpine Corp.  | &nbsp;&nbsp;&nbsp; Calpine Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2564 | &nbsp;&nbsp;&nbsp;&nbsp; 2545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC 6.25%, 2/1/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19603 | &nbsp;&nbsp;&nbsp;&nbsp; 19974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23401 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Snap, Inc. 6.88%, 3/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3504 | &nbsp;&nbsp;&nbsp;&nbsp; 3610 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16010 | &nbsp;&nbsp;&nbsp;&nbsp; 16063 |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc.  | &nbsp;&nbsp;&nbsp; Arches Buyer, Inc.  | &nbsp;&nbsp;&nbsp; Arches Buyer, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5478 | &nbsp;&nbsp;&nbsp;&nbsp; 5399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1914 | &nbsp;&nbsp;&nbsp;&nbsp; 1873 |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC 6.00%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9530 | &nbsp;&nbsp;&nbsp;&nbsp; 8326 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc.  | &nbsp;&nbsp;&nbsp; CoreWeave, Inc.  | &nbsp;&nbsp;&nbsp; CoreWeave, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8785 | &nbsp;&nbsp;&nbsp;&nbsp; 8105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11093 | &nbsp;&nbsp;&nbsp;&nbsp; 10038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49804 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Amer Sports Co. (Finland) 6.75%, 2/16/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9371 | &nbsp;&nbsp;&nbsp;&nbsp; 9774 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| &nbsp;&nbsp;&nbsp; ATS Corp. (Canada) 4.13%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3399 | &nbsp;&nbsp;&nbsp;&nbsp; 3299 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.  | &nbsp;&nbsp;&nbsp; Chart Industries, Inc.  | &nbsp;&nbsp;&nbsp; Chart Industries, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12043 | &nbsp;&nbsp;&nbsp;&nbsp; 12548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 1/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 |
| &nbsp;&nbsp;&nbsp; Enpro, Inc. 6.13%, 6/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3223 | &nbsp;&nbsp;&nbsp;&nbsp; 3329 |
| &nbsp;&nbsp;&nbsp; Esab Corp. 6.25%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5354 | &nbsp;&nbsp;&nbsp;&nbsp; 5516 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc. 6.25%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 | &nbsp;&nbsp;&nbsp;&nbsp; 2058 |
| &nbsp;&nbsp;&nbsp; Terex Corp.  | &nbsp;&nbsp;&nbsp; Terex Corp.  | &nbsp;&nbsp;&nbsp; Terex Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12488 | &nbsp;&nbsp;&nbsp;&nbsp; 12407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7165 | &nbsp;&nbsp;&nbsp;&nbsp; 7315 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5560 | &nbsp;&nbsp;&nbsp;&nbsp; 5790 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. 4.50%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6142 | &nbsp;&nbsp;&nbsp;&nbsp; 5622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 59042 |
| **Media — 8.4%** | **Media — 8.4%** | **Media — 8.4%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17199 | &nbsp;&nbsp;&nbsp;&nbsp; 17204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16853 | &nbsp;&nbsp;&nbsp;&nbsp; 16670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17689 | &nbsp;&nbsp;&nbsp;&nbsp; 18411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11973 | &nbsp;&nbsp;&nbsp;&nbsp; 12584 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2346 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3256 | &nbsp;&nbsp;&nbsp;&nbsp; 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25584 | &nbsp;&nbsp;&nbsp;&nbsp; 16068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20873 | &nbsp;&nbsp;&nbsp;&nbsp; 7711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2430 | &nbsp;&nbsp;&nbsp;&nbsp; 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23166 | &nbsp;&nbsp;&nbsp;&nbsp; 13098 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC 5.88%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9202 | &nbsp;&nbsp;&nbsp;&nbsp; 9205 |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC 5.00%, 9/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2985 | &nbsp;&nbsp;&nbsp;&nbsp; 2539 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 31583 | &nbsp;&nbsp;&nbsp;&nbsp; 30920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 37841 | &nbsp;&nbsp;&nbsp;&nbsp; 36968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2455 | &nbsp;&nbsp;&nbsp;&nbsp; 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6717 | &nbsp;&nbsp;&nbsp;&nbsp; 6491 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp. 11.75%, 11/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35363 | &nbsp;&nbsp;&nbsp;&nbsp; 36926 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp.  | &nbsp;&nbsp;&nbsp; EchoStar Corp.  | &nbsp;&nbsp;&nbsp; EchoStar Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9185 | &nbsp;&nbsp;&nbsp;&nbsp; 10126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% (PIK), 11/30/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15800 | &nbsp;&nbsp;&nbsp;&nbsp; 16406 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18594 | &nbsp;&nbsp;&nbsp;&nbsp; 20039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16853 | &nbsp;&nbsp;&nbsp;&nbsp; 13005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8317 | &nbsp;&nbsp;&nbsp;&nbsp; 6255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16994 | &nbsp;&nbsp;&nbsp;&nbsp; 17023 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25116 | &nbsp;&nbsp;&nbsp;&nbsp; 23241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25836 | &nbsp;&nbsp;&nbsp;&nbsp; 21261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1047 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5950 | &nbsp;&nbsp;&nbsp;&nbsp; 5955 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications 8.00%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10130 | &nbsp;&nbsp;&nbsp;&nbsp; 10217 |
| &nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc. 9.29%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1436 | &nbsp;&nbsp;&nbsp;&nbsp; 1429 |
| &nbsp;&nbsp;&nbsp; News Corp. 5.13%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2336 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  | &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  | &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24992 | &nbsp;&nbsp;&nbsp;&nbsp; 25011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19908 | &nbsp;&nbsp;&nbsp;&nbsp; 19743 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC  | &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC  | &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2170 | &nbsp;&nbsp;&nbsp;&nbsp; 2108 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp;&nbsp; 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7604 | &nbsp;&nbsp;&nbsp;&nbsp; 8058 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 8.13%, 2/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10424 | &nbsp;&nbsp;&nbsp;&nbsp; 10859 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  | &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  | &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13895 | &nbsp;&nbsp;&nbsp;&nbsp; 13898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35321 | &nbsp;&nbsp;&nbsp;&nbsp; 34432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26510 | &nbsp;&nbsp;&nbsp;&nbsp; 26646 |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14468 | &nbsp;&nbsp;&nbsp;&nbsp; 14059 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. 5.00%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6751 | &nbsp;&nbsp;&nbsp;&nbsp; 6689 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  | &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  | &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11496 | &nbsp;&nbsp;&nbsp;&nbsp; 11864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8641 | &nbsp;&nbsp;&nbsp;&nbsp; 8766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8196 | &nbsp;&nbsp;&nbsp;&nbsp; 8701 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 573843 |
| **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** |
| &nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV 7.13%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4576 | &nbsp;&nbsp;&nbsp;&nbsp; 4849 |
| &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd.  | &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd.  | &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4936 | &nbsp;&nbsp;&nbsp;&nbsp; 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3281 | &nbsp;&nbsp;&nbsp;&nbsp; 3416 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC 6.63%, 1/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10979 | &nbsp;&nbsp;&nbsp;&nbsp; 11003 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  | &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  | &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7432 | &nbsp;&nbsp;&nbsp;&nbsp; 7261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6487 | &nbsp;&nbsp;&nbsp;&nbsp; 6674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5494 | &nbsp;&nbsp;&nbsp;&nbsp; 5612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4573 | &nbsp;&nbsp;&nbsp;&nbsp; 4783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 1/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9050 | &nbsp;&nbsp;&nbsp;&nbsp; 9390 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. 5.75%, 11/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5408 | &nbsp;&nbsp;&nbsp;&nbsp; 5530 |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. 8.00%, 7/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2734 | &nbsp;&nbsp;&nbsp;&nbsp; 2846 |
| &nbsp;&nbsp;&nbsp; Novelis Corp.  | &nbsp;&nbsp;&nbsp; Novelis Corp.  | &nbsp;&nbsp;&nbsp; Novelis Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5187 | &nbsp;&nbsp;&nbsp;&nbsp; 4988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1522 | &nbsp;&nbsp;&nbsp;&nbsp; 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1794 | &nbsp;&nbsp;&nbsp;&nbsp; 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3373 | &nbsp;&nbsp;&nbsp;&nbsp; 3404 |
| &nbsp;&nbsp;&nbsp; United States Steel Corp. 6.88%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 78498 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. 7.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2396 | &nbsp;&nbsp;&nbsp;&nbsp; 2539 |
| **Oil, Gas & Consumable Fuels — 9.1%** | **Oil, Gas & Consumable Fuels — 9.1%** | **Oil, Gas & Consumable Fuels — 9.1%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP 7.50%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2073 | &nbsp;&nbsp;&nbsp;&nbsp; 2166 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13598 | &nbsp;&nbsp;&nbsp;&nbsp; 13614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9282 | &nbsp;&nbsp;&nbsp;&nbsp; 9328 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.  | &nbsp;&nbsp;&nbsp; Antero Resources Corp.  | &nbsp;&nbsp;&nbsp; Antero Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5531 | &nbsp;&nbsp;&nbsp;&nbsp; 5619 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2061 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC  | &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC  | &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp; 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5460 | &nbsp;&nbsp;&nbsp;&nbsp; 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4477 | &nbsp;&nbsp;&nbsp;&nbsp; 4563 |
| &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) | &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) | &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 4/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14200 | &nbsp;&nbsp;&nbsp;&nbsp; 14977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4953 | &nbsp;&nbsp;&nbsp;&nbsp; 5032 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC  | &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC  | &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3776 | &nbsp;&nbsp;&nbsp;&nbsp; 3788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3933 | &nbsp;&nbsp;&nbsp;&nbsp; 4102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2394 | &nbsp;&nbsp;&nbsp;&nbsp; 2546 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP  | &nbsp;&nbsp;&nbsp; Buckeye Partners LP  | &nbsp;&nbsp;&nbsp; Buckeye Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3138 | &nbsp;&nbsp;&nbsp;&nbsp; 3104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8136 | &nbsp;&nbsp;&nbsp;&nbsp; 8093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8082 | &nbsp;&nbsp;&nbsp;&nbsp; 8465 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp.  | &nbsp;&nbsp;&nbsp; Chord Energy Corp.  | &nbsp;&nbsp;&nbsp; Chord Energy Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6828 | &nbsp;&nbsp;&nbsp;&nbsp; 6885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4755 | &nbsp;&nbsp;&nbsp;&nbsp; 4908 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7735 | &nbsp;&nbsp;&nbsp;&nbsp; 7977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5950 | &nbsp;&nbsp;&nbsp;&nbsp; 6233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9806 | &nbsp;&nbsp;&nbsp;&nbsp; 10211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3215 | &nbsp;&nbsp;&nbsp;&nbsp; 3467 |
| &nbsp;&nbsp;&nbsp; CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1780 | &nbsp;&nbsp;&nbsp;&nbsp; 1707 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.  | &nbsp;&nbsp;&nbsp; CNX Resources Corp.  | &nbsp;&nbsp;&nbsp; CNX Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4113 | &nbsp;&nbsp;&nbsp;&nbsp; 4128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3426 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  | &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  | &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18273 | &nbsp;&nbsp;&nbsp;&nbsp; 18328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7799 | &nbsp;&nbsp;&nbsp;&nbsp; 7577 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  | &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  | &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12648 | &nbsp;&nbsp;&nbsp;&nbsp; 13079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11536 | &nbsp;&nbsp;&nbsp;&nbsp; 11232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8381 | &nbsp;&nbsp;&nbsp;&nbsp; 7941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6078 | &nbsp;&nbsp;&nbsp;&nbsp; 5994 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc.  | &nbsp;&nbsp;&nbsp; DT Midstream, Inc.  | &nbsp;&nbsp;&nbsp; DT Midstream, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7517 | &nbsp;&nbsp;&nbsp;&nbsp; 7380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3221 | &nbsp;&nbsp;&nbsp;&nbsp; 3150 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP 7.38%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2720 | &nbsp;&nbsp;&nbsp;&nbsp; 2831 |
| &nbsp;&nbsp;&nbsp; EQT Corp.  | &nbsp;&nbsp;&nbsp; EQT Corp.  | &nbsp;&nbsp;&nbsp; EQT Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4440 | &nbsp;&nbsp;&nbsp;&nbsp; 4510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6959 | &nbsp;&nbsp;&nbsp;&nbsp; 6965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2878 | &nbsp;&nbsp;&nbsp;&nbsp; 3177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 7863 | &nbsp;&nbsp;&nbsp;&nbsp; 7916 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp.  | &nbsp;&nbsp;&nbsp; Expand Energy Corp.  | &nbsp;&nbsp;&nbsp; Expand Energy Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2594 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29429 | &nbsp;&nbsp;&nbsp;&nbsp; 29643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6866 | &nbsp;&nbsp;&nbsp;&nbsp; 6962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6998 | &nbsp;&nbsp;&nbsp;&nbsp; 6921 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP  | &nbsp;&nbsp;&nbsp; Genesis Energy LP  | &nbsp;&nbsp;&nbsp; Genesis Energy LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4106 | &nbsp;&nbsp;&nbsp;&nbsp; 4134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1686 | &nbsp;&nbsp;&nbsp;&nbsp; 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4082 | &nbsp;&nbsp;&nbsp;&nbsp; 4312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3026 | &nbsp;&nbsp;&nbsp;&nbsp; 3121 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7996 | &nbsp;&nbsp;&nbsp;&nbsp; 8254 |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I LP 7.50%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3860 | &nbsp;&nbsp;&nbsp;&nbsp; 4011 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  | &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  | &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp;&nbsp;&nbsp; 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3790 | &nbsp;&nbsp;&nbsp;&nbsp; 3791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4561 | &nbsp;&nbsp;&nbsp;&nbsp; 4720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5477 | &nbsp;&nbsp;&nbsp;&nbsp; 5342 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  | &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  | &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1643 | &nbsp;&nbsp;&nbsp;&nbsp; 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3597 | &nbsp;&nbsp;&nbsp;&nbsp; 3479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2457 | &nbsp;&nbsp;&nbsp;&nbsp; 2312 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  | &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  | &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8333 | &nbsp;&nbsp;&nbsp;&nbsp; 8795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3927 | &nbsp;&nbsp;&nbsp;&nbsp; 4026 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP  | &nbsp;&nbsp;&nbsp; Kinetik Holdings LP  | &nbsp;&nbsp;&nbsp; Kinetik Holdings LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3980 | &nbsp;&nbsp;&nbsp;&nbsp; 4094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3962 | &nbsp;&nbsp;&nbsp;&nbsp; 3994 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co.  | &nbsp;&nbsp;&nbsp; Matador Resources Co.  | &nbsp;&nbsp;&nbsp; Matador Resources Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4204 | &nbsp;&nbsp;&nbsp;&nbsp; 4269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6852 | &nbsp;&nbsp;&nbsp;&nbsp; 6843 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  | &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  | &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6968 | &nbsp;&nbsp;&nbsp;&nbsp; 7168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5035 | &nbsp;&nbsp;&nbsp;&nbsp; 5220 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance LP (Canada) 6.75%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3221 | &nbsp;&nbsp;&nbsp;&nbsp; 3281 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3140 | &nbsp;&nbsp;&nbsp;&nbsp; 3148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7938 | &nbsp;&nbsp;&nbsp;&nbsp; 8019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3257 | &nbsp;&nbsp;&nbsp;&nbsp; 3299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 7/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15607 | &nbsp;&nbsp;&nbsp;&nbsp; 16816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6968 | &nbsp;&nbsp;&nbsp;&nbsp; 7256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4840 | &nbsp;&nbsp;&nbsp;&nbsp; 4961 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror LP 9.00%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4715 | &nbsp;&nbsp;&nbsp;&nbsp; 4874 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp.  | &nbsp;&nbsp;&nbsp; Range Resources Corp.  | &nbsp;&nbsp;&nbsp; Range Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12502 | &nbsp;&nbsp;&nbsp;&nbsp; 12752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5440 | &nbsp;&nbsp;&nbsp;&nbsp; 5367 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC  | &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC  | &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp; 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3367 | &nbsp;&nbsp;&nbsp;&nbsp; 3533 |
| &nbsp;&nbsp;&nbsp; SM Energy Co.  | &nbsp;&nbsp;&nbsp; SM Energy Co.  | &nbsp;&nbsp;&nbsp; SM Energy Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7457 | &nbsp;&nbsp;&nbsp;&nbsp; 7465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 12328 | &nbsp;&nbsp;&nbsp;&nbsp; 12342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1977 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3730 | &nbsp;&nbsp;&nbsp;&nbsp; 3649 |
| &nbsp;&nbsp;&nbsp; Sunoco LP  | &nbsp;&nbsp;&nbsp; Sunoco LP  | &nbsp;&nbsp;&nbsp; Sunoco LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2840 | &nbsp;&nbsp;&nbsp;&nbsp; 2956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1910 | &nbsp;&nbsp;&nbsp;&nbsp; 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11008 | &nbsp;&nbsp;&nbsp;&nbsp; 10718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6700 | &nbsp;&nbsp;&nbsp;&nbsp; 6738 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8863 | &nbsp;&nbsp;&nbsp;&nbsp; 8858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4030 | &nbsp;&nbsp;&nbsp;&nbsp; 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9569 | &nbsp;&nbsp;&nbsp;&nbsp; 9537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8352 | &nbsp;&nbsp;&nbsp;&nbsp; 8255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9394 | &nbsp;&nbsp;&nbsp;&nbsp; 9405 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10701 | &nbsp;&nbsp;&nbsp;&nbsp; 10961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3035 | &nbsp;&nbsp;&nbsp;&nbsp; 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 728 | &nbsp;&nbsp;&nbsp;&nbsp; 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12610 | &nbsp;&nbsp;&nbsp;&nbsp; 13129 |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19219 | &nbsp;&nbsp;&nbsp;&nbsp; 19878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/1/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6281 | &nbsp;&nbsp;&nbsp;&nbsp; 6583 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc. 7.88%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11694 | &nbsp;&nbsp;&nbsp;&nbsp; 11333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 619563 |
| **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5236 | &nbsp;&nbsp;&nbsp;&nbsp; 5245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23211 | &nbsp;&nbsp;&nbsp;&nbsp; 23484 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12696 | &nbsp;&nbsp;&nbsp;&nbsp; 12541 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc.  | &nbsp;&nbsp;&nbsp; United Airlines, Inc.  | &nbsp;&nbsp;&nbsp; United Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8571 | &nbsp;&nbsp;&nbsp;&nbsp; 8560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1184 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5001 | &nbsp;&nbsp;&nbsp;&nbsp; 5179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 56193 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; Coty, Inc. 4.75%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6131 | &nbsp;&nbsp;&nbsp;&nbsp; 6046 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Personal Care Products — continued** | **Personal Care Products — continued** | **Personal Care Products — continued** |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.  | &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.  | &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10240 | &nbsp;&nbsp;&nbsp;&nbsp; 10219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4712 | &nbsp;&nbsp;&nbsp;&nbsp; 4440 |
| &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co. 6.13%, 9/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3494 | &nbsp;&nbsp;&nbsp;&nbsp; 3411 |
| &nbsp;&nbsp;&nbsp; Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3577 | &nbsp;&nbsp;&nbsp;&nbsp; 3574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27690 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8754 | &nbsp;&nbsp;&nbsp;&nbsp; 9050 |
| &nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc. 8.50%, 1/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1917 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17996 | &nbsp;&nbsp;&nbsp;&nbsp; 16286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10680 | &nbsp;&nbsp;&nbsp;&nbsp; 8492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5676 | &nbsp;&nbsp;&nbsp;&nbsp; 4651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8364 | &nbsp;&nbsp;&nbsp;&nbsp; 6147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8395 | &nbsp;&nbsp;&nbsp;&nbsp; 5667 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. 6.65%, 8/28/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2996 | &nbsp;&nbsp;&nbsp;&nbsp; 3140 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc. 8.50%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2236 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 |
| &nbsp;&nbsp;&nbsp; EndoDesign (Ireland) 0.00%, 10/15/2024 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5067 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; GCB Endo (Luxembourg) 0.00%, 4/1/2029 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 7570 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13538 | &nbsp;&nbsp;&nbsp;&nbsp; 13194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14447 | &nbsp;&nbsp;&nbsp;&nbsp; 12099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1177 |
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical, Inc. 0.00%, 4/1/2027 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 7307 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 85988 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp. 5.88%, 11/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3366 | &nbsp;&nbsp;&nbsp;&nbsp; 3353 |
| &nbsp;&nbsp;&nbsp; TriNet Group, Inc. 7.13%, 8/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5700 | &nbsp;&nbsp;&nbsp;&nbsp; 5899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9252 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4030 | &nbsp;&nbsp;&nbsp;&nbsp; 3876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12803 | &nbsp;&nbsp;&nbsp;&nbsp; 11933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5884 | &nbsp;&nbsp;&nbsp;&nbsp; 6392 |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc. 5.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22287 |
| **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. 5.88%, 10/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4691 | &nbsp;&nbsp;&nbsp;&nbsp; 4776 |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11085 | &nbsp;&nbsp;&nbsp;&nbsp; 11858 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc.  | &nbsp;&nbsp;&nbsp; Entegris, Inc.  | &nbsp;&nbsp;&nbsp; Entegris, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4379 | &nbsp;&nbsp;&nbsp;&nbsp; 4337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11766 | &nbsp;&nbsp;&nbsp;&nbsp; 11743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6183 | &nbsp;&nbsp;&nbsp;&nbsp; 5899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22776 | &nbsp;&nbsp;&nbsp;&nbsp; 23316 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan) 6.25%, 7/24/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12966 | &nbsp;&nbsp;&nbsp;&nbsp; 13342 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18578 | &nbsp;&nbsp;&nbsp;&nbsp; 18110 |
| &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc.  | &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc.  | &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2549 | &nbsp;&nbsp;&nbsp;&nbsp; 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2788 | &nbsp;&nbsp;&nbsp;&nbsp; 2889 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc. 4.00%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4690 | &nbsp;&nbsp;&nbsp;&nbsp; 4506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 103392 |
| **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14479 | &nbsp;&nbsp;&nbsp;&nbsp; 14380 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. 6.00%, 5/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4737 | &nbsp;&nbsp;&nbsp;&nbsp; 4869 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp.  | &nbsp;&nbsp;&nbsp; NCR Voyix Corp.  | &nbsp;&nbsp;&nbsp; NCR Voyix Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6984 | &nbsp;&nbsp;&nbsp;&nbsp; 6932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6033 | &nbsp;&nbsp;&nbsp;&nbsp; 5977 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12210 | &nbsp;&nbsp;&nbsp;&nbsp; 12992 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  | &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  | &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/30/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26231 | &nbsp;&nbsp;&nbsp;&nbsp; 26227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8450 | &nbsp;&nbsp;&nbsp;&nbsp; 8794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 80171 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3515 | &nbsp;&nbsp;&nbsp;&nbsp; 3503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4538 | &nbsp;&nbsp;&nbsp;&nbsp; 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6647 | &nbsp;&nbsp;&nbsp;&nbsp; 6567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15543 | &nbsp;&nbsp;&nbsp;&nbsp; 15407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp;&nbsp; 892 |
