# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-25-180632
**Filing Date:** 2025-7
**Character Count:** 962576
**Document Hash:** 5ed70496eb5df94ef0cef4c7a176374b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180632.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180632

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 251154603

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

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

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

## Series and Classes Contracts Data

### JPMorgan Unconstrained Debt Fund (Series ID: S000030249)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000093101 | Class A      | JSIAX           |
| C000093102 | Class C      | JINCX           |
| C000093103 | Class I      | JSISX           |
| C000093104 | Class R2     | JISZX           |
| C000093105 | Class R5     | JSIRX           |
| C000106117 | Class R6     | JSIMX           |

## Nport-Ex

**JPMorgan Unconstrained Debt Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 40.3%** | **Corporate Bonds — 40.3%** | **Corporate Bonds — 40.3%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| &nbsp;&nbsp;&nbsp; ATI, Inc. 5.13%, 10/1/2031 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The)  | &nbsp;&nbsp;&nbsp; Boeing Co. (The)  | &nbsp;&nbsp;&nbsp; Boeing Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/1/2035 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 5/1/2040 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/1/2048 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 8/1/2059 | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 520 |
| &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; 7.25%, 7/1/2031 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/1/2032 (a) | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/2033 (a) | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; General Electric Co. 4.13%, 9/19/2035 (b) | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; Rolls-Royce plc (United Kingdom) 4.63%, 2/16/2026 (a) | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (a) | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
| &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; 31 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/2032 (a) | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Triumph Group, Inc. 9.00%, 3/15/2028 (a) | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 35 |
|  |  | &nbsp;&nbsp; 2164 |
| **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| &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; 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 4/15/2031 (a) | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/2033 (a) | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Adler Pelzer Holding GmbH (Germany) 9.50%, 4/1/2027 (a) | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 223 |
| &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; 5.88%, 6/1/2029 (a) | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/30/2031 (a) | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. 6.50%, 4/1/2027 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 199 |
| &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; 8.50%, 5/15/2027 (a) | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/2030 (a) | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc. 5.63% (Cash), 5/15/2027 (a) (c) | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; Forvia SE (France) | &nbsp;&nbsp;&nbsp; Forvia SE (France) | &nbsp;&nbsp;&nbsp; Forvia SE (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 6/15/2027 (b) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/2030 (b) | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 515 |
| &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; 195 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2030 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Grupo Antolin-Irausa SA (Spain) | &nbsp;&nbsp;&nbsp; Grupo Antolin-Irausa SA (Spain) | &nbsp;&nbsp;&nbsp; Grupo Antolin-Irausa SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/30/2028 (a) | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 1/30/2030 (a) | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 84 |
| &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; 8.75% (Cash), 5/15/2028 (a) (c) | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% (Cash), 5/15/2028 (b) (c) (d) | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% (Cash), 11/15/2031 (a) (c) | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% (Cash), 11/15/2031 (b) (c) | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 268 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobile Components — continued** | **Automobile Components — continued** | **Automobile Components — continued** |
| &nbsp;&nbsp;&nbsp; Schaeffler AG (Germany) 5.38%, 4/1/2031 (b) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp; Valeo SE (France) 4.50%, 4/11/2030 (b) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; ZF Europe Finance BV (Germany) | &nbsp;&nbsp;&nbsp; ZF Europe Finance BV (Germany) | &nbsp;&nbsp;&nbsp; ZF Europe Finance BV (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 2/23/2026 (b) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/23/2027 (b) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 756 |
| &nbsp;&nbsp;&nbsp; ZF Finance GmbH (Germany) 3.75%, 9/21/2028 (b) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |
|  |  | &nbsp;&nbsp; 5693 |