| &nbsp;&nbsp;&nbsp; Millrose Properties, Inc.  | &nbsp;&nbsp;&nbsp; Millrose Properties, Inc.  | &nbsp;&nbsp;&nbsp; Millrose Properties, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 8/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7046 | &nbsp;&nbsp;&nbsp;&nbsp; 7188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3389 | &nbsp;&nbsp;&nbsp;&nbsp; 3427 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. 3.13%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3739 | &nbsp;&nbsp;&nbsp;&nbsp; 3574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 45073 |
| **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  | &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  | &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4812 | &nbsp;&nbsp;&nbsp;&nbsp; 4788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7374 | &nbsp;&nbsp;&nbsp;&nbsp; 7233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp;&nbsp;&nbsp; 1757 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4928 | &nbsp;&nbsp;&nbsp;&nbsp; 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2580 | &nbsp;&nbsp;&nbsp;&nbsp; 2552 |
| &nbsp;&nbsp;&nbsp; Escrow Rite Aid 0.00%, 12/31/2049 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2524 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) 3.63%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5311 | &nbsp;&nbsp;&nbsp;&nbsp; 5038 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. 6.38%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2874 | &nbsp;&nbsp;&nbsp;&nbsp; 2952 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2635 | &nbsp;&nbsp;&nbsp;&nbsp; 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7614 | &nbsp;&nbsp;&nbsp;&nbsp; 7335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2568 | &nbsp;&nbsp;&nbsp;&nbsp; 2581 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; PetSmart LLC 7.50%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11967 | &nbsp;&nbsp;&nbsp;&nbsp; 12059 |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC 11.00%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6021 | &nbsp;&nbsp;&nbsp;&nbsp; 2086 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9903 | &nbsp;&nbsp;&nbsp;&nbsp; 9683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5087 | &nbsp;&nbsp;&nbsp;&nbsp; 4896 |
| &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22985 | &nbsp;&nbsp;&nbsp;&nbsp; 22591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13193 | &nbsp;&nbsp;&nbsp;&nbsp; 10399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 103926 |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6376 | &nbsp;&nbsp;&nbsp;&nbsp; 6769 |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd.  | &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd.  | &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6514 | &nbsp;&nbsp;&nbsp;&nbsp; 6920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2478 | &nbsp;&nbsp;&nbsp;&nbsp; 2640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1755 | &nbsp;&nbsp;&nbsp;&nbsp; 1804 |
| &nbsp;&nbsp;&nbsp; Xerox Corp.  | &nbsp;&nbsp;&nbsp; Xerox Corp.  | &nbsp;&nbsp;&nbsp; Xerox Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3482 | &nbsp;&nbsp;&nbsp;&nbsp; 3570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.50%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3310 | &nbsp;&nbsp;&nbsp;&nbsp; 3060 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp.  | &nbsp;&nbsp;&nbsp; Xerox Holdings Corp.  | &nbsp;&nbsp;&nbsp; Xerox Holdings Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 877 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4989 | &nbsp;&nbsp;&nbsp;&nbsp; 1831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26967 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| &nbsp;&nbsp;&nbsp; Hanesbrands, Inc. 9.00%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4865 | &nbsp;&nbsp;&nbsp;&nbsp; 5125 |
| **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4010 | &nbsp;&nbsp;&nbsp;&nbsp; 4010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5375 | &nbsp;&nbsp;&nbsp;&nbsp; 5574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4005 | &nbsp;&nbsp;&nbsp;&nbsp; 4204 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25307 | &nbsp;&nbsp;&nbsp;&nbsp; 24997 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc. 6.75%, 4/30/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9652 | &nbsp;&nbsp;&nbsp;&nbsp; 10080 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 13931 | &nbsp;&nbsp;&nbsp;&nbsp; 13929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8495 | &nbsp;&nbsp;&nbsp;&nbsp; 8608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3555 | &nbsp;&nbsp;&nbsp;&nbsp; 3563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14447 | &nbsp;&nbsp;&nbsp;&nbsp; 15088 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  | &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  | &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13632 | &nbsp;&nbsp;&nbsp;&nbsp; 13837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10553 | &nbsp;&nbsp;&nbsp;&nbsp; 10903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5015 | &nbsp;&nbsp;&nbsp;&nbsp; 5260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2941 | &nbsp;&nbsp;&nbsp;&nbsp; 3076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 123939 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Altice France Lux 3 (Luxembourg) 10.00%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2826 | &nbsp;&nbsp;&nbsp;&nbsp; 2692 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Wireless Telecommunication Services — continued** | **Wireless Telecommunication Services — continued** | **Wireless Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL (United Kingdom) 9.00%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7490 | &nbsp;&nbsp;&nbsp;&nbsp; 7955 |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp; 592 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. 6.70%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4403 | &nbsp;&nbsp;&nbsp;&nbsp; 4967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $5,420,447)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 5466726 |
| **Loan Assignments — 8.4% (j)** | **Loan Assignments — 8.4% (j)** | **Loan Assignments — 8.4% (j)** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., 1st Lien Term Loan J (3-MONTH CME TERM SOFR + 2.50%), 6.50%, 2/28/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2307 | &nbsp;&nbsp;&nbsp;&nbsp; 2311 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., 1st Lien Term Loan M (3-MONTH CME TERM SOFR + 2.50%), 6.50%, 8/19/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10650 | &nbsp;&nbsp;&nbsp;&nbsp; 10671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12982 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.17%, 1/31/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2056 | &nbsp;&nbsp;&nbsp;&nbsp; 2061 |
| &nbsp;&nbsp;&nbsp; DexKo Global, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 7.78%, 10/4/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10624 | &nbsp;&nbsp;&nbsp;&nbsp; 10468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12529 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.25%, 3/31/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7027 | &nbsp;&nbsp;&nbsp;&nbsp; 7039 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC, 2nd Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 8.82%, 10/1/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5453 | &nbsp;&nbsp;&nbsp;&nbsp; 5196 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP, 1st Lien Term Loan (6-MONTH CME TERM SOFR + 2.25%), 6.12%, 8/4/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9840 | &nbsp;&nbsp;&nbsp;&nbsp; 9839 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.67%, 3/28/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4024 | &nbsp;&nbsp;&nbsp;&nbsp; 4016 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 6.17%, 2/10/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10351 | &nbsp;&nbsp;&nbsp;&nbsp; 10360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24215 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp; INEOS US Finance LLC, 1st Lien Term Loan (Luxembourg) (1-MONTH CME TERM SOFR + 3.25%), 7.17%, 2/18/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 15351 | &nbsp;&nbsp;&nbsp;&nbsp; 12933 |
| &nbsp;&nbsp;&nbsp; Venator Materials LLC, 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 2.00%), 13.89%, 1/16/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3383 | &nbsp;&nbsp;&nbsp;&nbsp; 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 8.00% (PIK) + 2.00%), 5.90%, 10/12/2028 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5532 | &nbsp;&nbsp;&nbsp;&nbsp; 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venator Materials LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 8.00% (PIK) + 2.00%), 6.00%, 7/16/2026 (b) <br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3376 | &nbsp;&nbsp;&nbsp;&nbsp; 3039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21782 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.27%, 8/20/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2264 | &nbsp;&nbsp;&nbsp;&nbsp; 2272 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., 1st Lien Term Loan (Canada) (1-MONTH CME TERM SOFR + 3.00%), 6.95%, 2/1/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 784 | &nbsp;&nbsp;&nbsp;&nbsp; 783 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, 1st Lien Term Loan (6-MONTH CME TERM SOFR + 2.50%), 6.70%, 6/21/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 11647 | &nbsp;&nbsp;&nbsp;&nbsp; 11683 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 6.92%, 11/19/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5103 | &nbsp;&nbsp;&nbsp;&nbsp; 5115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19853 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; CommScope, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.75%), 8.67%, 12/18/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7033 |
| **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien PIK Term Loan (3-MONTH CME TERM SOFR + 9.35% (PIK) + 2.00%), 2.00%, 6/30/2026 ‡ (b) <br> (e) (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 71376 | &nbsp;&nbsp;&nbsp;&nbsp; 17737 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Super Senior Delayed Draw Term Loan (3-MONTH CME TERM SOFR + 15.83% (PIK) + 11.50%), <br> 15.44%, 6/30/2026 ‡ (b) (e) (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26083 | &nbsp;&nbsp;&nbsp;&nbsp; 24779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 12.81% (PIK) + 8.50%), 12.34%, 1/2/2029 ‡ (b) (e) <br> (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10425 | &nbsp;&nbsp;&nbsp;&nbsp; 9904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Term Loan A (3-MONTH CME TERM SOFR + 6.81% (PIK) + 2.50%), 6.34%, 1/2/2029 ‡ (b) (e) <br> (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11407 | &nbsp;&nbsp;&nbsp;&nbsp; 10836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moran Foods LLC, 2nd Lien PIK Term Loan (3-MONTH CME TERM SOFR + 9.35% (PIK) + 2.00%), 2.00%, 6/30/2026 ‡ (b) <br> (e) (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33919 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63256 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 7.17%, 4/1/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5934 | &nbsp;&nbsp;&nbsp;&nbsp; 5892 |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.42%, 8/4/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7361 | &nbsp;&nbsp;&nbsp;&nbsp; 7374 |
| &nbsp;&nbsp;&nbsp; LABL, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 8.94%, 10/30/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8305 | &nbsp;&nbsp;&nbsp;&nbsp; 5688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18954 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.12%, 10/16/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3672 | &nbsp;&nbsp;&nbsp;&nbsp; 3690 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.42%, 1/30/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3323 | &nbsp;&nbsp;&nbsp;&nbsp; 3322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7012 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Altice France SA, 1st Lien Term Loan B-14 (France) (3-MONTH CME TERM SOFR + 6.88%), 10.86%, 5/30/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5252 | &nbsp;&nbsp;&nbsp;&nbsp; 5263 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 2.35%), 6.38%, 4/16/2029 (e) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 15975 | &nbsp;&nbsp;&nbsp;&nbsp; 15869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21132 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| &nbsp;&nbsp;&nbsp; LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.50%), 7.48%, 12/2/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10044 | &nbsp;&nbsp;&nbsp;&nbsp; 10044 |
| &nbsp;&nbsp;&nbsp; Sanmina Corp., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 2.00%), 5.99%, 10/27/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7418 | &nbsp;&nbsp;&nbsp;&nbsp; 7428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17472 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Crown Finance US, Inc., 1st Lien Term Loan (United Kingdom) (1-MONTH CME TERM SOFR + 4.50%), 8.48%, 12/2/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 11643 | &nbsp;&nbsp;&nbsp;&nbsp; 11627 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; NCR Atleos LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 7.03%, 4/16/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 853 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neon Maple US Debt Mergersub, Inc., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 2.50%), 6.42%, <br> 11/17/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10134 | &nbsp;&nbsp;&nbsp;&nbsp; 10136 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.50%, 6/30/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18035 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 6.42%, 8/15/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 13441 | &nbsp;&nbsp;&nbsp;&nbsp; 13461 |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 2.50%), 6.42%, 8/15/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2314 | &nbsp;&nbsp;&nbsp;&nbsp; 2317 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The), 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 7.53%, 6/30/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10834 | &nbsp;&nbsp;&nbsp;&nbsp; 8949 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The), 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.50%), 7.53%, 6/30/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2132 | &nbsp;&nbsp;&nbsp;&nbsp; 1762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26489 |
| **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** |
| &nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.25%), 8.17%, 1/15/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 14063 | &nbsp;&nbsp;&nbsp;&nbsp; 14140 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.00%), 5.96%, 10/23/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 11425 | &nbsp;&nbsp;&nbsp;&nbsp; 11440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25580 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Phoenix Newco, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.17%, 11/15/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8588 | &nbsp;&nbsp;&nbsp;&nbsp; 8620 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.00%), 8.00%, 9/27/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3303 |
| &nbsp;&nbsp;&nbsp; US Renal Care, Inc., 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 5.00%), 9.03%, 6/28/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9526 | &nbsp;&nbsp;&nbsp;&nbsp; 9007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20930 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 5.92%, 3/14/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2842 | &nbsp;&nbsp;&nbsp;&nbsp; 2844 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| &nbsp;&nbsp;&nbsp; Asurion LLC, 1st Lien Term Loan B-13 (1-MONTH CME TERM SOFR + 4.25%), 8.17%, 9/19/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5386 | &nbsp;&nbsp;&nbsp;&nbsp; 5282 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.12%, 6/20/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9266 | &nbsp;&nbsp;&nbsp;&nbsp; 9297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14579 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 3.00%), 7.00%, 2/3/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10139 | &nbsp;&nbsp;&nbsp;&nbsp; 10075 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; FGI Operating Co. LLC, 1st Lien Term Loan, 0.00%, 12/31/2025 ‡ (f) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3181 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 6.97%, 3/18/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3241 | &nbsp;&nbsp;&nbsp;&nbsp; 3244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3276 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.67%, 4/5/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7618 | &nbsp;&nbsp;&nbsp;&nbsp; 7657 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC, 1st Lien Term Loan B-4 (3-MONTH CME TERM SOFR + 2.00%), 5.99%, <br> 12/9/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12773 | &nbsp;&nbsp;&nbsp;&nbsp; 12714 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 8.03%, 8/23/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4805 | &nbsp;&nbsp;&nbsp;&nbsp; 4808 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 9.10%, 8/2/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp;&nbsp; 661 |
| &nbsp;&nbsp;&nbsp; EW Scripps Co. (The), 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 5.75%), 9.82%, 6/30/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2222 | &nbsp;&nbsp;&nbsp;&nbsp; 2245 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.78%), 9.81%, 5/1/2029 (e) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 18537 | &nbsp;&nbsp;&nbsp;&nbsp; 16495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36923 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp; Colossus Acquireco LLC, 1st Lien Term Loan (1-Day CME TERM SOFR + 1.75%), 5.87%, 7/30/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4637 | &nbsp;&nbsp;&nbsp;&nbsp; 4617 |
| &nbsp;&nbsp;&nbsp; EPIC Crude Services LP, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.34%, 10/15/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4413 | &nbsp;&nbsp;&nbsp;&nbsp; 4424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9041 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.13%, 4/20/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6115 | &nbsp;&nbsp;&nbsp;&nbsp; 6110 |
| &nbsp;&nbsp;&nbsp; Vista Management Holding, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.75%), 7.74%, 4/1/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6735 | &nbsp;&nbsp;&nbsp;&nbsp; 6780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12890 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Conair Holdings LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 7.78%, 5/17/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8388 | &nbsp;&nbsp;&nbsp;&nbsp; 4131 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 6.25%), 10.17%, 10/8/2030 (e) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 17600 | &nbsp;&nbsp;&nbsp;&nbsp; 17363 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; First Advantage Holdings LLC, 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.75%), 6.67%, 10/31/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6910 | &nbsp;&nbsp;&nbsp;&nbsp; 6831 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 3.10%), 6.78%, 2/1/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6874 | &nbsp;&nbsp;&nbsp;&nbsp; 6766 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 6.67%, 2/15/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7144 | &nbsp;&nbsp;&nbsp;&nbsp; 7129 |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 6.92%, 11/25/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7808 | &nbsp;&nbsp;&nbsp;&nbsp; 7828 |
| &nbsp;&nbsp;&nbsp; Dawn Bidco LLC, 1st Lien Term Loan (12-MONTH CME TERM SOFR + 3.00%), 6.76%, 10/7/2032 (e) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 10069 | &nbsp;&nbsp;&nbsp;&nbsp; 10038 |
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.42%, 1/30/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4584 | &nbsp;&nbsp;&nbsp;&nbsp; 4513 |
| &nbsp;&nbsp;&nbsp; Icon Parent I, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 6.75%, 11/13/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5716 | &nbsp;&nbsp;&nbsp;&nbsp; 5726 |
| &nbsp;&nbsp;&nbsp; Icon Parent I, Inc., 2nd Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 8.84%, 11/12/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3333 | &nbsp;&nbsp;&nbsp;&nbsp; 3333 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 7.67%, 11/28/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6991 | &nbsp;&nbsp;&nbsp;&nbsp; 6968 |
| &nbsp;&nbsp;&nbsp; UKG, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.34%, 2/10/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2822 | &nbsp;&nbsp;&nbsp;&nbsp; 2819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48354 |
| **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp; AWS Claire's LLC, 1st Lien Term Loan, 10.00%, 9/18/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 1158 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.51%, 3/3/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 19037 | &nbsp;&nbsp;&nbsp;&nbsp; 18701 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 7.96%, 8/18/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 11082 | &nbsp;&nbsp;&nbsp;&nbsp; 10980 |
| &nbsp;&nbsp;&nbsp; Serta Simmons Bedding LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 7.50%), 11.62%, 6/29/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6246 | &nbsp;&nbsp;&nbsp;&nbsp; 5836 |
| &nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%), 7.21%, 10/19/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp;&nbsp; 1249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37924 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| &nbsp;&nbsp;&nbsp; Varsity Brands, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 7.03%, 8/26/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 14942 | &nbsp;&nbsp;&nbsp;&nbsp; 14979 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 5.92%, 4/30/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1491 | &nbsp;&nbsp;&nbsp;&nbsp; 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments <br>(Cost $589,332)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 576244 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Exchange-Traded Funds — 1.6%** | **Exchange-Traded Funds — 1.6%** | **Exchange-Traded Funds — 1.6%** |
| **Fixed Income — 1.6%** | **Fixed Income — 1.6%** | **Fixed Income — 1.6%** |
| &nbsp;&nbsp;&nbsp; iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2409 | &nbsp;&nbsp;&nbsp;&nbsp; 90694 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 16198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $104,193)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 106892 |
|  | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 1.4%** | **U.S. Treasury Obligations — 1.4%** | **U.S. Treasury Obligations — 1.4%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 47315 | &nbsp;&nbsp;&nbsp;&nbsp; 48010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 47350 | &nbsp;&nbsp;&nbsp;&nbsp; 48326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $93,200)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 96336 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Common Stocks — 1.3%** | **Common Stocks — 1.3%** | **Common Stocks — 1.3%** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Incora Top Holdco LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Moran Foods Backstop Equity ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 95914057 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; MYT Holding LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 5623 | &nbsp;&nbsp;&nbsp;&nbsp; 1406 |
| &nbsp;&nbsp;&nbsp; NMG Parent LLC, Escrow ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2541 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| &nbsp;&nbsp;&nbsp; Yeoman Capital SA (Luxembourg) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 1234 | &nbsp;&nbsp;&nbsp;&nbsp; 7876 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Venator Materials plc ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Incora Intermediate LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; 2976 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Altice France SA (France) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 6451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6631 |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; ACC Claims Holdings LLC ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 7077 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; New Evhc Physical Equity \* | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 1611 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; SSB Equipment Co., Inc. ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &nbsp;&nbsp;&nbsp; Audacy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2312 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 |
| &nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp; 1073 |
| &nbsp;&nbsp;&nbsp; National CineMedia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp;&nbsp; 2368 |
| &nbsp;&nbsp;&nbsp; SES SA (Luxembourg) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 749 | &nbsp;&nbsp;&nbsp;&nbsp; 11710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20211 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 5013 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Endo GUC Trust ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp;&nbsp; 432 |
| &nbsp;&nbsp;&nbsp; Mallinckrodt \* | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 14091 |
| &nbsp;&nbsp;&nbsp; Mallinckrodt (Luxembourg) ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 8173 |
| &nbsp;&nbsp;&nbsp; Mallinckrodt plc ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 6298403 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Mallinckrodt plc, Class B ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 3653413 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22706 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp;&nbsp; 11321 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Neiman Marcus ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 702 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Rite Aid ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Serta Simmons Bedding LLC \* | &nbsp;&nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp; 3472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $88,247)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 85490 |
| **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ <br>(Cost $12,938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13477 | &nbsp;&nbsp;&nbsp;&nbsp; 16510 |
|  | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Convertible Bonds — 0.1%** | **Convertible Bonds — 0.1%** | **Convertible Bonds — 0.1%** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Liberty Interactive LLC  | &nbsp;&nbsp;&nbsp; Liberty Interactive LLC  | &nbsp;&nbsp;&nbsp; Liberty Interactive LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2570 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4448 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 421 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. 3.88% (PIK), 11/30/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3719 | &nbsp;&nbsp;&nbsp;&nbsp; 8773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds <br>(Cost $9,616)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 9194 |
|  | &nbsp;&nbsp;&nbsp; **NO. OF** <br> **WARRANTS** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Audacy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expiring 12/31/2049, price 1.00 USD ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expiring 9/30/2028, price 1.00 USD ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Warrants <br>(Cost $209)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** |
| **Investment Companies — 6.0%** | **Investment Companies — 6.0%** | **Investment Companies — 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 3.85% (l) (m) <br>(Cost $412,079)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 412079 | &nbsp;&nbsp;&nbsp;&nbsp; 412079 |
| **Total Investments — 99.0%** <br>**(Cost $6,730,261)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **6769472** |
| **Other Assets in Excess of Liabilities — 1.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **65465** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **6834937** |

---

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

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

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

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |
| PIK | Payment In Kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (c) | Security is an interest bearing note with preferred security characteristics. |
| (d) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time <br> and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in <br> effect as of November 30, 2025.<br>|
| (e) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2025. |
| (f) | Defaulted security. |
| (g) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (h) | 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>|
| (i) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (j) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. |
| (k) | All or a portion of this security is unsettled as of November 30, 2025. Unless otherwise indicated, the coupon rate is undetermined. The <br> coupon rate shown may not be accrued for the entire position.<br>|
| (l) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (m) | The rate shown is the current yield as of November 30, 2025. |

---

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.44-V1 | 5.00 | Quarterly | 6/20/2030 | 3.00 | USD35,000 | &nbsp;&nbsp; 1149 | &nbsp;&nbsp; 1908 | &nbsp;&nbsp; 3057 |

---

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

---

| | |
|:---|:---|
| (\*\*)  | The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, <br> and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the <br> 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;

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

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

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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

Fixed income instruments are valued based on prices received from 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, excluding exchange-traded funds ("ETFs") ("Underlying Funds"), are valued at each Underlying Fund's NAV per share as of the report date.

Swaps are valued utilizing market quotations from approved Pricing Services.

See the table on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2025.

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 High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $274 | &nbsp;&nbsp;&nbsp;&nbsp; $274 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2541 | &nbsp;&nbsp;&nbsp;&nbsp; 2541 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7876 | &nbsp;&nbsp;&nbsp;&nbsp; 7876 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2976 | &nbsp;&nbsp;&nbsp;&nbsp; 2976 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; 6451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 6631 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1611 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1611 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; 8041 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp; 11710 | &nbsp;&nbsp;&nbsp;&nbsp; 20211 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 5013 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5013 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14091 | &nbsp;&nbsp;&nbsp;&nbsp; 8615 | &nbsp;&nbsp;&nbsp;&nbsp; 22706 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; 11321 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11321 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3472 | &nbsp;&nbsp;&nbsp;&nbsp; 702 | &nbsp;&nbsp;&nbsp;&nbsp; 4174 |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 30826 | &nbsp;&nbsp;&nbsp;&nbsp; 19634 | &nbsp;&nbsp;&nbsp;&nbsp; 35030 | &nbsp;&nbsp;&nbsp;&nbsp; 85490 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9194 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87237 | &nbsp;&nbsp;&nbsp;&nbsp; 2579 | &nbsp;&nbsp;&nbsp;&nbsp; 89816 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224361 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224361 |
| &nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7944 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7944 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9622 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9622 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7512 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10618 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36484 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193231 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1482 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1482 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 180629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 180629 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230903 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230903 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40839 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44276 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44276 |
| &nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11101 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117658 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99578 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 99578 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94655 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94655 |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16487 | &nbsp;&nbsp;&nbsp;&nbsp; 25322 | &nbsp;&nbsp;&nbsp;&nbsp; 41809 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13312 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13312 |
| &nbsp;&nbsp;&nbsp; Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18890 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18890 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 462200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 462200 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85909 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85909 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18782 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29875 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $52220 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $52220 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70390 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70390 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85720 |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37762 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37762 |
| &nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15595 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15595 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114164 | &nbsp;&nbsp;&nbsp;&nbsp; 7584 | &nbsp;&nbsp;&nbsp;&nbsp; 121748 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63983 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63983 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 258645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 258645 |
| &nbsp;&nbsp;&nbsp; Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4149 |
| &nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52700 |
| &nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55954 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55954 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 343045 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 343045 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56289 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56289 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50757 |
| &nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23401 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23401 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3610 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49804 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49804 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9774 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9774 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59042 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 573843 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 573843 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78498 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78498 |
| &nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2539 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 619563 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 619563 |
| &nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56193 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27690 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27690 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85988 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 85988 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9252 |
| &nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22287 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22287 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103392 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103392 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80171 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45073 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103926 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 103926 |
| &nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26967 |
| &nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5125 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123939 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123939 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16206 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16206 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5431241 | &nbsp;&nbsp;&nbsp;&nbsp; 35485 | &nbsp;&nbsp;&nbsp;&nbsp; 5466726 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 106892 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106892 |
| Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12982 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12982 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12529 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7039 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7039 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5196 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5196 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24215 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24215 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21782 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19853 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19853 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7033 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7033 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $63256 | &nbsp;&nbsp;&nbsp;&nbsp; $63256 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18954 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18954 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7012 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7012 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21132 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21132 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17472 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11627 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11627 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18035 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26489 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26489 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25580 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20930 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20930 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2844 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2844 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14579 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14579 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10075 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10075 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3244 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 3276 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7657 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7657 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36923 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36923 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9041 |
| &nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12890 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12890 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4131 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4131 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17363 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17363 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6831 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6831 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6766 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6766 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48354 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48354 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36766 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 | &nbsp;&nbsp;&nbsp;&nbsp; 37924 |
| &nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14979 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14979 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1495 |
| &nbsp;&nbsp;&nbsp; Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 511798 | &nbsp;&nbsp;&nbsp;&nbsp; 64446 | &nbsp;&nbsp;&nbsp;&nbsp; 576244 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16510 | &nbsp;&nbsp;&nbsp;&nbsp; 16510 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96336 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96336 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 412079 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 412079 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $549797 | &nbsp;&nbsp;&nbsp;&nbsp; $6068203 | &nbsp;&nbsp;&nbsp;&nbsp; $151472 | &nbsp;&nbsp;&nbsp;&nbsp; $6769472 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1908 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1908 |

---

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

(a) Amount rounds to less than one thousand.

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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>| **Balance as of** <br>**November 30,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $54340 | $(13084)<br>| $11229 | $— | $26540 | $(26861)<br>| $— | $(17134)<br>| $35030 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | 17363 | (22828)<br>| 4419 |  | 1046 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | 42281 | (10244)<br>| 8563 | 119 | 8687 | (13921)<br>|  |  | 35485 |
| &nbsp;&nbsp;&nbsp; Loan Assignments | 34784 |  | 8680 | 1245 | 20152 | (415)<br>|  |  | 64446 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 17655 |  | (1145)<br>|  |  |  |  |  | 16510 |
| &nbsp;&nbsp;&nbsp; Warrants | 27 | (1)<br>| (25)<br>|  |  |  |  |  | 1 |
| **Total** | $166450 | $(46157)<br>| $31721 | $1364 | $56425 | $(41197)<br>| $— | $(17134)<br>| $151472 |

---

&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.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2025, which were valued using significant unobservable inputs (level 3) amounted to $31,721.

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

The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

**Quantitative Information about Level 3 Fair Value Measurements #** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **November 30, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $64446 | Terms of Restructuring | Expected Recovery | 0.00% - 100.00% (75.74%) |
| &nbsp;&nbsp;&nbsp; Loan Assignments | &nbsp;&nbsp; 64446 |  |  |  |
|  | &nbsp;&nbsp; 27900 | Market Comparable Companies | EBITDA Multiple (b) | 12.56x (12.56x) |
|  |  |  | Discount for Potential Outcome | 20.00% (20.00%) |
|  | &nbsp;&nbsp; —(c)<br>| Terms of Restructuring | Expected Recovery | 0.00% (0.00%) |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; 27900 |  |  |  |
|  | &nbsp;&nbsp; 3249 | Market Comparable Companies | EBITDA Multiple (b) | 12.56x (12.56x) |
|  | &nbsp;&nbsp; 1851 |  | Expected Recovery | $0.00 - $124.50 ($54.21) |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 5100 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $97446 |  |  |  |

---

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

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2025, the value of these investments was $54,026. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments. 

(c) Amount rounds to less than one thousand.

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

**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 November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2025**<br>| **Shares at** <br>**November 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class Institutional Shares, 3.85% <br> (a) (b)<br>| $144588 | $2246755 | $1979264 | $— | $— | $412079 | 412079 | $11096 | $— |

---

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

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

**(1). 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 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

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-04236

- **c. CIK number of Registrant:** 0000763852

- **d. LEI of Registrant:** 549300IMXLYKELY96B40

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

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

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

- **a. Name of Series:** JPMorgan High Yield Fund

- **b. EDGAR series identifier (if any):** S000003486

- **c. LEI of Series:** 15QB5UY3VV3GNSMNPX63

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $6889861012.98

**Total Liabilities:** $43239519.99

**Net Assets:** $6846621492.99

**Cash Not Reported:** $17425914.13

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 17324.66992000 | **1-Year:** 15385.40500000 | **5-Year:** 43420.44599000 | **10-Year:** 4468.99773000 | **30-Year:** 0.00000000