| **Automobiles — 0.6%** | **Automobiles — 0.6%** | **Automobiles — 0.6%** |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  | &nbsp;&nbsp;&nbsp; Hyundai Capital America  | &nbsp;&nbsp;&nbsp; Hyundai Capital America  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 1/8/2026 (a) | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/2/2026 (a) | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/16/2029 (a) | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 1/8/2031 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp; RCI Banque SA (France) (EURIBOR ICE Swap Rate 5 Year + 2.20%), 4.75%, 3/24/2037 (b) (e) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 569 |
| &nbsp;&nbsp;&nbsp; Renault SA (France) 2.50%, 6/2/2027 (b) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 902 |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc.  | &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc.  | &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/18/2030 (a) | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 3/18/2035 (a) | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 613 |
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany) 5.80%, 3/27/2035 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 198 |
|  |  | &nbsp;&nbsp; 6574 |
| **Banks — 11.0%** | **Banks — 11.0%** | **Banks — 11.0%** |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) | &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) | &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.67%), 4.38%, 9/22/2025 (b) (e) (f) (g) (h) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 4/18/2026 (a) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 799 |
| &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) | &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) | &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 6.63%), 6.25%, 6/23/2025 (b) (e) (f) (g) (h) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.33%), 6.61%, 9/13/2029 (a) (e) | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.87%, 3/28/2035 (a) (e) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 5.54%), 8.38%, 6/21/2028 (b) (e) (f) (g) (h) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, 3/19/2029 (e) (f) (g) (h) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2415 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (e) (f) (g) (h) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.43%), 7.00%, 11/20/2029 (b) (e) (f) (g) (h) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (e) (f) (g) (h) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1150 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.08%, 1/20/2027 (e) | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%), 2.55%, 2/4/2028 (e) | &nbsp;&nbsp; 2485 | &nbsp;&nbsp; 2402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.20%, 4/25/2029 (e) | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.82%, 9/15/2029 (e) | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 6.63%, 5/1/2030 (e) (g) (h) | &nbsp;&nbsp; 541 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.30%, 7/21/2032 (e) | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 2.57%, 10/20/2032 (e) | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.43%, 8/15/2035 (e) | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.31%), 5.51%, 1/24/2036 (e) | &nbsp;&nbsp; 519 | &nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%), 2.68%, 6/19/2041 (e) | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 516 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) (EUR Swap Annual 5 Year + 6.43%), 6.00%, 9/1/2025 (b) (e) (f) (g) (h) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1599 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) | &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) | &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 4.59%, 5/4/2037 (e) (f) | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.63%, 10/27/2081 (e) (f) | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1940 |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France) 4.75%, 7/13/2027 (a) | &nbsp;&nbsp; 1245 | &nbsp;&nbsp; 1247 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.35%), 8.50%, 8/14/2028 (a) (e) (f) (g) (h) | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (a) (e) (f) (g) (h) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 4.63%), 7.38%, 6/11/2030 (b) (e) (f) (g) (h) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.62%), 5.79%, 1/13/2033 (a) (e) | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%), 5.91%, 11/19/2035 (a) (e) | &nbsp;&nbsp; 1965 | &nbsp;&nbsp; 1954 |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%), 5.98%, 1/18/2027 (a) (e) | &nbsp;&nbsp; 2703 | &nbsp;&nbsp; 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%), 2.05%, 10/19/2027 (a) (e) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 3.12%, 10/19/2032 (a) (e) | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.59%), 7.00%, 10/19/2034 (a) (e) | &nbsp;&nbsp; 2210 | &nbsp;&nbsp; 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%), 6.29%, 1/14/2036 (a) (e) | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 612 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.95%), 5.13%, 7/19/2034 (b) (e) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.77%), 6.84%, 9/13/2034 (a) (e) | &nbsp;&nbsp; 1310 | &nbsp;&nbsp; 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 6.04%, 6/15/2035 (a) (e) | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1505 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (e) (g) (h) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (e) (g) (h) | &nbsp;&nbsp; 2521 | &nbsp;&nbsp; 2470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.61%, 9/29/2026 (e) | &nbsp;&nbsp; 1557 | &nbsp;&nbsp; 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.82%), 3.89%, 1/10/2028 (e) | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.41%), 3.52%, 10/27/2028 (e) | &nbsp;&nbsp; 3220 | &nbsp;&nbsp; 3133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%), 7.13%, 8/15/2029 (e) (g) (h) | &nbsp;&nbsp; 1575 | &nbsp;&nbsp; 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.57%), 6.75%, 2/15/2030 (e) (g) (h) | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.54%, 9/19/2030 (e) | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%), 2.52%, 11/3/2032 (e) | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%), 5.83%, 2/13/2035 (e) | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | &nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | &nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.35%), 4.00%, 12/5/2030 (b) (e) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 5.13%), 7.88%, 10/9/2031 (b) (e) (f) (g) (h) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.00%, 9/24/2026 (a) (e) | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.68%), 4.38%, 6/29/2027 (b) (e) (f) (g) (h) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 3.65%, 4/6/2028 (a) (e) | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1691 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%), 1.25%, 1/26/2027 (a) (e) | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.86%), 6.32%, 10/3/2029 (a) (e) | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.86%, 1/9/2036 (a) (e) | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, <br> 9/11/2026 (a) (e)<br>| &nbsp;&nbsp; 482 | &nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, <br> 9/16/2026 (a) (e)<br>| &nbsp;&nbsp; 701 | &nbsp;&nbsp; 693 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%), 5.21%, 8/11/2028 (e) | &nbsp;&nbsp; 2565 | &nbsp;&nbsp; 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 2.01%, 9/22/2028 (e) | &nbsp;&nbsp; 2575 | &nbsp;&nbsp; 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (e) | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 7.05%, 6/5/2030 (e) (g) (h) | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (e) (f) (g) (h) | &nbsp;&nbsp; 1794 | &nbsp;&nbsp; 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%), 6.25%, 3/9/2034 (e) | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%), 5.87%, 11/18/2035 (e) | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. (SOFRINDX + 1.87%), 5.71%, 2/2/2035 (e) | &nbsp;&nbsp; 1164 | &nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, <br> 11/16/2026 (e) (f) (g) (h)<br>| &nbsp;&nbsp; 1488 | &nbsp;&nbsp; 1479 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/21/2025 (a) | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027 (b) (e) (f) (g) (h) | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 5.56%), 6.38%, 3/30/2028 (b) (e) (f) (g) (h) | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/20/2033 (a) | &nbsp;&nbsp; 3845 | &nbsp;&nbsp; 4095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (a) (e) | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 1170 |
| &nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | &nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | &nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 4.93%), 8.00%, 9/5/2028 (b) (e) (f) (g) (h) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (a) (e) | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp; KeyCorp (SOFRINDX + 2.42%), 6.40%, 3/6/2035 (e) | &nbsp;&nbsp; 2181 | &nbsp;&nbsp; 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), <br> 5.99%, 8/7/2027 (e)<br>| &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 1379 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (e) (f) (g) (h) | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.13%, 11/10/2033 (e) (f) (g) (h) | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) 5.02%, 3/21/2030 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (e) (g) (h) | &nbsp;&nbsp; 1278 | &nbsp;&nbsp; 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 4.81%, 10/21/2032 (e) | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.90%), 5.68%, 1/22/2035 (e) | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.75%), 6.83%, 11/21/2026 (e) | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.99%), 1.67%, 6/14/2027 (e) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%), 6.53%, 1/10/2029 (e) | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2180 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) | &nbsp;&nbsp;&nbsp; Societe Generale SA (France) | &nbsp;&nbsp;&nbsp; Societe Generale SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.45%), 10.00%, 11/14/2028 (a) (e) (f) (g) (h) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.13%, 11/21/2029 (a) (e) (f) (g) (h) | &nbsp;&nbsp; 2350 | &nbsp;&nbsp; 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (a) (e) (f) (g) (h) | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.10%, 4/13/2033 (a) (e) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 926 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (a) (e) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031 (a) (e) | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, <br> 3/1/2031 (b) (e) (f) (g) (h)<br>| &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2178 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp.  | &nbsp;&nbsp;&nbsp; Truist Financial Corp.  | &nbsp;&nbsp;&nbsp; Truist Financial Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.30%), 6.12%, 10/28/2033 (e) | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%), 5.12%, 1/26/2034 (e) | &nbsp;&nbsp; 1047 | &nbsp;&nbsp; 1026 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.36%), 5.87%, 6/8/2034 (e) | &nbsp;&nbsp; 859 | &nbsp;&nbsp; 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.92