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

- **3-Month:** 17208.55418000 | **1-Year:** 356760.07702000 | **5-Year:** 1066310.69379000 | **10-Year:** 37249.14256000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009636 | 0.84%                | 0.07%                | 0.83%                |
| Class ID C000009637 | 0.67%                | 0.20%                | 0.66%                |
| Class ID C000009639 | 0.63%                | 0.16%                | 0.62%                |
| Class ID C000009640 | 0.70%                | 0.23%                | 0.69%                |
| Class ID C000033521 | 0.69%                | 0.23%                | 0.68%                |
| Class ID C000070641 | 0.80%                | 0.02%                | 0.79%                |
| Class ID C000192734 | 0.66%                | 0.19%                | 0.65%                |
| Class ID C000192735 | 0.68%                | 0.21%                | 0.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1797978.16              | $13533714.83                               |
| Month 2  | $-8840553.27             | $-17532071.87                              |
| Month 3  | $-72909379.13            | $91461282.08                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACCO Brands Corp.                                | ACCO Brands Corp.                                               | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |    13540000 | PA      | $12274649.09  | 0.18%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ACC Claims Holdings LLC                          | ACC Claims Holdings LLC                                         | CUSIP: 00084K104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     7076475 | NS      | $14152.95     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ADT Security Corp. (The)                         | ADT Security Corp. (The)                                        | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |     7299000 | PA      | $7101583.95   | 0.10%             | 2029-08-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| AHP Health Partners, Inc.                        | AHP Health Partners, Inc.                                       | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |     6904000 | PA      | $6769938.13   | 0.10%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| APi Group DE, Inc.                               | APi Group DE, Inc.                                              | CUSIP: 00185PAA9<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |     4918000 | PA      | $4832605.37   | 0.07%             | 2029-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| APi Group DE, Inc.                               | APi Group DE, Inc.                                              | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |     5124000 | PA      | $4978801.72   | 0.07%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| ATS Corp.                                        | ATS Corp.                                                       | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |     3399000 | PA      | $3298606.80   | 0.05%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                          | American Airlines, Inc.                                         | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5235863 | PA      | $5245041.04   | 0.08%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                          | American Airlines, Inc.                                         | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    23210625 | PA      | $23483814.06  | 0.34%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                      | Acadia Healthcare Co., Inc.                                     | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    11535000 | PA      | $11427362.30  | 0.17%             | 2028-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                      | Acadia Healthcare Co., Inc.                                     | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     1657000 | PA      | $1688595.68   | 0.02%             | 2033-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Acushnet Co.                                     | Acushnet Co.                                                    | CUSIP: 005095AB0<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |     1485000 | PA      | $1496537.84   | 0.02%             | 2033-12-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                      | Adient Global Holdings Ltd.                                     | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     8626000 | PA      | $8850638.29   | 0.13%             | 2028-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                      | Adient Global Holdings Ltd.                                     | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    12898000 | PA      | $13556172.04  | 0.20%             | 2031-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                      | Adient Global Holdings Ltd.                                     | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     5538000 | PA      | $5733397.25   | 0.08%             | 2033-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| AECOM                                            | AECOM                                                           | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |     6922000 | PA      | $7115400.68   | 0.10%             | 2033-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Aethon United BR LP                              | Aethon United BR LP                                             | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2073000 | PA      | $2166123.31   | 0.03%             | 2029-10-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                            | Ahead DB Holdings LLC                                           | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |    16010000 | PA      | $16062977.09  | 0.23%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                           | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    17807000 | PA      | $17834689.89  | 0.26%             | 2028-02-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                           | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11112000 | PA      | $11103730.45  | 0.16%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                           | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5170000 | PA      | $5131055.94   | 0.07%             | 2030-02-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                           | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    15058000 | PA      | $14436447.92  | 0.21%             | 2029-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                           | CUSIP: 01309QAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1952000 | PA      | $1978676.03   | 0.03%             | 2031-03-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| New Albertsons LP                                | New Albertsons LP                                               | CUSIP: 013104AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2278000 | PA      | $2304285.84   | 0.03%             | 2026-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| New Albertsons LP                                | New Albertsons LP                                               | CUSIP: 013104AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3130000 | PA      | $3341275.00   | 0.05%             | 2029-08-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| New Albertsons LP                                | New Albertsons LP                                               | CUSIP: 01310QDB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1704000 | PA      | $1810500.00   | 0.03%             | 2028-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Alcoa Nederland Holding BV                       | Alcoa Nederland Holding BV                                      | CUSIP: 013822AH4<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |     4576000 | PA      | $4848798.24   | 0.07%             | 2031-03-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                        | ATI, Inc.                                                       | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     7269000 | PA      | $7280470.48   | 0.11%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ATI, Inc.                                        | ATI, Inc.                                                       | CUSIP: 01741RAL6<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     3202000 | PA      | $3195236.74   | 0.05%             | 2029-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ATI, Inc.                                        | ATI, Inc.                                                       | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $3005712.00   | 0.04%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ATI, Inc.                                        | ATI, Inc.                                                       | CUSIP: 01741RAN2<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     4319000 | PA      | $4559958.13   | 0.07%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                      | Allied Universal Holdco LLC                                     | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1766000 | PA      | $1733519.02   | 0.03%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                       | Allison Transmission, Inc.                                      | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     9690000 | PA      | $9673034.75   | 0.14%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                       | Allison Transmission, Inc.                                      | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    21988000 | PA      | $22314279.93  | 0.33%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                       | Allison Transmission, Inc.                                      | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |      720000 | PA      | $671462.64    | 0.01%             | 2031-01-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                       | Allison Transmission, Inc.                                      | CUSIP: 019736AH0<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |     2245000 | PA      | $2265450.85   | 0.03%             | 2033-12-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                 | Altice France SA                                                | CUSIP: 02090DAB4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      177123 | PA      | $174525.99    | 0.00%             | 2030-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                 | Altice France SA                                                | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     9446816 | PA      | $9191083.32   | 0.13%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                 | Altice France SA                                                | CUSIP: 02090DAE8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     4408052 | PA      | $4296591.63   | 0.06%             | 2032-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Altice France Lux 3/Altice Holdings 1            | Altice France Lux 3                                             | CUSIP: 020956AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     2825800 | PA      | $2691883.93   | 0.04%             | 2033-01-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Altice Financing SA                              | Altice Financing SA                                             | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |     7883000 | PA      | $5261902.50   | 0.08%             | 2029-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Alumina Pty. Ltd.                                | Alumina Pty. Ltd.                                               | CUSIP: 02220AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     4936000 | PA      | $5075465.94   | 0.07%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Alumina Pty. Ltd.                                | Alumina Pty. Ltd.                                               | CUSIP: 02220AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     3281000 | PA      | $3415671.93   | 0.05%             | 2032-09-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Amer Sports Co.                                  | Amer Sports Co.                                                 | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |     9371000 | PA      | $9774234.13   | 0.14%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.              | American Axle & Manufacturing, Inc.                             | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     4461000 | PA      | $4479852.19   | 0.07%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc.                | CUSIP: 024747AF4<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |     1225000 | PA      | $1211792.05   | 0.02%             | 2028-01-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| AmeriGas Partners LP                             | AmeriGas Partners LP                                            | CUSIP: 030981AL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3013000 | PA      | $3024777.82   | 0.04%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                             | AmeriGas Partners LP                                            | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3829000 | PA      | $3975179.73   | 0.06%             | 2028-06-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| AmeriGas Partners LP                             | AmeriGas Partners LP                                            | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3992000 | PA      | $4230737.57   | 0.06%             | 2030-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Amkor Technology, Inc.                           | Amkor Technology, Inc.                                          | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |     4691000 | PA      | $4775531.82   | 0.07%             | 2033-10-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ams-OSRAM AG                                     | ams-OSRAM AG                                                    | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    11085000 | PA      | $11858333.94  | 0.17%             | 2029-03-30      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| Antero Resources Corp.                           | Antero Resources Corp.                                          | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     5531000 | PA      | $5619496.00   | 0.08%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Antero Resources Corp.                           | Antero Resources Corp.                                          | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     2042000 | PA      | $2060784.36   | 0.03%             | 2030-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                     | Antero Midstream Partners LP                                    | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    13598000 | PA      | $13614127.23  | 0.20%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                     | Antero Midstream Partners LP                                    | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1215000 | PA      | $1219006.57   | 0.02%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                     | Antero Midstream Partners LP                                    | CUSIP: 03690AAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9282000 | PA      | $9327890.21   | 0.14%             | 2033-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Aramark Services, Inc.                           | Aramark Services, Inc.                                          | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    16206000 | PA      | $16215674.98  | 0.24%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arches Buyer, Inc.                               | Arches Buyer, Inc.                                              | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     5478000 | PA      | $5398423.83   | 0.08%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Arches Buyer, Inc.                               | Arches Buyer, Inc.                                              | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     1914000 | PA      | $1873377.26   | 0.03%             | 2028-12-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                             | Archrock Partners LP                                            | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3150000 | PA      | $3169341.00   | 0.05%             | 2028-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                             | Archrock Partners LP                                            | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4277000 | PA      | $4404129.55   | 0.06%             | 2032-09-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Group SA                                  | Ardagh Group SA                                                 | CUSIP: 03969UAA4<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |    10415000 | PA      | $9425575.00   | 0.14%             | 2030-12-01      | Variable      | 12.00%                | Yes           |                  2 | On Loan: No      |
| Ardagh Metal Packaging Finance USA LLC           | Ardagh Metal Packaging Finance USA LLC                          | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      311000 | PA      | $311000.00    | 0.00%             | 2027-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Group SA                                  | Ardagh Group SA                                                 | CUSIP: 039959AA9<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |    12379000 | PA      | $13342927.97  | 0.19%             | 2030-12-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                    | Asbury Automotive Group, Inc.                                   | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     4812000 | PA      | $4787932.30   | 0.07%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                    | Asbury Automotive Group, Inc.                                   | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     1790000 | PA      | $1757318.90   | 0.03%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                    | Asbury Automotive Group, Inc.                                   | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     7374000 | PA      | $7233130.05   | 0.11%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC              | Ascent Resources Utica Holdings LLC                             | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      935000 | PA      | $937901.31    | 0.01%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC              | Ascent Resources Utica Holdings LLC                             | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5460000 | PA      | $5584810.14   | 0.08%             | 2032-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC              | Ascent Resources Utica Holdings LLC                             | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4477000 | PA      | $4562934.00   | 0.07%             | 2033-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                      | Allied Universal Holdco LLC                                     | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7894000 | PA      | $7752764.50   | 0.11%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                              | Audacy, Inc.                                                    | CUSIP: 05070N129<br>LEI: N/A                  | N/A              | DO               |  | US        |       76887 | NS      | $1191.75      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                              | Audacy, Inc.                                                    | CUSIP: 05070N137<br>LEI: N/A                  | N/A              | DO               |  | US        |       12814 | NS      | $198.62       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Audacy, Inc.                                     | Audacy, Inc.                                                    | CUSIP: 05070N301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       63431 | NS      | $459874.75    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Avantor Funding, Inc.                            | Avantor Funding, Inc.                                           | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    14816000 | PA      | $14676067.32  | 0.21%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Avient Corp.                                     | Avient Corp.                                                    | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     3409000 | PA      | $3519676.59   | 0.05%             | 2030-08-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                      | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3732000 | PA      | $3725808.24   | 0.05%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                      | CUSIP: 053773BE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2822000 | PA      | $2821364.77   | 0.04%             | 2027-07-15      | Fixed         | 5.75%                 | 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        |    11860000 | PA      | $11496069.97  | 0.17%             | 2029-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                      | CUSIP: 053773BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7650000 | PA      | $7460568.41   | 0.11%             | 2028-04-01      | Fixed         | 4.75%                 | 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        |      328000 | PA      | $334958.52    | 0.00%             | 2031-02-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                      | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    12101000 | PA      | $12462111.27  | 0.18%             | 2030-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                      | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6699000 | PA      | $6897518.17   | 0.10%             | 2032-06-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                       | Axalta Coating Systems LLC                                      | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |     8402000 | PA      | $8115026.33   | 0.12%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                       | Axalta Coating Systems LLC                                      | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9007000 | PA      | $9006546.95   | 0.13%             | 2027-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems Dutch Holding B BV        | Axalta Coating Systems Dutch Holding B BV                       | CUSIP: 05455JAA5<br>LEI: 5493007DMEBZH3CQ5E51 | Long             | DBT              | CORP              | NL        |     3886000 | PA      | $4107237.75   | 0.06%             | 2031-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Axon Enterprise, Inc.                            | Axon Enterprise, Inc.                                           | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     1213000 | PA      | $1250324.01   | 0.02%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| BWX Technologies, Inc.                           | BWX Technologies, Inc.                                          | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     8764000 | PA      | $8598067.68   | 0.13%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| BWX Technologies, Inc.                           | BWX Technologies, Inc.                                          | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     8384000 | PA      | $8227682.00   | 0.12%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Bausch + Lomb Corp.                              | Bausch + Lomb Corp.                                             | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |     2820000 | PA      | $2939850.00   | 0.04%             | 2028-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     8364000 | PA      | $6147540.00   | 0.09%             | 2030-01-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     5676000 | PA      | $4651364.90   | 0.07%             | 2029-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 071734AL1<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     8395000 | PA      | $5666625.00   | 0.08%             | 2031-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 071734AM9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    10680000 | PA      | $8491583.63   | 0.12%             | 2029-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    17996000 | PA      | $16286296.68  | 0.24%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                              | Baytex Energy Corp.                                             | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |    14200000 | PA      | $14977192.84  | 0.22%             | 2030-04-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                              | Baytex Energy Corp.                                             | CUSIP: 07317QAK1<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |     4953000 | PA      | $5031787.37   | 0.07%             | 2032-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Big River Steel LLC                              | Big River Steel LLC                                             | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10979000 | PA      | $11002868.35  | 0.16%             | 2029-01-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                         | Blue Racer Midstream LLC                                        | CUSIP: 095796AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3776000 | PA      | $3787569.66   | 0.06%             | 2026-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                         | Blue Racer Midstream LLC                                        | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3933000 | PA      | $4101918.42   | 0.06%             | 2029-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                         | Blue Racer Midstream LLC                                        | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2394000 | PA      | $2545535.41   | 0.04%             | 2032-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                 | Bombardier, Inc.                                                | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      784000 | PA      | $786319.07    | 0.01%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                 | Bombardier, Inc.                                                | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     7145000 | PA      | $7713699.13   | 0.11%             | 2030-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                 | Bombardier, Inc.                                                | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     5102000 | PA      | $5434512.65   | 0.08%             | 2031-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                 | Bombardier, Inc.                                                | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     3920000 | PA      | $4130225.68   | 0.06%             | 2032-06-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                 | Bombardier, Inc.                                                | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     3199000 | PA      | $3373642.21   | 0.05%             | 2033-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Boyne USA, Inc.                                  | Boyne USA, Inc.                                                 | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    12862000 | PA      | $12657330.85  | 0.18%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Brink's Co. (The)                                | Brink's Co. (The)                                               | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    14553000 | PA      | $14508534.76  | 0.21%             | 2027-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Brink's Co. (The)                                | Brink's Co. (The)                                               | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     2569000 | PA      | $2652654.35   | 0.04%             | 2029-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                              | Buckeye Partners LP                                             | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     3138000 | PA      | $3103688.79   | 0.05%             | 2027-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                              | Buckeye Partners LP                                             | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     8136000 | PA      | $8092784.01   | 0.12%             | 2028-03-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                              | Buckeye Partners LP                                             | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     8082000 | PA      | $8464763.52   | 0.12%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                       | Builders FirstSource, Inc.                                      | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     2418000 | PA      | $2407838.36   | 0.04%             | 2030-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                       | Builders FirstSource, Inc.                                      | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     9419000 | PA      | $8952349.77   | 0.13%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                       | Builders FirstSource, Inc.                                      | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     6517000 | PA      | $6787390.33   | 0.10%             | 2032-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                       | Builders FirstSource, Inc.                                      | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     4200000 | PA      | $4368491.40   | 0.06%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                       | Builders FirstSource, Inc.                                      | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     3261000 | PA      | $3439353.87   | 0.05%             | 2035-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPBR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    14140000 | PA      | $14133706.29  | 0.21%             | 2026-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    24162000 | PA      | $24127921.92  | 0.35%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    53834000 | PA      | $53384443.03  | 0.78%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11015000 | PA      | $10907687.46  | 0.16%             | 2029-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    66335000 | PA      | $63182568.43  | 0.92%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    41934000 | PA      | $39237325.10  | 0.57%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    45651000 | PA      | $42055139.21  | 0.61%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8108000 | PA      | $7304240.18   | 0.11%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6000000 | PA      | $6086616.00   | 0.09%             | 2029-09-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Churchill Downs, Inc.                            | Churchill Downs, Inc.                                           | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     2813000 | PA      | $2834783.87   | 0.04%             | 2030-04-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CD&R Smokey Buyer, Inc.                          | CD&R Smokey Buyer, Inc.                                         | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8169000 | PA      | $5528742.44   | 0.08%             | 2029-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                  | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     5331000 | PA      | $5330564.99   | 0.08%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                  | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    20398000 | PA      | $18248854.48  | 0.27%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                  | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     3972000 | PA      | $3300405.50   | 0.05%             | 2030-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                  | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    16075000 | PA      | $15185978.23  | 0.22%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                  | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    11350000 | PA      | $12259418.75  | 0.18%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     2346000 | PA      | $1700430.54   | 0.02%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    25584000 | PA      | $16067926.31  | 0.23%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    20873000 | PA      | $7710732.50   | 0.11%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      505000 | PA      | $288029.96    | 0.00%             | 2030-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     2430000 | PA      | $867846.56    | 0.01%             | 2030-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      210000 | PA      | $116621.04    | 0.00%             | 2031-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    23166000 | PA      | $13097720.49  | 0.19%             | 2031-11-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     3256000 | PA      | $2525616.03   | 0.04%             | 2028-05-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                              | CNX Resources Corp.                                             | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     4113000 | PA      | $4128436.09   | 0.06%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                              | CNX Resources Corp.                                             | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     3300000 | PA      | $3425726.70   | 0.05%             | 2031-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CNX Midstream Partners LP                        | CNX Midstream Partners LP                                       | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1780000 | PA      | $1707254.43   | 0.02%             | 2030-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CVR Partners LP                                  | CVR Partners LP                                                 | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2169000 | PA      | $2163150.86   | 0.03%             | 2028-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                      | Caesars Entertainment, Inc.                                     | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     5386000 | PA      | $5097359.95   | 0.07%             | 2029-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                      | Caesars Entertainment, Inc.                                     | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    10547000 | PA      | $10918286.04  | 0.16%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                      | Caesars Entertainment, Inc.                                     | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    16341000 | PA      | $16621280.83  | 0.24%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                    | Calpine Corp.                                                   | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     2564000 | PA      | $2545144.60   | 0.04%             | 2029-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                    | Calpine Corp.                                                   | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |      880000 | PA      | $881896.40    | 0.01%             | 2031-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                  | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     3055000 | PA      | $3002364.79   | 0.04%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                  | CUSIP: 143658BW1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     3196000 | PA      | $3355266.27   | 0.05%             | 2029-08-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                  | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    17396000 | PA      | $17919428.24  | 0.26%             | 2033-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                  | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      590000 | PA      | $607494.09    | 0.01%             | 2031-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                  | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    15857000 | PA      | $16255216.84  | 0.24%             | 2032-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                    | Six Flags Entertainment Corp.                                   | CUSIP: 150190AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1045000 | PA      | $1036475.20   | 0.02%             | 2027-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                    | Six Flags Entertainment Corp.                                   | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7301000 | PA      | $6772979.27   | 0.10%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Co.                         | Central Garden & Pet Co.                                        | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     3062000 | PA      | $3058929.43   | 0.04%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Co.                         | Central Garden & Pet Co.                                        | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |    14929000 | PA      | $14308565.69  | 0.21%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Co.                         | Central Garden & Pet Co.                                        | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     1046000 | PA      | $987464.17    | 0.01%             | 2031-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Chart Industries, Inc.                           | Chart Industries, Inc.                                          | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    12043000 | PA      | $12548071.38  | 0.18%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Chart Industries, Inc.                           | Chart Industries, Inc.                                          | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     1085000 | PA      | $1158367.70   | 0.02%             | 2031-01-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                               | Chemours Co. (The)                                              | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    22275000 | PA      | $21618961.16  | 0.32%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                               | Chemours Co. (The)                                              | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |      646000 | PA      | $577068.63    | 0.01%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                               | Chemours Co. (The)                                              | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     3660000 | PA      | $3560775.57   | 0.05%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Cinemark USA, Inc.                               | Cinemark USA, Inc.                                              | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     3985000 | PA      | $3974619.08   | 0.06%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Cinemark USA, Inc.                               | Cinemark USA, Inc.                                              | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     2638000 | PA      | $2749592.68   | 0.04%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Cipher Compute LLC                               | Cipher Compute LLC                                              | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4511000 | PA      | $4582904.48   | 0.07%             | 2030-11-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                  | Citigroup, Inc., Series T                                       | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     9565000 | PA      | $9621796.97   | 0.14%             | 2026-08-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Civitas Resources, Inc.                          | Civitas Resources, Inc.                                         | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     7735000 | PA      | $7977438.11   | 0.12%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                          | Civitas Resources, Inc.                                         | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     9806000 | PA      | $10211409.46  | 0.15%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                          | Civitas Resources, Inc.                                         | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     5950000 | PA      | $6232976.05   | 0.09%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                          | Civitas Resources, Inc.                                         | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     3215000 | PA      | $3467290.70   | 0.05%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                | Clarios Global LP                                               | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7098000 | PA      | $7281178.09   | 0.11%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                | Clarios Global LP                                               | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5447000 | PA      | $5662047.56   | 0.08%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                | Clarios Global LP                                               | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10851000 | PA      | $11161067.33  | 0.16%             | 2032-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                 | Clarivate Science Holdings Corp.                                | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5135000 | PA      | $4972698.57   | 0.07%             | 2028-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                 | Clarivate Science Holdings Corp.                                | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5562000 | PA      | $5256727.96   | 0.08%             | 2029-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Clean Harbors, Inc.                              | Clean Harbors, Inc.                                             | CUSIP: 184496AR8<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     5500000 | PA      | $5621363.00   | 0.08%             | 2033-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                            | CUSIP: 18453H106<br>LEI: 254900XBEE6V1ENYS150 | Long             | EC               | CORP              | US        |     2311572 | NS      | $4600028.28   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                            | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    17199000 | PA      | $17204022.11  | 0.25%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                            | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    16853000 | PA      | $16669984.85  | 0.24%             | 2029-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                            | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    17689000 | PA      | $18410835.02  | 0.27%             | 2031-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                            | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    11973000 | PA      | $12584413.22  | 0.18%             | 2033-03-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                           | Cleveland-Cliffs, Inc.                                          | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     7432000 | PA      | $7260563.83   | 0.11%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                           | Cleveland-Cliffs, Inc.                                          | CUSIP: 185899AN1<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     5494000 | PA      | $5612555.03   | 0.08%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                           | Cleveland-Cliffs, Inc.                                          | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     6487000 | PA      | $6674169.41   | 0.10%             | 2029-11-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                           | Cleveland-Cliffs, Inc.                                          | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     4573000 | PA      | $4782630.89   | 0.07%             | 2031-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                           | Cleveland-Cliffs, Inc.                                          | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     9050000 | PA      | $9390506.25   | 0.14%             | 2034-01-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.            | Clydesdale Acquisition Holdings, Inc.                           | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    13105000 | PA      | $13223128.47  | 0.19%             | 2032-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Coinbase Global, Inc.                            | Coinbase Global, Inc.                                           | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |     1567000 | PA      | $1481868.34   | 0.02%             | 2028-10-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                  | Permian Resources Operating LLC                                 | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     1285000 | PA      | $1289146.70   | 0.02%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Commercial Metals Co.                            | Commercial Metals Co.                                           | CUSIP: 201723AS2<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     5408000 | PA      | $5530376.98   | 0.08%             | 2033-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                    | CommScope LLC                                                   | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    13828000 | PA      | $13804077.56  | 0.20%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CommScope Technologies LLC                       | CommScope Technologies LLC                                      | CUSIP: 20338HAB9<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |    10084000 | PA      | $10071056.18  | 0.15%             | 2027-03-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                    | CommScope LLC                                                   | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     3045000 | PA      | $3089030.70   | 0.05%             | 2031-12-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                    | CommScope LLC                                                   | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    13845000 | PA      | $13875320.55  | 0.20%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Compass Minerals International, Inc.             | Compass Minerals International, Inc.                            | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     2734000 | PA      | $2846244.37   | 0.04%             | 2030-07-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                         | Comstock Resources, Inc.                                        | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    18273000 | PA      | $18328403.74  | 0.27%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                         | Comstock Resources, Inc.                                        | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     7799000 | PA      | $7577498.26   | 0.11%             | 2030-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Concentra Health Services, Inc.                  | Concentra Health Services, Inc.                                 | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |     2566000 | PA      | $2686540.42   | 0.04%             | 2032-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Conduent Business Services LLC                   | Conduent Business Services LLC                                  | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9530000 | PA      | $8325740.60   | 0.12%             | 2029-11-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Connect Finco SARL                               | Connect Finco SARL                                              | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7490000 | PA      | $7954387.49   | 0.12%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Connect Holding II LLC                           | Connect Holding II LLC                                          | CUSIP: 20753PAD3<br>LEI: 254900LCX7S2QHYUOI31 | Long             | DBT              | CORP              | US        |     7170000 | PA      | $6796344.84   | 0.10%             | 2031-04-03      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                 | Cooper-Standard Automotive, Inc.                                | CUSIP: 216762AH7<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |    57666381 | PA      | $60450456.21  | 0.88%             | 2027-03-31      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                 | Cooper-Standard Automotive, Inc.                                | CUSIP: 216762AJ3<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |    32735437 | PA      | $32131314.33  | 0.47%             | 2027-05-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| CoreCivic, Inc.                                  | CoreCivic, Inc.                                                 | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    11987000 | PA      | $12628580.20  | 0.18%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                  | CoreWeave, Inc.                                                 | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     8785000 | PA      | $8105088.18   | 0.12%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| CoreWeave, Inc.                                  | CoreWeave, Inc.                                                 | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    11093000 | PA      | $10037990.25  | 0.15%             | 2031-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Coty, Inc.                                       | Coty, Inc.                                                      | CUSIP: 222070AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6131000 | PA      | $6045723.92   | 0.09%             | 2029-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                               | Energy Transfer LP                                              | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     2720000 | PA      | $2830589.00   | 0.04%             | 2031-02-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| DT Midstream, Inc.                               | DT Midstream, Inc.                                              | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7517000 | PA      | $7379863.76   | 0.11%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| DT Midstream, Inc.                               | DT Midstream, Inc.                                              | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3221000 | PA      | $3150433.72   | 0.05%             | 2031-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                       | Dana, Inc.                                                      | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     8325000 | PA      | $8341516.80   | 0.12%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                     | DaVita, Inc.                                                    | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    11340000 | PA      | $10999093.52  | 0.16%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| DaVita, Inc.                                     | DaVita, Inc.                                                    | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    19091000 | PA      | $17703231.30  | 0.26%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| DaVita, Inc.                                     | DaVita, Inc.                                                    | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     4210000 | PA      | $4380622.88   | 0.06%             | 2032-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Diamond Foreign Asset Co.                        | Diamond Foreign Asset Co.                                       | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     9332000 | PA      | $9926607.04   | 0.14%             | 2030-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Diebold Nixdorf, Inc.                            | Diebold Nixdorf, Inc.                                           | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     6376000 | PA      | $6769526.72   | 0.10%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Directv Financing LLC                            | Directv Financing LLC                                           | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9202000 | PA      | $9204714.59   | 0.13%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Discovery Communications LLC                     | Discovery Communications LLC                                    | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     2985000 | PA      | $2539041.00   | 0.04%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISH Network Corp.                               | DISH Network Corp.                                              | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    35363000 | PA      | $36926398.23  | 0.54%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                  | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    31583000 | PA      | $30920079.15  | 0.45%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                  | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2455000 | PA      | $2288550.26   | 0.03%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                  | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    37841000 | PA      | $36968106.52  | 0.54%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                  | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6717000 | PA      | $6490907.12   | 0.09%             | 2028-12-01      | Fixed         | 5.75%                 | 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        |    10418000 | PA      | $8770602.70   | 0.13%             | 2029-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Dycom Industries, Inc.                           | Dycom Industries, Inc.                                          | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |     9186000 | PA      | $9063285.14   | 0.13%             | 2029-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                | EMRLD Borrower LP                                               | CUSIP: 26873CAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4407000 | PA      | $4612776.05   | 0.07%             | 2031-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| EQT Corp.                                        | EQT Corp.                                                       | CUSIP: 26884LAX7<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     6959000 | PA      | $6964669.01   | 0.10%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EQT Corp.                                        | EQT Corp.                                                       | CUSIP: 26884LBB4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     2878000 | PA      | $3177051.77   | 0.05%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EQT Corp.                                        | EQT Corp.                                                       | CUSIP: 26884LBD0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     7863000 | PA      | $7916427.04   | 0.12%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EQT Corp.                                        | EQT Corp.                                                       | CUSIP: 26884LBH1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     4440000 | PA      | $4509932.75   | 0.07%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                  | Permian Resources Operating LLC                                 | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     3257000 | PA      | $3298653.77   | 0.05%             | 2027-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                  | Permian Resources Operating LLC                                 | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    15607000 | PA      | $16816324.00  | 0.25%             | 2031-07-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| EchoStar Corp.                                   | EchoStar Corp.                                                  | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    15800431 | PA      | $16409379.61  | 0.24%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                   | EchoStar Corp.                                                  | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     3719110 | PA      | $8773663.63   | 0.13%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                   | EchoStar Corp.                                                  | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     9185000 | PA      | $10126462.50  | 0.15%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                       | Edgewell Personal Care Co.                                      | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    10240000 | PA      | $10218523.65  | 0.15%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                       | Edgewell Personal Care Co.                                      | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |     4712000 | PA      | $4440351.79   | 0.06%             | 2029-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Elanco Animal Health, Inc.                       | Elanco Animal Health, Inc.                                      | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |     2996000 | PA      | $3140203.47   | 0.05%             | 2028-08-28      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Element Solutions, Inc.                          | Element Solutions, Inc.                                         | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |     7630000 | PA      | $7460771.18   | 0.11%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Embarq LLC                                       | Embarq LLC                                                      | CUSIP: 29078EAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11178000 | PA      | $4418886.96   | 0.06%             | 2036-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Emergent BioSolutions, Inc.                      | Emergent BioSolutions, Inc.                                     | CUSIP: 29089QAC9<br>LEI: 549300YW6TUOX8BE5103 | Long             | DBT              | CORP              | US        |     3375000 | PA      | $3012019.09   | 0.04%             | 2028-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                | EMRLD Borrower LP                                               | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    28820000 | PA      | $29867693.46  | 0.44%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                           | Encompass Health Corp.                                          | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    19829000 | PA      | $19792419.46  | 0.29%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                           | Encompass Health Corp.                                          | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |     1317000 | PA      | $1312157.52   | 0.02%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                           | Encompass Health Corp.                                          | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |     3872000 | PA      | $3818239.22   | 0.06%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                         | Energizer Holdings, Inc.                                        | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    18011000 | PA      | $17786914.34  | 0.26%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                         | Energizer Holdings, Inc.                                        | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    14791000 | PA      | $14071493.28  | 0.21%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Endo GUC Trust                                   | Endo GUC Trust                                                  | CUSIP: 29281F105<br>LEI: N/A                  | Long             |  | PF                | US        |      750667 | NS      | $431633.53    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Endo Finance Holdings, Inc.                      | Endo Finance Holdings, Inc.                                     | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2236000 | PA      | $2326057.14   | 0.03%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| GCB144A Endo                                     | GCB Endo                                                        | CUSIP: 292ESCB09<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     7570000 | PA      | $0.08         | 0.00%             | 2029-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| EndoDesign                                       | EndoDesign                                                      | CUSIP: 292ESCB17<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     5067000 | PA      | $0.05         | 0.00%             | 2024-10-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Enpro, Inc.                                      | Enpro, Inc.                                                     | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |     3223000 | PA      | $3329365.45   | 0.05%             | 2033-06-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                   | Entegris, Inc.                                                  | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     4379000 | PA      | $4336468.96   | 0.06%             | 2028-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                   | Entegris, Inc.                                                  | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     6183000 | PA      | $5899140.94   | 0.09%             | 2029-05-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                   | Entegris, Inc.                                                  | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    11766000 | PA      | $11742997.47  | 0.17%             | 2029-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                   | Entegris, Inc.                                                  | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    22776000 | PA      | $23316132.84  | 0.34%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                         | EquipmentShare.com, Inc.                                        | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    13502000 | PA      | $13780897.31  | 0.20%             | 2028-05-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                         | EquipmentShare.com, Inc.                                        | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     4127000 | PA      | $4244458.55   | 0.06%             | 2032-05-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                         | EquipmentShare.com, Inc.                                        | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     3298000 | PA      | $3361753.64   | 0.05%             | 2033-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Esab Corp.                                       | Esab Corp.                                                      | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     5354000 | PA      | $5515664.03   | 0.08%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Fair Isaac Corp.                                 | Fair Isaac Corp.                                                | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     4737000 | PA      | $4868925.45   | 0.07%             | 2033-05-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Forvia SE                                        | Forvia SE                                                       | CUSIP: 31209DAC9<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |     2146000 | PA      | $2184675.21   | 0.03%             | 2033-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397A45<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    14888000 | PA      | $14818322.52  | 0.22%             | 2027-01-09      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    18815000 | PA      | $18623615.70  | 0.27%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     8744000 | PA      | $8238093.32   | 0.12%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     3018000 | PA      | $3031395.82   | 0.04%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397C50<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     2800000 | PA      | $2814788.26   | 0.04%             | 2026-03-06      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2083151.42   | 0.03%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     4083000 | PA      | $4124845.81   | 0.06%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397D42<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     2281000 | PA      | $2449322.13   | 0.04%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2093939.74   | 0.03%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397D67<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     2073000 | PA      | $2234074.75   | 0.03%             | 2033-11-07      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397H48<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     3202000 | PA      | $3258711.13   | 0.05%             | 2030-09-05      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397XU2<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    10387000 | PA      | $10385154.65  | 0.15%             | 2026-01-08      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397YT4<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    10200000 | PA      | $10010968.09  | 0.15%             | 2027-11-02      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    18205000 | PA      | $18178553.05  | 0.27%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                            | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9321000 | PA      | $9333591.65   | 0.14%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                            | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    20038000 | PA      | $20108613.91  | 0.29%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                            | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2191000 | PA      | $2211551.58   | 0.03%             | 2029-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                            | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1699708 | PA      | $1724744.70   | 0.03%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                            | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1741000 | PA      | $1767592.03   | 0.03%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                            | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6506000 | PA      | $6801678.18   | 0.10%             | 2030-05-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Parent, Inc.             | Frontier Communications Parent, Inc.                            | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      170131 | NS      | $6451367.52   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group, Inc. (The)                            | GEO Group, Inc. (The)                                           | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     8011000 | PA      | $8441591.25   | 0.12%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GEO Group, Inc. (The)                            | GEO Group, Inc. (The)                                           | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     1611000 | PA      | $1767746.95   | 0.03%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| GCI LLC                                          | GCI LLC                                                         | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |    19110000 | PA      | $18518384.98  | 0.27%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                          | GFL Environmental, Inc.                                         | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |     8070000 | PA      | $7912009.58   | 0.12%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                          | GFL Environmental, Inc.                                         | CUSIP: 36168QAN4<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    12820000 | PA      | $12805490.32  | 0.19%             | 2029-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                          | GFL Environmental, Inc.                                         | CUSIP: 36168QAP9<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |     5168000 | PA      | $5093666.07   | 0.07%             | 2029-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                          | GFL Environmental, Inc.                                         | CUSIP: 36168QAQ7<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |     9194000 | PA      | $9652072.66   | 0.14%             | 2031-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                         | Boost Newco Borrower LLC                                        | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |      500000 | PA      | $530975.00    | 0.01%             | 2031-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Gap, Inc. (The)                                  | Gap, Inc. (The)                                                 | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     5311000 | PA      | $5037892.98   | 0.07%             | 2029-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                       | Garda World Security Corp.                                      | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     8025000 | PA      | $7879192.97   | 0.12%             | 2029-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                       | Garda World Security Corp.                                      | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     6803000 | PA      | $6954149.05   | 0.10%             | 2032-08-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                       | Garda World Security Corp.                                      | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     3328000 | PA      | $3411962.11   | 0.05%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                       | Garda World Security Corp.                                      | CUSIP: 36485MAQ2<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     4508000 | PA      | $4628243.42   | 0.07%             | 2031-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Gates Corp.                                      | Gates Corp.                                                     | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |     2026000 | PA      | $2111331.07   | 0.03%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                | Genesis Energy LP                                               | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4106000 | PA      | $4133571.79   | 0.06%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP                                | Genesis Energy LP                                               | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4082000 | PA      | $4312359.51   | 0.06%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP                                | Genesis Energy LP                                               | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1686000 | PA      | $1760970.89   | 0.03%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP                                | Genesis Energy LP                                               | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3026000 | PA      | $3121415.83   | 0.05%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Wrangler Holdco Corp.                            | Wrangler Holdco Corp.                                           | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7306000 | PA      | $7667946.55   | 0.11%             | 2032-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Global Medical Response, Inc.                    | Global Medical Response, Inc.                                   | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |     4402000 | PA      | $4637950.28   | 0.07%             | 2032-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.            | Global Infrastructure Solutions, Inc.                           | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |     7648000 | PA      | $7673704.93   | 0.11%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.            | Global Infrastructure Solutions, Inc.                           | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |     7813000 | PA      | $8212775.58   | 0.12%             | 2032-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Goat Holdco LLC                                  | Goat Holdco LLC                                                 | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2700000 | PA      | $2769120.00   | 0.04%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                 | Goodyear Tire & Rubber Co. (The)                                | CUSIP: 382550BJ9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     3334000 | PA      | $3182352.68   | 0.05%             | 2031-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                 | Goodyear Tire & Rubber Co. (The)                                | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     4039000 | PA      | $3924031.88   | 0.06%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                 | Goodyear Tire & Rubber Co. (The)                                | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     4657000 | PA      | $4399905.66   | 0.06%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                 | Goodyear Tire & Rubber Co. (The)                                | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     2832000 | PA      | $2877849.46   | 0.04%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Graham Packaging Co., Inc.                       | Graham Packaging Co., Inc.                                      | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |     4398000 | PA      | $4387987.07   | 0.06%             | 2028-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                 | Gray Media, Inc.                                                | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     8317000 | PA      | $6254838.11   | 0.09%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                 | Gray Media, Inc.                                                | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    16853000 | PA      | $13004732.05  | 0.19%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                 | Gray Media, Inc.                                                | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    18594000 | PA      | $20038902.55  | 0.29%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                 | Gray Media, Inc.                                                | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    16994000 | PA      | $17023399.62  | 0.25%             | 2033-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Griffon Corp.                                    | Griffon Corp.                                                   | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |    15190000 | PA      | $15208531.80  | 0.22%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Grifols SA                                       | Grifols SA                                                      | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |     7780000 | PA      | $7606166.01   | 0.11%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                         | Group 1 Automotive, Inc.                                        | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     2874000 | PA      | $2952425.71   | 0.04%             | 2030-01-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Gulfport Energy Corp.                            | Gulfport Energy Corp.                                           | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |       22532 | NS      | $5013144.68   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Operating Corp.                  | Gulfport Energy Operating Corp.                                 | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |     7996000 | PA      | $8254224.66   | 0.12%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Hanesbrands, Inc.                                | Hanesbrands, Inc.                                               | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |     4865000 | PA      | $5124980.74   | 0.07%             | 2031-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Harvest Midstream I LP                           | Harvest Midstream I LP                                          | CUSIP: 417558AB9<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |     3860000 | PA      | $4011037.94   | 0.06%             | 2032-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings, Inc.                              | Herc Holdings, Inc.                                             | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     4010000 | PA      | $4009473.09   | 0.06%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings, Inc.                              | Herc Holdings, Inc.                                             | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     5375000 | PA      | $5574391.00   | 0.08%             | 2029-06-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings, Inc.                              | Herc Holdings, Inc.                                             | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     4005000 | PA      | $4204176.66   | 0.06%             | 2030-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The)                                               | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    12934000 | PA      | $12596625.66  | 0.18%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The)                                               | CUSIP: 428040DB2<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    17573000 | PA      | $12094380.01  | 0.18%             | 2029-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The)                                               | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    11303000 | PA      | $11292671.32  | 0.16%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                     | Hess Midstream Operations LP                                    | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5477000 | PA      | $5341872.55   | 0.08%             | 2030-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                     | Hess Midstream Operations LP                                    | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4561000 | PA      | $4719627.02   | 0.07%             | 2029-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                     | Hess Midstream Operations LP                                    | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1955000 | PA      | $1987898.74   | 0.03%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                     | Hess Midstream Operations LP                                    | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3790000 | PA      | $3790739.05   | 0.06%             | 2028-06-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The), Escrow                                       | CUSIP: 428ESCAB3<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     6563000 | PA      | $344557.50    | 0.01%             | 2024-10-15      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The), Escrow                                       | CUSIP: 428ESCAC1<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    22954000 | PA      | $3902180.00   | 0.06%             | 2026-08-01      | Fixed         | 7.12%                 | No            |                  3 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The), Escrow                                       | CUSIP: 428ESCAD9<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    20858000 | PA      | $3337280.00   | 0.05%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| Hilcorp Energy I LP                              | Hilcorp Energy I LP                                             | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      233000 | PA      | $234083.45    | 0.00%             | 2028-11-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                              | Hilcorp Energy I LP                                             | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1643000 | PA      | $1613730.28   | 0.02%             | 2029-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                              | Hilcorp Energy I LP                                             | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3597000 | PA      | $3478910.06   | 0.05%             | 2030-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                              | Hilcorp Energy I LP                                             | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2457000 | PA      | $2312227.66   | 0.03%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Hillenbrand, Inc.                                | Hillenbrand, Inc.                                               | CUSIP: 431571AF5<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |     2010000 | PA      | $2058173.67   | 0.03%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                             | CUSIP: 432833AF8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     5695000 | PA      | $5707472.05   | 0.08%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                             | CUSIP: 432833AH4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     9612000 | PA      | $9639461.48   | 0.14%             | 2028-05-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                             | CUSIP: 432833AJ0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     1512000 | PA      | $1466960.70   | 0.02%             | 2029-05-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                             | CUSIP: 432833AP6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     2722000 | PA      | $2787768.96   | 0.04%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                             | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     6609000 | PA      | $6853803.97   | 0.10%             | 2032-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                             | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     8764000 | PA      | $9036954.78   | 0.13%             | 2033-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                             | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     9697000 | PA      | $9939328.03   | 0.15%             | 2033-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Hilton Worldwide Finance LLC                     | Hilton Worldwide Finance LLC                                    | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8206000 | PA      | $8204801.10   | 0.12%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Hologic, Inc.                                    | Hologic, Inc.                                                   | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |      470000 | PA      | $470397.15    | 0.01%             | 2028-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hologic, Inc.                                    | Hologic, Inc.                                                   | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     5217000 | PA      | $5154215.49   | 0.08%             | 2029-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Howard Midstream Energy Partners LLC             | Howard Midstream Energy Partners LLC                            | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8333000 | PA      | $8795376.17   | 0.13%             | 2032-07-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Howard Midstream Energy Partners LLC             | Howard Midstream Energy Partners LLC                            | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3927000 | PA      | $4025759.73   | 0.06%             | 2034-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Hughes Satellite Systems Corp.                   | Hughes Satellite Systems Corp.                                  | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      680000 | PA      | $592384.72    | 0.01%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                             | IHO Verwaltungs GmbH                                            | CUSIP: 44963BAF5<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     4548000 | PA      | $4739034.19   | 0.07%             | 2030-11-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                             | IHO Verwaltungs GmbH                                            | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     1642000 | PA      | $1710583.06   | 0.02%             | 2032-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance plc                                | INEOS Finance plc                                               | CUSIP: 44984WAH0<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     1683000 | PA      | $1577902.71   | 0.02%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| INEOS Finance plc                                | INEOS Finance plc                                               | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     5340000 | PA      | $4792723.69   | 0.07%             | 2029-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                      | IQVIA, Inc.                                                     | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    23369000 | PA      | $23353529.72  | 0.34%             | 2026-10-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                       | iHeartCommunications, Inc.                                      | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    25116578 | PA      | $23240871.95  | 0.34%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                       | iHeartCommunications, Inc.                                      | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    25835730 | PA      | $21261141.71  | 0.31%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                       | iHeartCommunications, Inc.                                      | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     1046644 | PA      | $893536.97    | 0.01%             | 2030-08-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| iHeartMedia, Inc.                                | iHeartMedia, Inc., Class A                                      | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      273140 | NS      | $1073440.20   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Imola Merger Corp.                               | Imola Merger Corp.                                              | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    25307000 | PA      | $24996898.14  | 0.37%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Incora Top Holdco LLC                            | Incora Top Holdco LLC                                           | CUSIP: 45338U101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        9356 | NS      | $273943.68    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Incora Intermediate II LLC                       | Incora Intermediate LLC                                         | CUSIP: 45338XAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    25321733 | PA      | $25321733.00  | 0.37%             | 2030-01-31      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Crescent Energy Finance LLC                      | Crescent Energy Finance LLC                                     | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    12648000 | PA      | $13078803.53  | 0.19%             | 2028-02-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                      | Crescent Energy Finance LLC                                     | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    11536000 | PA      | $11232155.72  | 0.16%             | 2032-04-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                      | Crescent Energy Finance LLC                                     | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     8381000 | PA      | $7941222.87   | 0.12%             | 2033-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                      | Crescent Energy Finance LLC                                     | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     6078000 | PA      | $5994123.60   | 0.09%             | 2034-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                      | INEOS Quattro Finance 2 plc                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |     4702000 | PA      | $3999051.00   | 0.06%             | 2029-03-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Insight Enterprises, Inc.                        | Insight Enterprises, Inc.                                       | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     2082000 | PA      | $2131468.32   | 0.03%             | 2032-05-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Interface, Inc.                                  | Interface, Inc.                                                 | CUSIP: 458665AS5<br>LEI: 549300VXZWQOIDFPU355 | Long             | DBT              | CORP              | US        |     7100000 | PA      | $7091125.00   | 0.10%             | 2028-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ION Platform Finance US, Inc.                    | ION Platform Finance US, Inc.                                   | CUSIP: 46205QAB4<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | US        |     7226000 | PA      | $6885054.92   | 0.10%             | 2032-09-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                      | IQVIA, Inc.                                                     | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    13039000 | PA      | $13024216.38  | 0.19%             | 2027-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                      | IQVIA, Inc.                                                     | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    15605000 | PA      | $16322283.83  | 0.24%             | 2032-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                             | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     3515000 | PA      | $3502611.38   | 0.05%             | 2027-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                             | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     6647000 | PA      | $6567205.42   | 0.10%             | 2029-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                             | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     4538000 | PA      | $4514857.11   | 0.07%             | 2028-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                             | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    15543000 | PA      | $15407536.54  | 0.23%             | 2030-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                             | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      872000 | PA      | $891605.25    | 0.01%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| iShares iBoxx $ High Yield Corporate Bond ETF    | iShares iBoxx $ High Yield Corporate Bond ETF                   | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             |  | RF                | US        |      200000 | NS      | $16198000.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Broad USD High Yield Corporate Bond ETF  | iShares Broad USD High Yield Corporate Bond ETF                 | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             |  | RF                | US        |     2409500 | NS      | $90693580.00  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| JH North America Holdings, Inc.                  | JH North America Holdings, Inc.                                 | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     2934000 | PA      | $2973538.58   | 0.04%             | 2031-01-31      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| JH North America Holdings, Inc.                  | JH North America Holdings, Inc.                                 | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     4401000 | PA      | $4511385.88   | 0.07%             | 2032-07-31      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods Backstop Equity                      | Moran Foods Backstop Equity                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        | 95914057217 | NS      | $95914.06     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JELD-WEN, Inc.                                   | JELD-WEN, Inc.                                                  | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    16921000 | PA      | $14531869.86  | 0.21%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                   | JELD-WEN, Inc.                                                  | CUSIP: 47580PAA1<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |     4115000 | PA      | $2798164.28   | 0.04%             | 2032-09-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp.                            | JetBlue Airways Corp.                                           | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    12696000 | PA      | $12540469.68  | 0.18%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund       | JPMorgan U.S. Government Money Market Fund, Class Institutional | CUSIP: 4812C2684<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |   412079170 | NS      | $412079170.39 | 6.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson, Inc.                             | Kennedy-Wilson, Inc.                                            | CUSIP: 489399AM7<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |       90000 | PA      | $86350.50     | 0.00%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kinetik Holdings LP                              | Kinetik Holdings LP                                             | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     3962000 | PA      | $3993581.10   | 0.06%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Kinetik Holdings LP                              | Kinetik Holdings LP                                             | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     3980000 | PA      | $4094361.52   | 0.06%             | 2028-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Kioxia Holdings Corp.                            | Kioxia Holdings Corp.                                           | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |    12966000 | PA      | $13342156.63  | 0.19%             | 2030-07-24      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Knife River Corp.                                | Knife River Corp.                                               | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10555000 | PA      | $11101041.82  | 0.16%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                          | Kodiak Gas Services LLC                                         | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     6071000 | PA      | $6329703.52   | 0.09%             | 2029-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                          | Kodiak Gas Services LLC                                         | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     2767000 | PA      | $2822489.42   | 0.04%             | 2033-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                       | LABL, Inc.                                                      | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |      388000 | PA      | $236958.12    | 0.00%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                          | Bath & Body Works, Inc.                                         | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      336000 | PA      | $336330.96    | 0.00%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                          | Bath & Body Works, Inc.                                         | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     2580000 | PA      | $2552339.05   | 0.04%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                          | Bath & Body Works, Inc.                                         | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     4928000 | PA      | $5007621.70   | 0.07%             | 2030-10-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                       | Lamb Weston Holdings, Inc.                                      | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     9540000 | PA      | $9255026.84   | 0.14%             | 2030-01-31      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                       | Lamb Weston Holdings, Inc.                                      | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |       75000 | PA      | $71785.06     | 0.00%             | 2032-01-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Vital Energy, Inc.                               | Vital Energy, Inc.                                              | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    11694000 | PA      | $11332806.25  | 0.17%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                          | Level 3 Financing, Inc.                                         | CUSIP: 527298CD3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     7105000 | PA      | $6545481.25   | 0.10%             | 2030-04-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                          | Level 3 Financing, Inc.                                         | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     4861000 | PA      | $4349476.97   | 0.06%             | 2030-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                          | Level 3 Financing, Inc.                                         | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    11659000 | PA      | $11873374.03  | 0.17%             | 2033-06-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                          | Level 3 Financing, Inc.                                         | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    10698930 | PA      | $10958272.06  | 0.16%             | 2034-03-31      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Liberty Interactive LLC                          | Liberty Interactive LLC                                         | CUSIP: 530715AG6<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |     2570000 | PA      | $154200.00    | 0.00%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Liberty Interactive LLC                          | Liberty Interactive LLC                                         | CUSIP: 530715AJ0<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |     1784000 | PA      | $98120.00     | 0.00%             | 2030-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Liberty Interactive LLC                          | Liberty Interactive LLC                                         | CUSIP: 530715AL5<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |     4448000 | PA      | $266880.00    | 0.00%             | 2030-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Lithia Motors, Inc.                              | Lithia Motors, Inc.                                             | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     2635000 | PA      | $2631976.07   | 0.04%             | 2027-12-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Lithia Motors, Inc.                              | Lithia Motors, Inc.                                             | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     7614000 | PA      | $7335435.72   | 0.11%             | 2029-06-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Lithia Motors, Inc.                              | Lithia Motors, Inc.                                             | CUSIP: 536797AJ2<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     2568000 | PA      | $2580832.99   | 0.04%             | 2030-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                  | Live Nation Entertainment, Inc.                                 | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    25861000 | PA      | $25817018.20  | 0.38%             | 2027-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                  | Live Nation Entertainment, Inc.                                 | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    26817000 | PA      | $27084499.58  | 0.40%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                  | Live Nation Entertainment, Inc.                                 | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     1161000 | PA      | $1140538.42   | 0.02%             | 2028-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                        | CUSIP: 550241AA1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     6750000 | PA      | $6243750.00   | 0.09%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                        | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     5487822 | PA      | $5426084.00   | 0.08%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                        | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    10784962 | PA      | $10692750.57  | 0.16%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                        | CUSIP: 550241AH6<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    17263178 | PA      | $17115577.83  | 0.25%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                        | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     4809185 | PA      | $4844532.51   | 0.07%             | 2032-10-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                       | CUSIP: 552953CD1<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    15175000 | PA      | $15154179.90  | 0.22%             | 2026-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                       | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     6520000 | PA      | $6565587.84   | 0.10%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                       | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     7863000 | PA      | $8070795.50   | 0.12%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                       | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     6163000 | PA      | $6300206.87   | 0.09%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MIWD Holdco II LLC                               | MIWD Holdco II LLC                                              | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4607000 | PA      | $4350503.89   | 0.06%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MPT Operating Partnership LP                     | MPT Operating Partnership LP                                    | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3926000 | PA      | $4148933.98   | 0.06%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| MYT Holding LLC                                  | MYT Holding LLC                                                 | CUSIP: 55406N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     5623025 | NS      | $1405756.25   | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| MYT Holding LLC                                  | MYT Holding LLC, Series A                                       | CUSIP: 55406N202<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    13477203 | NS      | $16509573.68  | 0.24%             |  |  |  | No            |                  3 | On Loan: No      |
| Madison IAQ LLC                                  | Madison IAQ LLC                                                 | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    13679000 | PA      | $13528028.98  | 0.20%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Warnermedia Holdings, Inc.                       | Warnermedia Holdings, Inc.                                      | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    10532000 | PA      | $9623615.00   | 0.14%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| N/A                                              | CDI                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    35000000 | PA      | $1907821.01   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                 | Marriott Ownership Resorts, Inc.                                | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |     4566000 | PA      | $4335374.54   | 0.06%             | 2029-06-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Masterbrand, Inc.                                | Masterbrand, Inc.                                               | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |     8375000 | PA      | $8640110.63   | 0.13%             | 2032-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Co.                            | Matador Resources Co.                                           | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     4204000 | PA      | $4269464.69   | 0.06%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Co.                            | Matador Resources Co.                                           | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     6852000 | PA      | $6842776.52   | 0.10%             | 2033-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.           | Mauser Packaging Solutions Holding Co.                          | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    34108000 | PA      | $32886108.19  | 0.48%             | 2030-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.           | Mauser Packaging Solutions Holding Co.                          | CUSIP: 57763RAF4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    11764000 | PA      | $11058166.82  | 0.16%             | 2030-04-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| McGraw-Hill Education, Inc.                      | McGraw-Hill Education, Inc.                                     | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     5950000 | PA      | $5954884.95   | 0.09%             | 2028-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                              | Medline Borrower LP                                             | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9413000 | PA      | $9736054.16   | 0.14%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                              | Stagwell Global LLC                                             | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    14468000 | PA      | $14059208.11  | 0.21%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Midcontinent Communications                      | Midcontinent Communications                                     | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |    10130000 | PA      | $10217128.13  | 0.15%             | 2032-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Millrose Properties, Inc.                        | Millrose Properties, Inc.                                       | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7046000 | PA      | $7187821.89   | 0.10%             | 2030-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Millrose Properties, Inc.                        | Millrose Properties, Inc.                                       | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3389000 | PA      | $3427282.14   | 0.05%             | 2032-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                         | AthenaHealth Group, Inc.                                        | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    14479000 | PA      | $14379781.20  | 0.21%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Miter Brands Acquisition Holdco, Inc.            | Miter Brands Acquisition Holdco, Inc.                           | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7543000 | PA      | $7705574.28   | 0.11%             | 2032-04-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                          | Molina Healthcare, Inc.                                         | CUSIP: 60855RAN0<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     5001000 | PA      | $5108592.91   | 0.07%             | 2031-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                              | Medline Borrower LP                                             | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    16710000 | PA      | $16221406.28  | 0.24%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                              | Medline Borrower LP                                             | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    14751000 | PA      | $14785458.34  | 0.22%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NCR Voyix Corp.                                  | NCR Voyix Corp.                                                 | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     6984000 | PA      | $6932680.87   | 0.10%             | 2028-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NCR Voyix Corp.                                  | NCR Voyix Corp.                                                 | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     6033000 | PA      | $5976704.27   | 0.09%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| NCL Corp. Ltd.                                   | NCL Corp. Ltd.                                                  | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     5799000 | PA      | $5722732.71   | 0.08%             | 2031-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC                         | NGL Energy Operating LLC                                        | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6968000 | PA      | $7168134.90   | 0.10%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC                         | NGL Energy Operating LLC                                        | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5035000 | PA      | $5219839.89   | 0.08%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377CE0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     7198000 | PA      | $7217960.05   | 0.11%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     6160000 | PA      | $6185969.08   | 0.09%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     5684000 | PA      | $5445595.99   | 0.08%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      811000 | PA      | $758973.62    | 0.01%             | 2031-02-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377CS9<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     1364000 | PA      | $1274786.49   | 0.02%             | 2032-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     2783000 | PA      | $3087106.76   | 0.05%             | 2033-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     8423000 | PA      | $8601542.33   | 0.13%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     6458000 | PA      | $6509773.79   | 0.10%             | 2034-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     6458000 | PA      | $6558693.14   | 0.10%             | 2036-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| NMG Parent LLC                                   | NMG Parent LLC, Escrow                                          | CUSIP: 629ESC039<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       83132 | NS      | $1039150.00   | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| National CineMedia, Inc.                         | National CineMedia, Inc.                                        | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |      549413 | NS      | $2367970.03   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp.                                 | NCR Atleos Corp.                                                | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    10795000 | PA      | $11667430.31  | 0.17%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Neptune Bidco US, Inc.                           | Neptune Bidco US, Inc.                                          | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     1436000 | PA      | $1429456.00   | 0.02%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| NESCO Holdings II, Inc.                          | NESCO Holdings II, Inc.                                         | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |     2416000 | PA      | $2385747.33   | 0.03%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  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        |    19036804 | PA      | $18700995.17  | 0.27%             | 2028-03-03      | Variable      | 7.51%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                             | CUSIP: 651229AX4<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     2837000 | PA      | $2633629.09   | 0.04%             | 2036-04-01      | Fixed         | 7.37%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                             | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     2655000 | PA      | $2654558.21   | 0.04%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                             | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     6414000 | PA      | $6312495.24   | 0.09%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                             | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     1696000 | PA      | $1597025.51   | 0.02%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                             | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     5724000 | PA      | $5500610.60   | 0.08%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                             | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     5297000 | PA      | $5514049.87   | 0.08%             | 2028-06-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| News Corp.                                       | News Corp.                                                      | CUSIP: 65249BAB5<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |     2350000 | PA      | $2335633.06   | 0.03%             | 2032-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                              | Nexstar Media, Inc.                                             | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    19908000 | PA      | $19742729.76  | 0.29%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                              | Nexstar Media, Inc.                                             | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    24992000 | PA      | $25011468.77  | 0.37%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Noble Finance II LLC                             | Noble Finance II LLC                                            | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4210000 | PA      | $4373684.80   | 0.06%             | 2030-04-15      | Fixed         | 8.00%                 | 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        |     8388000 | PA      | $4131090.23   | 0.06%             | 2028-05-17      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The), 1st Lien Term Loan B                         | CUSIP: 42804VBB6<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |    10833852 | PA      | $8949086.55   | 0.13%             | 2028-06-30      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The), 1st Lien Term Loan C                         | CUSIP: 42804VBC4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |     2132391 | PA      | $1761418.94   | 0.03%             | 2028-06-30      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                  | Madison IAQ LLC, 1st Lien Term Loan                             | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |    11647148 | PA      | $11682788.14  | 0.17%             | 2028-06-21      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Northriver Midstream Finance LP                  | Northriver Midstream Finance LP                                 | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |     3221000 | PA      | $3281013.67   | 0.05%             | 2032-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV Financing LLC                            | DIRECTV Financing LLC, 1st Lien Term Loan                       | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      660631 | PA      | $660445.90    | 0.01%             | 2027-08-02      | Variable      | 9.10%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                             | NOVA Chemicals Corp.                                            | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    18174000 | PA      | $18240607.71  | 0.27%             | 2027-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                             | NOVA Chemicals Corp.                                            | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     5827000 | PA      | $5643974.98   | 0.08%             | 2029-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                             | NOVA Chemicals Corp.                                            | CUSIP: 66977WAT6<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     7247000 | PA      | $7591189.02   | 0.11%             | 2028-11-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                             | NOVA Chemicals Corp.                                            | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     7127000 | PA      | $7625452.97   | 0.11%             | 2030-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                             | NOVA Chemicals Corp.                                            | CUSIP: 66977WAV1<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     2935000 | PA      | $3117292.85   | 0.05%             | 2031-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                    | Novelis Corp.                                                   | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     5187000 | PA      | $4987689.53   | 0.07%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                    | Novelis Corp.                                                   | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     1794000 | PA      | $1636668.71   | 0.02%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                    | Novelis Corp.                                                   | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     1522000 | PA      | $1577125.32   | 0.02%             | 2030-01-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                    | Novelis Corp.                                                   | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     3373000 | PA      | $3403657.20   | 0.05%             | 2033-08-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                              | NuStar Logistics LP                                             | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     7938000 | PA      | $8019158.11   | 0.12%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                              | NuStar Logistics LP                                             | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     3140000 | PA      | $3148327.28   | 0.05%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                              | NuStar Logistics LP                                             | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |      209000 | PA      | $218944.43    | 0.00%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DexKo Global, Inc.                               | DexKo Global, Inc., 1st Lien Term Loan                          | CUSIP: 25213YAU9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    10623881 | PA      | $10467604.17  | 0.15%             | 2028-10-04      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                               | Chord Energy Corp.                                              | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     4755000 | PA      | $4908358.26   | 0.07%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Chord Energy Corp.                               | Chord Energy Corp.                                              | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     6828000 | PA      | $6884597.29   | 0.10%             | 2030-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                       | LABL, Inc., 1st Lien Term Loan                                  | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |     8305312 | PA      | $5687809.77   | 0.08%             | 2028-10-30      | Variable      | 8.94%                 | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp.                           | ON Semiconductor Corp.                                          | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |    18578000 | PA      | $18110467.91  | 0.26%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                   | 1011778 BC ULC                                                  | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      873000 | PA      | $862432.07    | 0.01%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                   | 1011778 BC ULC                                                  | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    10076000 | PA      | $9601287.40   | 0.14%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                   | 1011778 BC ULC                                                  | CUSIP: 68245XAP4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      945000 | PA      | $912404.59    | 0.01%             | 2029-02-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                   | 1011778 BC ULC                                                  | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      550000 | PA      | $567057.15    | 0.01%             | 2029-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                           | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     2057000 | PA      | $1930581.72   | 0.03%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                           | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     6059000 | PA      | $5979976.70   | 0.09%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                           | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     1038000 | PA      | $1007350.14   | 0.01%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  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        |     6874348 | PA      | $6765870.44   | 0.10%             | 2029-02-01      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                  | 1261229 BC Ltd.                                                 | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     8754000 | PA      | $9050016.51   | 0.13%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                     | Fibercop SpA, Series 2033                                       | CUSIP: 683879AB6<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     2024000 | PA      | $1982089.27   | 0.03%             | 2033-11-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                     | Fibercop SpA                                                    | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     1484000 | PA      | $1392666.18   | 0.02%             | 2034-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                    | Organon & Co.                                                   | CUSIP: 68622FAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2047000 | PA      | $1842088.14   | 0.03%             | 2034-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                    | Organon & Co.                                                   | CUSIP: 68622FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1177308.72   | 0.02%             | 2034-05-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                    | Organon & Co.                                                   | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    13538000 | PA      | $13193678.57  | 0.19%             | 2028-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                    | Organon & Co.                                                   | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    14447000 | PA      | $12098709.50  | 0.18%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                       | Outfront Media Capital LLC                                      | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2005000 | PA      | $1950628.21   | 0.03%             | 2030-03-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                       | Outfront Media Capital LLC                                      | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2170000 | PA      | $2108338.37   | 0.03%             | 2029-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                       | Outfront Media Capital LLC                                      | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7604000 | PA      | $8058384.62   | 0.12%             | 2031-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                              | Owens & Minor, Inc.                                             | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |     9484000 | PA      | $6707054.83   | 0.10%             | 2029-03-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                              | Owens & Minor, Inc.                                             | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |     6598000 | PA      | $4231337.65   | 0.06%             | 2030-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.             | Owens-Brockway Glass Container, Inc.                            | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     3880000 | PA      | $3887422.44   | 0.06%             | 2027-05-13      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                         | AthenaHealth Group, Inc., 1st Lien Term Loan                    | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |     7144091 | PA      | $7129231.31   | 0.10%             | 2029-02-15      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| PG&E Corp.                                       | PG&E Corp.                                                      | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     5972000 | PA      | $5928451.58   | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                     | Performance Food Group, Inc.                                    | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    17470000 | PA      | $17468930.84  | 0.26%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PM General Purchaser LLC                         | PM General Purchaser LLC                                        | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9466000 | PA      | $7943602.25   | 0.12%             | 2028-10-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Par Pharmaceutical, Inc.                         | Par Pharmaceutical, Inc.                                        | CUSIP: 698ESCAA8<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |     7307000 | PA      | $0.07         | 0.00%             | 2027-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Performance Food Group, Inc.                     | Performance Food Group, Inc.                                    | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    11865000 | PA      | $11649474.65  | 0.17%             | 2029-08-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                     | Performance Food Group, Inc.                                    | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     2777000 | PA      | $2856955.38   | 0.04%             | 2032-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                  | Permian Resources Operating LLC                                 | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     6968000 | PA      | $7255959.57   | 0.11%             | 2032-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                  | Permian Resources Operating LLC                                 | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     4840000 | PA      | $4960627.32   | 0.07%             | 2033-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Perrigo Finance Unlimited Co.                    | Perrigo Finance Unlimited Co., Series USD                       | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |     3494000 | PA      | $3411163.90   | 0.05%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PetSmart LLC                                     | PetSmart LLC                                                    | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11967000 | PA      | $12058643.29  | 0.18%             | 2032-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                       | Pike Corp.                                                      | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |     8114000 | PA      | $8093715.00   | 0.12%             | 2028-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                       | Pike Corp.                                                      | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |     3240000 | PA      | $3425345.04   | 0.05%             | 2031-01-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                              | Post Holdings, Inc.                                             | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    13092000 | PA      | $13094267.27  | 0.19%             | 2029-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                              | Post Holdings, Inc.                                             | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     8528000 | PA      | $8306394.80   | 0.12%             | 2030-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                              | Post Holdings, Inc.                                             | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     6813000 | PA      | $7034878.97   | 0.10%             | 2032-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Prairie Acquiror LP                              | Prairie Acquiror LP                                             | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |     4715000 | PA      | $4873702.19   | 0.07%             | 2029-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Precision Drilling Corp.                         | Precision Drilling Corp.                                        | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |      405000 | PA      | $407419.47    | 0.01%             | 2029-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                            | Prestige Brands, Inc.                                           | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |     3577000 | PA      | $3573802.16   | 0.05%             | 2028-01-15      | Fixed         | 5.12%                 | 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        |     1529000 | PA      | $1533244.50   | 0.02%             | 2026-04-15      | Fixed         | 5.75%                 | 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        |     5674000 | PA      | $5539084.20   | 0.08%             | 2027-08-31      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                         | ADT Security Corp. (The)                                        | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    10847000 | PA      | $10514310.58  | 0.15%             | 2032-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Primo Water Holdings, Inc.                       | Primo Water Holdings, Inc.                                      | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7468000 | PA      | $7511784.88   | 0.11%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Qnity Electronics, Inc.                          | Qnity Electronics, Inc.                                         | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     2549000 | PA      | $2616092.23   | 0.04%             | 2032-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Qnity Electronics, Inc.                          | Qnity Electronics, Inc.                                         | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     2788000 | PA      | $2889293.62   | 0.04%             | 2033-08-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| QXO Building Products, Inc.                      | QXO Building Products, Inc.                                     | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     9652000 | PA      | $10079738.03  | 0.15%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                              | Rocket Mortgage LLC                                             | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6544000 | PA      | $6320725.26   | 0.09%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                          | Quikrete Holdings, Inc.                                         | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    16751000 | PA      | $17394154.65  | 0.25%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                          | RHP Hotel Properties LP                                         | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    20910000 | PA      | $20861653.99  | 0.30%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                          | RHP Hotel Properties LP                                         | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    17904000 | PA      | $17661683.68  | 0.26%             | 2029-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                          | RHP Hotel Properties LP                                         | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2309000 | PA      | $2382079.85   | 0.03%             | 2028-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                          | RHP Hotel Properties LP                                         | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    13009000 | PA      | $13482618.66  | 0.20%             | 2032-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                          | RHP Hotel Properties LP                                         | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1507000 | PA      | $1566026.18   | 0.02%             | 2033-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Radiology Partners, Inc.                         | Radiology Partners, Inc.                                        | CUSIP: 75041VAC8<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |     7551387 | PA      | $7305966.92   | 0.11%             | 2030-02-15      | Fixed         | 9.78%                 | Yes           |                  2 | On Loan: No      |
| Radiology Partners, Inc.                         | Radiology Partners, Inc.                                        | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    14122000 | PA      | $14669227.50  | 0.21%             | 2032-07-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                            | Range Resources Corp.                                           | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    12502000 | PA      | $12751689.94  | 0.19%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Range Resources Corp.                            | Range Resources Corp.                                           | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |     5440000 | PA      | $5367522.88   | 0.08%             | 2030-02-15      | 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        |     5475000 | PA      | $5628256.20   | 0.08%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| INEOS US Finance LLC                             | INEOS US Finance LLC, 1st Lien Term Loan                        | CUSIP: G4768PAN1<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    15351173 | PA      | $12933363.32  | 0.19%             | 2030-02-18      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                   | Anywhere Real Estate Group LLC                                  | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4030000 | PA      | $3875750.54   | 0.06%             | 2029-01-15      | 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        |    12803000 | PA      | $11932567.56  | 0.17%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                   | Anywhere Real Estate Group LLC                                  | CUSIP: 75606DAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5884000 | PA      | $6392112.82   | 0.09%             | 2030-04-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Regal Rexnord Corp.                              | Regal Rexnord Corp.                                             | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     3700000 | PA      | $3708553.99   | 0.05%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  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        |     3240988 | PA      | $3244131.71   | 0.05%             | 2030-03-18      | Variable      | 6.96%                 | No            |                  2 | On Loan: No      |
| Resideo Funding, Inc.                            | Resideo Funding, Inc.                                           | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |     6787000 | PA      | $6948231.97   | 0.10%             | 2032-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| RingCentral, Inc.                                | RingCentral, Inc.                                               | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |    12210000 | PA      | $12992306.91  | 0.19%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| RB Global Holdings, Inc.                         | RB Global Holdings, Inc.                                        | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     4301000 | PA      | $4403428.32   | 0.06%             | 2028-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| RB Global Holdings, Inc.                         | RB Global Holdings, Inc.                                        | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     1729000 | PA      | $1812152.80   | 0.03%             | 2031-03-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                   | Rite Aid Corp.                                                  | CUSIP: 767754CR3<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |     2678665 | PA      | $0.03         | 0.00%             | 2031-08-30      | Variable      | 11.32%                | Yes           |                  3 | On Loan: No      |
| Rite Aid Corp.                                   | Rite Aid Corp., Series A                                        | CUSIP: 767754CS1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |     7757798 | PA      | $0.08         | 0.00%             | 2031-08-30      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| Rite Aid Corp.                                   | Rite Aid Corp., Series B                                        | CUSIP: 767754CT9<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |     3652032 | PA      | $0.04         | 0.00%             | 2031-08-30      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| Rite Aid Corp.                                   | Rite Aid Corp.                                                  | CUSIP: 767ESCAA4<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |    10299000 | PA      | $0.10         | 0.00%             | 2025-07-01      | Fixed         | 7.50%                 | No            |                  3 | On Loan: No      |
| Rite Aid Corp.                                   | Rite Aid Corp.                                                  | CUSIP: 767ESCAC0<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |    15338000 | PA      | $0.15         | 0.00%             | 2026-11-15      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Rite Aid Corp.                                   | Rite Aid Corp., Escrow                                          | CUSIP: 767ESCAG1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |     7210640 | PA      | $0.07         | 0.00%             | 2025-10-18      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Rivers Enterprise Lender LLC                     | Rivers Enterprise Lender LLC                                    | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1971000 | PA      | $2000986.79   | 0.03%             | 2030-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                | Rocket Cos., Inc.                                               | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9286000 | PA      | $9639443.73   | 0.14%             | 2030-08-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                | Rocket Cos., Inc.                                               | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4951000 | PA      | $5184528.77   | 0.08%             | 2033-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                | Rocket Cos., Inc.                                               | CUSIP: 77311WAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      947000 | PA      | $982316.47    | 0.01%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Rocket Cos., Inc.                                | Rocket Cos., Inc.                                               | CUSIP: 77311WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4235000 | PA      | $4452560.42   | 0.07%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                              | Rocket Mortgage LLC                                             | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5350000 | PA      | $5263323.31   | 0.08%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                              | Rocket Mortgage LLC                                             | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1739000 | PA      | $1611168.89   | 0.02%             | 2033-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                     | Rockies Express Pipeline LLC                                    | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |     3400000 | PA      | $3401115.20   | 0.05%             | 2029-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                     | Rockies Express Pipeline LLC                                    | CUSIP: 77340RAT4<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |      605000 | PA      | $592940.90    | 0.01%             | 2030-05-15      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                     | Rockies Express Pipeline LLC                                    | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |     3367000 | PA      | $3532609.26   | 0.05%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                           | Shutterfly Finance LLC, 2nd Lien Term Loan                      | CUSIP: 82568TAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     5452768 | PA      | $5196051.27   | 0.08%             | 2027-10-01      | Variable      | 8.82%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                     | Royal Caribbean Cruises Ltd.                                    | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    14347000 | PA      | $14845544.91  | 0.22%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                     | Royal Caribbean Cruises Ltd.                                    | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     9003000 | PA      | $9269639.78   | 0.14%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                     | Royal Caribbean Cruises Ltd.                                    | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     5711000 | PA      | $5836987.92   | 0.09%             | 2031-09-30      | Fixed         | 5.62%                 | 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        |     6245873 | PA      | $5836018.85   | 0.09%             | 2028-06-29      | Variable      | 11.62%                | No            |                  2 | On Loan: No      |
| US Renal Care, Inc.                              | US Renal Care, Inc., 1st Lien Term Loan C                       | CUSIP: 90290PAS3<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |     9526475 | PA      | $9006996.66   | 0.13%             | 2028-06-28      | Variable      | 9.03%                 | No            |                  2 | On Loan: No      |
| SBA Communications Corp.                         | SBA Communications Corp.                                        | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |     3739000 | PA      | $3573843.88   | 0.05%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                   | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     7457000 | PA      | $7465061.02   | 0.11%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                   | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    12328000 | PA      | $12342238.84  | 0.18%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                   | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     1977000 | PA      | $1999654.44   | 0.03%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                   | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |      176000 | PA      | $175777.48    | 0.00%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                   | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     3730000 | PA      | $3649407.76   | 0.05%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                          | SS&C Technologies, Inc.                                         | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    26231000 | PA      | $26226792.55  | 0.38%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                          | SS&C Technologies, Inc.                                         | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     8450000 | PA      | $8793838.95   | 0.13%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Star Parent, Inc.                                | Star Parent, Inc., 1st Lien Term Loan                           | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |     3299750 | PA      | $3303577.71   | 0.05%             | 2030-09-27      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Rocket Software, Inc.                            | Rocket Software, Inc., 1st Lien Term Loan                       | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |     6990726 | PA      | $6968286.13   | 0.10%             | 2028-11-28      | Variable      | 7.67%                 | No            |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                      | Saks Global Enterprises LLC                                     | CUSIP: 79380MAB1<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     6021090 | PA      | $2086326.95   | 0.03%             | 2029-12-15      | Fixed         | 11.00%                | 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        |    33919234 | PA      | $0.34         | 0.00%             | 2026-06-30      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| TransDigm, Inc.                                  | TransDigm, Inc., 1st Lien Term Loan J                           | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     2307475 | PA      | $2310728.42   | 0.03%             | 2031-02-28      | Variable      | 6.50%                 | No            |                  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        |    12772500 | PA      | $12714385.13  | 0.19%             | 2030-12-09      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Science Applications International Corp.         | Science Applications International Corp.                        | CUSIP: 808625AB3<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     3366000 | PA      | $3352980.99   | 0.05%             | 2033-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                     | Scotts Miracle-Gro Co. (The)                                    | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     9126000 | PA      | $9112350.24   | 0.13%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                     | Scotts Miracle-Gro Co. (The)                                    | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    12307000 | PA      | $12050704.26  | 0.18%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                     | Scotts Miracle-Gro Co. (The)                                    | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     7629000 | PA      | $7133069.99   | 0.10%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                     | Scotts Miracle-Gro Co. (The)                                    | CUSIP: 810186AX4<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    11034000 | PA      | $10314768.57  | 0.15%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.        | Seagate Data Storage Technology Pte. Ltd.                       | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     6514000 | PA      | $6920147.90   | 0.10%             | 2029-12-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.        | Seagate Data Storage Technology Pte. Ltd.                       | CUSIP: 81180LAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     2478000 | PA      | $2639724.19   | 0.04%             | 2031-07-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.        | Seagate Data Storage Technology Pte. Ltd.                       | CUSIP: 81180LAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     1755000 | PA      | $1804103.15   | 0.03%             | 2034-12-01      | Fixed         | 5.75%                 | 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        |    71376259 | PA      | $17737000.43  | 0.26%             | 2026-06-30      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| Adient US LLC                                    | Adient US LLC, 1st Lien Term Loan B-2                           | CUSIP: 00687MAH4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2055932 | PA      | $2061338.71   | 0.03%             | 2031-01-31      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| UKG, Inc.                                        | UKG, Inc., 1st Lien Term Loan                                   | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     2821500 | PA      | $2819101.73   | 0.04%             | 2031-02-10      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies BV                          | Sensata Technologies BV                                         | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |    11077000 | PA      | $10815639.29  | 0.16%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies BV                          | Sensata Technologies BV                                         | CUSIP: 81725WAL7<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |     4200000 | PA      | $4257724.80   | 0.06%             | 2030-09-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                       | Sensata Technologies, Inc.                                      | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |      279000 | PA      | $260907.94    | 0.00%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                       | Sensata Technologies, Inc.                                      | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     2088000 | PA      | $2182749.26   | 0.03%             | 2032-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Service Corp. International                      | Service Corp. International                                     | CUSIP: 817565BT0<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     3726000 | PA      | $3838543.83   | 0.06%             | 2027-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Service Corp. International                      | Service Corp. International                                     | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     3900000 | PA      | $3979614.60   | 0.06%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                         | SGUS LLC                                                        | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2568946 | PA      | $2081760.70   | 0.03%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan        | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |     4804880 | PA      | $4808291.34   | 0.07%             | 2028-08-23      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| Shift4 Payments LLC                              | Shift4 Payments LLC                                             | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6228000 | PA      | $6473457.94   | 0.09%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                              | Station Casinos LLC, 1st Lien Term Loan B                       | CUSIP: 85769EBB6<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |     2841725 | PA      | $2843884.71   | 0.04%             | 2031-03-14      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Shutterfly Finance LLC                           | Shutterfly Finance LLC                                          | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    14847068 | PA      | $14141832.27  | 0.21%             | 2027-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                           | Shutterfly Finance LLC                                          | CUSIP: 82568NAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3588998 | PA      | $3588998.00   | 0.05%             | 2027-10-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| MIWD Holdco II LLC                               | MIWD Holdco II LLC, 1st Lien Term Loan                          | CUSIP: 55336CAK8<br>LEI: 254900X3SPV5RVFJEY72 | Long             | LON              | CORP              | US        |     4024164 | PA      | $4015552.66   | 0.06%             | 2031-03-28      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc., 1st Lien Term Loan B-1                | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    15974533 | PA      | $15868781.79  | 0.23%             | 2029-04-16      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                  | Sinclair Television Group, Inc.                                 | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    10424000 | PA      | $10859410.48  | 0.16%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                              | Sirius XM Radio LLC                                             | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    13895000 | PA      | $13898112.48  | 0.20%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                              | Sirius XM Radio LLC                                             | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    26510000 | PA      | $26646393.95  | 0.39%             | 2029-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                              | Sirius XM Radio LLC                                             | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    35321000 | PA      | $34432079.93  | 0.50%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                    | Six Flags Entertainment Corp.                                   | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |     7442000 | PA      | $7096207.25   | 0.10%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                    | Six Flags Entertainment Corp.                                   | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    22051000 | PA      | $21997141.98  | 0.32%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                    | Smyrna Ready Mix Concrete LLC                                   | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    12546000 | PA      | $13315747.28  | 0.19%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Snap, Inc.                                       | Snap, Inc.                                                      | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     3504000 | PA      | $3609593.04   | 0.05%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Solstice Advanced Materials, Inc.                | Solstice Advanced Materials, Inc.                               | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |     4599000 | PA      | $4624165.73   | 0.07%             | 2033-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                           | Sonic Automotive, Inc.                                          | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |     9903000 | PA      | $9682537.43   | 0.14%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                           | Sonic Automotive, Inc.                                          | CUSIP: 83545GBE1<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |     5087000 | PA      | $4895979.59   | 0.07%             | 2031-11-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                       | Sotera Health Holdings LLC                                      | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |     5299000 | PA      | $5580721.92   | 0.08%             | 2031-06-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| White Cap Supply Holdings LLC                    | White Cap Supply Holdings LLC, 1st Lien Term Loan C             | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |     1245332 | PA      | $1248495.43   | 0.02%             | 2029-10-19      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                | EMRLD Borrower LP, 1st Lien Term Loan                           | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     9839883 | PA      | $9839293.03   | 0.14%             | 2031-08-04      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Venator Materials LLC                            | Venator Materials LLC, 1st Lien Term Loan                       | CUSIP: L9632YAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     5531806 | PA      | $2765903.14   | 0.04%             | 2028-10-12      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                              | Expand Energy Corp.                                             | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     2594000 | PA      | $2599883.48   | 0.04%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                              | Expand Energy Corp.                                             | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     6866000 | PA      | $6962037.21   | 0.10%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                              | Expand Energy Corp.                                             | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     6998000 | PA      | $6920835.29   | 0.10%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Spectrum Brands, Inc.                            | Spectrum Brands, Inc.                                           | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |      667000 | PA      | $543596.93    | 0.01%             | 2031-03-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                           | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     3394000 | PA      | $3415643.54   | 0.05%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                           | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     2905000 | PA      | $2979347.67   | 0.04%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                         | Spirit AeroSystems, Inc.                                        | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     4729000 | PA      | $4966258.09   | 0.07%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                      | Block, Inc.                                                     | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     3811000 | PA      | $3778976.93   | 0.06%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                      | Block, Inc.                                                     | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    14851000 | PA      | $15520379.12  | 0.23%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                      | Block, Inc.                                                     | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     2884000 | PA      | $2938605.66   | 0.04%             | 2030-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                      | Block, Inc.                                                     | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     4350000 | PA      | $4470740.25   | 0.07%             | 2033-08-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Standard Building Solutions, Inc.                | Standard Building Solutions, Inc.                               | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     8208000 | PA      | $8467742.16   | 0.12%             | 2032-08-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Standard Building Solutions, Inc.                | Standard Building Solutions, Inc.                               | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     8985000 | PA      | $9215420.33   | 0.13%             | 2033-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                        | Standard Industries, Inc.                                       | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    20815000 | PA      | $20757631.78  | 0.30%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                        | Standard Industries, Inc.                                       | CUSIP: 853496AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3188000 | PA      | $2924903.61   | 0.04%             | 2031-01-15      | Fixed         | 3.38%                 | Yes           |                  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        |    10138877 | PA      | $10074799.61  | 0.15%             | 2031-02-03      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Graham Packaging Co., Inc.                       | Graham Packaging Co., Inc., 1st Lien Term Loan                  | CUSIP: 38469EAE3<br>LEI: 549300YS0ZFT826HIK72 | Long             | LON              | CORP              | US        |     7360947 | PA      | $7374417.14   | 0.11%             | 2027-08-04      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                    | Staples, Inc.                                                   | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    22985000 | PA      | $22590598.09  | 0.33%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                    | Staples, Inc.                                                   | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    13192943 | PA      | $10398590.60  | 0.15%             | 2030-01-15      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                    | Starwood Property Trust, Inc.                                   | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     2396000 | PA      | $2539256.84   | 0.04%             | 2029-04-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                              | Station Casinos LLC                                             | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    21163000 | PA      | $20933023.80  | 0.31%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                              | Station Casinos LLC                                             | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     3490000 | PA      | $3302494.10   | 0.05%             | 2031-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Icon Parent, Inc.                                | Icon Parent I, Inc., 2nd Lien Term Loan                         | CUSIP: 45115MAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3333333 | PA      | $3333333.33   | 0.05%             | 2032-11-12      | Variable      | 8.84%                 | 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        |     7808430 | PA      | $7827951.08   | 0.11%             | 2031-11-25      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                        | Sunoco LP                                                       | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     2840000 | PA      | $2956244.10   | 0.04%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                        | Sunoco LP                                                       | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     6700000 | PA      | $6738116.30   | 0.10%             | 2031-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                        | Sunoco LP                                                       | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      318000 | PA      | $319010.29    | 0.00%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                        | Sunoco LP                                                       | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1910000 | PA      | $1871960.06   | 0.03%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                        | Sunoco LP                                                       | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11008000 | PA      | $10718165.08  | 0.16%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Superior Plus LP                                 | Superior Plus LP                                                | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     4512000 | PA      | $4364025.80   | 0.06%             | 2029-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Surgery Center Holdings, Inc.                    | Surgery Center Holdings, Inc.                                   | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |     8241000 | PA      | $8457062.54   | 0.12%             | 2032-04-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Synaptics, Inc.                                  | Synaptics, Inc.                                                 | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |     4690000 | PA      | $4505757.10   | 0.07%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                               | T-Mobile USA, Inc.                                              | CUSIP: 87264ADV4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     4403000 | PA      | $4967230.67   | 0.07%             | 2033-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                          | Talen Energy Supply LLC                                         | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    19603000 | PA      | $19973967.17  | 0.29%             | 2034-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                     | Tallgrass Energy Partners LP                                    | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8863000 | PA      | $8857958.73   | 0.13%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                     | Tallgrass Energy Partners LP                                    | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9569000 | PA      | $9537102.70   | 0.14%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                     | Tallgrass Energy Partners LP                                    | CUSIP: 87470LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8352000 | PA      | $8254665.79   | 0.12%             | 2031-09-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                     | Tallgrass Energy Partners LP                                    | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4030000 | PA      | $4181592.48   | 0.06%             | 2029-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                     | Tallgrass Energy Partners LP                                    | CUSIP: 87470LAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9394000 | PA      | $9405103.71   | 0.14%             | 2034-03-15      | Fixed         | 6.75%                 | Yes           |                  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        |     5102649 | PA      | $5115405.55   | 0.07%             | 2031-11-19      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| Moran Foods LLC                                  | Moran Foods LLC, 1st Lien Term Loan A                           | CUSIP: 61647DAX0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    11406695 | PA      | $10836360.29  | 0.16%             | 2029-01-02      | Variable      | 6.34%                 | No            |                  3 | On Loan: No      |
| Moran Foods LLC                                  | Moran Foods LLC, 1st Lien Term Loan                             | CUSIP: 61647DAY8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    10425261 | PA      | $9903998.37   | 0.14%             | 2029-01-02      | Variable      | 12.34%                | No            |                  3 | On Loan: No      |
| TEGNA, Inc.                                      | TEGNA, Inc.                                                     | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     6751000 | PA      | $6688619.41   | 0.10%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital SA                        | Telecom Italia Capital SA                                       | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      345000 | PA      | $363140.79    | 0.01%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital SA                        | Telecom Italia Capital SA                                       | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |       96000 | PA      | $98603.33     | 0.00%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Somnigroup International, Inc.                   | Somnigroup International, Inc.                                  | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    14792000 | PA      | $14402995.55  | 0.21%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Somnigroup International, Inc.                   | Somnigroup International, Inc.                                  | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     8215000 | PA      | $7686055.87   | 0.11%             | 2031-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                          | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    32551000 | PA      | $32554157.45  | 0.48%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                          | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     2073000 | PA      | $2031921.64   | 0.03%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                          | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    11753000 | PA      | $12013223.17  | 0.18%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                          | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    19863000 | PA      | $20694902.17  | 0.30%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Terex Corp.                                      | Terex Corp.                                                     | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    12488000 | PA      | $12406606.96  | 0.18%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Terex Corp.                                      | Terex Corp.                                                     | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     7165000 | PA      | $7315199.90   | 0.11%             | 2032-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CommScope, Inc.                                  | CommScope, Inc., 1st Lien Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     7000000 | PA      | $7033040.00   | 0.10%             | 2029-12-18      | Variable      | 8.67%                 | No            |                  2 | On Loan: No      |
| TopBuild Corp.                                   | TopBuild Corp.                                                  | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |     4399000 | PA      | $4459052.73   | 0.07%             | 2034-01-31      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                       | iHeartCommunications, Inc., 1st Lien Term Loan B                | CUSIP: 45174UAJ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    18537330 | PA      | $16494887.10  | 0.24%             | 2029-05-01      | Variable      | 9.81%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3, Inc.                               | Wand NewCo 3, Inc., 1st Lien Term Loan                          | CUSIP: 93369PAM6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3322612 | PA      | $3322280.22   | 0.05%             | 2031-01-30      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| Phoenix Newco, Inc.                              | Phoenix Newco, Inc., 1st Lien Term Loan                         | CUSIP: 71911KAE4<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |     8588129 | PA      | $8619991.27   | 0.13%             | 2028-11-15      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Venator Materials LLC                            | Venator Materials LLC, 1st Lien Term Loan B                     | CUSIP: L9632YAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3376031 | PA      | $3038428.01   | 0.04%             | 2026-07-16      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                  | TransDigm, Inc.                                                 | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    11986000 | PA      | $12345184.46  | 0.18%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                  | TransDigm, Inc.                                                 | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     6905000 | PA      | $7176870.57   | 0.10%             | 2032-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                  | TransDigm, Inc.                                                 | CUSIP: 893647BZ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     2338000 | PA      | $2424129.58   | 0.04%             | 2034-01-31      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Genesys Cloud Services, Inc.                     | Genesys Cloud Services, Inc., 1st Lien Term Loan                | CUSIP: 39479UAY9<br>LEI: 254900CRMBG6WX4HX396 | Long             | LON              | CORP              | US        |     4584146 | PA      | $4512541.55   | 0.07%             | 2032-01-30      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| Transocean International Ltd.                    | Transocean International Ltd.                                   | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     2625750 | PA      | $2737622.70   | 0.04%             | 2030-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Transocean International Ltd.                    | Transocean International Ltd.                                   | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     7050000 | PA      | $7171379.85   | 0.10%             | 2029-05-15      | Fixed         | 8.25%                 | 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        |     9265572 | PA      | $9297445.93   | 0.14%             | 2030-06-20      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Transocean Titan Financing Ltd.                  | Transocean Titan Financing Ltd.                                 | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1331667 | PA      | $1368287.37   | 0.02%             | 2028-02-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                       | Garda World Security Corp., 1st Lien Term Loan                  | CUSIP: C4000KAG9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |      784215 | PA      | $782646.15    | 0.01%             | 2029-02-01      | Variable      | 6.95%                 | 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        |    10350488 | PA      | $10359802.94  | 0.15%             | 2032-02-10      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| TriMas Corp.                                     | TriMas Corp.                                                    | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |     6045000 | PA      | $5931629.65   | 0.09%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| TriNet Group, Inc.                               | TriNet Group, Inc.                                              | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |     5700000 | PA      | $5898821.70   | 0.09%             | 2031-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Trinity Industries, Inc.                         | Trinity Industries, Inc.                                        | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |     5560000 | PA      | $5789711.40   | 0.08%             | 2028-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Trinseo Luxco Finance SPV SARL                   | Trinseo Luxco Finance SPV SARL                                  | CUSIP: 89668JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     6242028 | PA      | $1061144.76   | 0.02%             | 2029-05-03      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Primo Brands Corp.                               | Primo Brands Corp., 1st Lien Term Loan                          | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |     7026977 | PA      | $7038782.64   | 0.10%             | 2028-03-31      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Coherent Corp.                                   | Coherent Corp.                                                  | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    25529000 | PA      | $25300045.72  | 0.37%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                   | US Foods, Inc.                                                  | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     1245000 | PA      | $1239201.29   | 0.02%             | 2029-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                   | US Foods, Inc.                                                  | CUSIP: 90290MAE1<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     4960000 | PA      | $4894799.31   | 0.07%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                   | US Foods, Inc.                                                  | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     3411000 | PA      | $3527993.89   | 0.05%             | 2028-09-15      | Fixed         | 6.88%                 | 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        |     6115381 | PA      | $6109999.02   | 0.09%             | 2028-04-20      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.            | Clydesdale Acquisition Holdings, Inc., 1st Lien Term Loan B     | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |     5933688 | PA      | $5891440.41   | 0.09%             | 2032-04-01      | Variable      | 7.17%                 | 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        |     6734716 | PA      | $6780579.82   | 0.10%             | 2031-04-01      | Variable      | 7.74%                 | No            |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                  | 1261229 BC Ltd., 1st Lien Term Loan                             | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    17600434 | PA      | $17362828.23  | 0.25%             | 2030-10-08      | Variable      | 10.17%                | No            |                  2 | On Loan: No      |
| United Airlines, Inc.                            | United Airlines, Inc.                                           | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     8571000 | PA      | $8560193.68   | 0.13%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| United Airlines, Inc.                            | United Airlines, Inc.                                           | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     1190000 | PA      | $1183979.46   | 0.02%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.               | United Rentals North America, Inc.                              | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |      810000 | PA      | $810066.21    | 0.01%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.               | United Rentals North America, Inc.                              | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    13931000 | PA      | $13929074.74  | 0.20%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.               | United Rentals North America, Inc.                              | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     8495000 | PA      | $8607898.55   | 0.13%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.               | United Rentals North America, Inc.                              | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    14447000 | PA      | $15088446.80  | 0.22%             | 2034-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.               | United Rentals North America, Inc.                              | CUSIP: 911365BS2<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     3555000 | PA      | $3563164.13   | 0.05%             | 2033-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| United States of America                         | U.S. Treasury Notes                                             | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    47315000 | PA      | $48009939.06  | 0.70%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                         | U.S. Treasury Notes                                             | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    47350000 | PA      | $48326593.75  | 0.71%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Steel Corp.                        | United States Steel Corp.                                       | CUSIP: 912909AU2<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |      449000 | PA      | $452746.01    | 0.01%             | 2029-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| EW Scripps Co. (The)                             | EW Scripps Co. (The), 1st Lien Term Loan B-2                    | CUSIP: 26928BAQ2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2222215 | PA      | $2245370.19   | 0.03%             | 2028-06-30      | Variable      | 9.82%                 | No            |                  2 | On Loan: No      |
| Univision Communications, Inc.                   | Univision Communications, Inc.                                  | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     8641000 | PA      | $8765732.84   | 0.13%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                   | Univision Communications, Inc.                                  | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    11496000 | PA      | $11863676.57  | 0.17%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                   | Univision Communications, Inc.                                  | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     8196000 | PA      | $8700562.15   | 0.13%             | 2032-08-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| VZ Secured Financing BV                          | VZ Secured Financing BV                                         | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |      317000 | PA      | $288024.04    | 0.00%             | 2032-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Shift4 Payments LLC                              | Shift4 Payments LLC, 1st Lien Term Loan                         | CUSIP: 82453JAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     7000000 | PA      | $7044870.00   | 0.10%             | 2032-06-30      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Vail Resorts, Inc.                               | Vail Resorts, Inc.                                              | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     7743000 | PA      | $8048879.47   | 0.12%             | 2032-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Vail Resorts, Inc.                               | Vail Resorts, Inc.                                              | CUSIP: 91879QAQ2<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     3829000 | PA      | $3885190.58   | 0.06%             | 2030-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Valaris Ltd.                                     | Valaris Ltd.                                                    | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     2203000 | PA      | $2298308.39   | 0.03%             | 2030-04-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Americas, Inc.                     | Bausch Health Americas, Inc.                                    | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |     1925000 | PA      | $1916798.17   | 0.03%             | 2027-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC               | Venture Global Plaquemines LNG LLC                              | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     1770000 | PA      | $1971937.53   | 0.03%             | 2035-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC               | Venture Global Plaquemines LNG LLC                              | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    19219000 | PA      | $19878269.36  | 0.29%             | 2034-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC               | Venture Global Plaquemines LNG LLC                              | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     6281000 | PA      | $6583382.67   | 0.10%             | 2036-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                         | Venture Global LNG, Inc.                                        | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    10701000 | PA      | $10960756.07  | 0.16%             | 2028-06-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                         | Venture Global LNG, Inc.                                        | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      680000 | PA      | $681679.60    | 0.01%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                         | Venture Global LNG, Inc.                                        | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     3035000 | PA      | $3200909.82   | 0.05%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                         | Venture Global LNG, Inc.                                        | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    12610000 | PA      | $13128674.52  | 0.19%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                         | Venture Global LNG, Inc.                                        | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      728000 | PA      | $714164.48    | 0.01%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Asurion LLC                                      | Asurion LLC, 1st Lien Term Loan B-13                            | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     5386500 | PA      | $5281463.24   | 0.08%             | 2030-09-19      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| Colossus Acquireco LLC                           | Colossus Acquireco LLC, 1st Lien Term Loan                      | CUSIP: 19682LAB4<br>LEI: 2549009FT92RXWA46910 | Long             | LON              | CORP              | US        |     4636807 | PA      | $4617240.06   | 0.07%             | 2032-07-30      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                               | VICI Properties LP                                              | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    16880000 | PA      | $16871086.18  | 0.25%             | 2026-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| VICI Properties LP                               | VICI Properties LP                                              | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2030000 | PA      | $2018768.52   | 0.03%             | 2029-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| VICI Properties, Inc.                            | VICI Properties, Inc., Class A                                  | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      392814 | NS      | $11320899.48  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch + Lomb Corp.                              | Bausch + Lomb Corp., 1st Lien Term Loan                         | CUSIP: C0787FAJ1<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    14062436 | PA      | $14139779.31  | 0.21%             | 2031-01-15      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| Viking Cruises Ltd.                              | Viking Cruises Ltd.                                             | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    10059000 | PA      | $10222077.01  | 0.15%             | 2033-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                              | Expand Energy Corp.                                             | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    29429000 | PA      | $29643059.19  | 0.43%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Virgin Media Secured Finance plc                 | Virgin Media Secured Finance plc                                | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    11062000 | PA      | $10314040.66  | 0.15%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                        | Vistra Operations Co. LLC                                       | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     3083000 | PA      | $3086727.35   | 0.05%             | 2027-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                        | Vistra Operations Co. LLC                                       | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     2540000 | PA      | $2507696.03   | 0.04%             | 2029-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                        | Vistra Operations Co. LLC                                       | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    17649000 | PA      | $18746608.96  | 0.27%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                        | Vistra Operations Co. LLC                                       | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     4681000 | PA      | $4923237.07   | 0.07%             | 2032-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| VistaJet Malta Finance plc                       | VistaJet Malta Finance plc                                      | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5001000 | PA      | $5179300.65   | 0.08%             | 2028-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Crown Finance US, Inc.                           | Crown Finance US, Inc., 1st Lien Term Loan                      | CUSIP: 22834KAV3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    11643453 | PA      | $11627501.16  | 0.17%             | 2031-12-02      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| VoltaGrid LLC                                    | VoltaGrid LLC                                                   | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |     5090000 | PA      | $5076188.79   | 0.07%             | 2030-11-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                            | WR Grace Holdings LLC                                           | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    13268000 | PA      | $12490350.05  | 0.18%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                            | WR Grace Holdings LLC                                           | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     6156000 | PA      | $6099655.36   | 0.09%             | 2027-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                            | WR Grace Holdings LLC                                           | CUSIP: 92943GAF8<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     5110000 | PA      | $5072401.13   | 0.07%             | 2032-08-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| WBI Operating LLC                                | WBI Operating LLC                                               | CUSIP: 92944BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7208000 | PA      | $7210883.49   | 0.11%             | 2030-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Wabash National Corp.                            | Wabash National Corp.                                           | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |     6142000 | PA      | $5622029.95   | 0.08%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| EPIC Crude Services LP                           | EPIC Crude Services LP, 1st Lien Term Loan                      | CUSIP: 29428XAJ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4412726 | PA      | $4423757.75   | 0.06%             | 2031-10-15      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| LSF12 Crown US Commercial Bidco LLC              | LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan         | CUSIP: 50221UAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    10044154 | PA      | $10044154.27  | 0.15%             | 2031-12-02      | Variable      | 7.48%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                          | Belron Finance 2019 LLC, 1st Lien Term Loan                     | CUSIP: 08078UAN3<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     3671890 | PA      | $3690249.61   | 0.05%             | 2031-10-16      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3, Inc.                               | Wand NewCo 3, Inc.                                              | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |     5214000 | PA      | $5494137.79   | 0.08%             | 2032-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| First Advantage Holdings LLC                     | First Advantage Holdings LLC, 1st Lien Term Loan B-3            | CUSIP: 78477MAH4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     6910438 | PA      | $6831383.08   | 0.10%             | 2031-10-31      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| Neon Maple US Debt Mergersub, Inc.               | Neon Maple US Debt Mergersub, Inc., 1st Lien Term Loan B-1      | CUSIP: 69425BAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    10134139 | PA      | $10136064.14  | 0.15%             | 2031-11-17      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| SPX FLOW, Inc.                                   | SPX FLOW, Inc., 1st Lien Term Loan                              | CUSIP: 78470DAW8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     7618281 | PA      | $7656753.57   | 0.11%             | 2029-04-05      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| Sanmina Corp.                                    | Sanmina Corp., 1st Lien Term Loan B-1                           | CUSIP: 80105GAP5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     7418271 | PA      | $7427543.99   | 0.11%             | 2032-10-27      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                      | Allied Universal Holdco LLC, 1st Lien Term Loan                 | CUSIP: 01957TAX5<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |     2264000 | PA      | $2272218.32   | 0.03%             | 2032-08-20      | Variable      | 7.27%                 | No            |                  2 | On Loan: No      |
| First Student Bidco, Inc.                        | First Student Bidco, Inc., 1st Lien Term Loan B                 | CUSIP: 33718FAN0<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |    13440965 | PA      | $13461126.93  | 0.20%             | 2030-08-15      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| First Student Bidco, Inc.                        | First Student Bidco, Inc., 1st Lien Term Loan C                 | CUSIP: 33718FAP5<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |     2313725 | PA      | $2317195.74   | 0.03%             | 2030-08-15      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| PetSmart LLC                                     | PetSmart LLC, 1st Lien Term Loan                                | CUSIP: 71677HAN5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    11081937 | PA      | $10980315.59  | 0.16%             | 2032-08-18      | Variable      | 7.96%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                  | TransDigm, Inc., 1st Lien Term Loan M                           | CUSIP: 89364MCE2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    10650000 | PA      | $10670874.00  | 0.16%             | 2032-08-19      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| ICON PARENT I, Inc.                              | Icon Parent I, Inc., 1st Lien Term Loan                         | CUSIP: 45115DAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     5715675 | PA      | $5725620.27   | 0.08%             | 2031-11-13      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                      | Wayfair LLC                                                     | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     2951000 | PA      | $3069768.90   | 0.04%             | 2029-10-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                      | Wayfair LLC                                                     | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     9192000 | PA      | $9796612.99   | 0.14%             | 2030-09-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                      | Wayfair LLC                                                     | CUSIP: 94419NAC1<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     3633000 | PA      | $3706942.45   | 0.05%             | 2032-11-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NCR Atleos LLC                                   | NCR Atleos LLC, 1st Lien Term Loan B                            | CUSIP: 63001PAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      853333 | PA      | $854135.47    | 0.01%             | 2029-04-16      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| VARSITY BRANDS, Inc.                             | Varsity Brands, Inc., 1st Lien Term Loan                        | CUSIP: 92227QAG1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    14941885 | PA      | $14979239.71  | 0.22%             | 2031-08-26      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| Weekley Homes LLC                                | Weekley Homes LLC                                               | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      703000 | PA      | $691746.94    | 0.01%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Dawn Bidco LLC                                   | Dawn Bidco LLC, 1st Lien Term Loan                              | CUSIP: 23923YAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    10068807 | PA      | $10037896.09  | 0.15%             | 2032-10-07      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                         | WESCO Distribution, Inc.                                        | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    13632000 | PA      | $13836589.06  | 0.20%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                         | WESCO Distribution, Inc.                                        | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    10553000 | PA      | $10903116.88  | 0.16%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                         | WESCO Distribution, Inc.                                        | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     5015000 | PA      | $5260183.35   | 0.08%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                         | WESCO Distribution, Inc.                                        | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     2941000 | PA      | $3075891.91   | 0.04%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                 | Altice France SA, 1st Lien Term Loan B-14                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |     5252150 | PA      | $5263073.99   | 0.08%             | 2031-05-30      | Variable      | 10.86%                | No            |                  2 | On Loan: No      |
| QXO Building Products, Inc.                      | QXO Building Products, Inc., 1st Lien Term Loan B               | CUSIP: 07368RAM3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1491071 | PA      | $1494590.27   | 0.02%             | 2032-04-30      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| AWS Claire's LLC                                 | AWS Claire's LLC, 1st Lien Term Loan                            | CUSIP: 05455VAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1158334 | PA      | $1158334.39   | 0.02%             | 2030-09-18      | Variable      | 10.00%                | No            |                  3 | On Loan: No      |
| Williams Scotsman, Inc.                          | Williams Scotsman, Inc.                                         | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     5405000 | PA      | $5630712.80   | 0.08%             | 2031-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                          | Williams Scotsman, Inc.                                         | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     3003000 | PA      | $3098393.30   | 0.05%             | 2029-06-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                          | Williams Scotsman, Inc.                                         | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     1545000 | PA      | $1595353.10   | 0.02%             | 2030-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| WULF Compute LLC                                 | WULF Compute LLC                                                | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    13920000 | PA      | $14392172.80  | 0.21%             | 2030-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Wynn Las Vegas LLC                               | Wynn Las Vegas LLC                                              | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      660000 | PA      | $662501.40    | 0.01%             | 2027-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                         | Wynn Resorts Finance LLC                                        | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    14648000 | PA      | $14721503.66  | 0.22%             | 2029-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                         | Wynn Resorts Finance LLC                                        | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2806000 | PA      | $3031434.04   | 0.04%             | 2031-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                         | Wynn Resorts Finance LLC                                        | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4590000 | PA      | $4693504.50   | 0.07%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                        | XPO, Inc.                                                       | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |     3663000 | PA      | $3870406.39   | 0.06%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                        | XPO, Inc.                                                       | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |     5232000 | PA      | $5338963.01   | 0.08%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Xerox Corp.                                      | Xerox Corp.                                                     | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     3482000 | PA      | $3570084.15   | 0.05%             | 2030-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Xerox Corp.                                      | Xerox Corp.                                                     | CUSIP: 984121CT8<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     3310000 | PA      | $3059729.84   | 0.04%             | 2031-04-15      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| Xerox Holdings Corp.                             | Xerox Holdings Corp.                                            | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |      877000 | PA      | $372992.75    | 0.01%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Xerox Holdings Corp.                             | Xerox Holdings Corp.                                            | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |     4989000 | PA      | $1830897.64   | 0.03%             | 2029-11-30      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Yum! Brands, Inc.                                | Yum! Brands, Inc.                                               | CUSIP: 988498AP6<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     2229000 | PA      | $2194763.67   | 0.03%             | 2032-01-31      | Fixed         | 4.62%                 | No            |                  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        |     3180513 | PA      | $31805.13     | 0.00%             | 2025-12-31      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Moran Foods LLC                                  | Moran Foods LLC, 1st Lien Super Senior Delayed Draw Term Loan   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    26082663 | PA      | $24778530.24  | 0.36%             | 2026-06-30      | Variable      | 15.44%                | No            |                  3 | On Loan: No      |
| Venator Materials LLC                            | Venator Materials LLC, 1st Lien Term Loan                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3382681 | PA      | $3044413.26   | 0.04%             | 2026-01-16      | Variable      | 13.89%                | No            |                  2 | On Loan: No      |
| Medline Borrower LP                              | Medline Borrower LP, 1st Lien Term Loan                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    11425344 | PA      | $11439968.04  | 0.17%             | 2028-10-23      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| ICITII                                           | ICITII                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     5499167 | PA      | $2578669.27   | 0.04%             | 2033-01-31      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| New Evhc Physical Equity                         | New Evhc Physical Equity                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      106975 | NS      | $1611310.94   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mallinckrodt plc                                 | Mallinckrodt plc                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      138232 | NS      | $14091093.62  | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Neiman Marcus                                    | Neiman Marcus                                                   | CUSIP: 62929P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        5635 | NS      | $701557.50    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Serta Simmons Bedding LLC                        | Serta Simmons Bedding LLC                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      394567 | NS      | $3472189.60   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SSB Equipment Co., Inc.                          | SSB Equipment Co., Inc.                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      394567 | NS      | $0.39         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Keenova Therapeutics plc                         | Keenova Therapeutics plc                                        | CUSIP: N/A<br>LEI: 549300LMDE3RUP8Z3L60       | Long             | EC               | CORP              | IE        |  6298402848 | NS      | $6298.40      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Mallinckrodt plc                                 | Mallinckrodt plc                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       80182 | NS      | $8173592.72   | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| Mallinckrodt plc                                 | Mallinckrodt plc                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |  3653412648 | NS      | $3653.41      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Rite Aid                                         | Rite Aid                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       25265 | NS      | $0.03         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Escrow Rite Aid                                  | Escrow Rite Aid                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     2523888 | PA      | $0.03         | 0.00%             | 2049-12-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Incora Intermediate LLC                          | Incora Intermediate LLC                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      254099 | NS      | $2975499.29   | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Altice France Sa Bond                            | Altice France SA                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |       11816 | NS      | $179952.88    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| EURO                                             | EURO                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |      597263 | OU      | $693034.35    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Venator Materials plc                            | Venator Materials plc                                           | CUSIP: N/A<br>LEI: 549300WFXC4YL5IHX316       | Long             | EC               | CORP              | GB        |       11378 | NS      | $142225.00    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SES SA                                           | SES SA                                                          | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | EC               | CORP              | LU        |      749408 | NS      | $11709500.00  | 0.17%             |  |  |  | No            |                  3 | On Loan: No      |
| Yeoman Capital SA                                | Yeoman Capital SA                                               | CUSIP: 985923101<br>LEI: 549300ORV6YW6ESSNQ21 | Long             | EC               | CORP              | LU        |     1234117 | NS      | $7876042.13   | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust II

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer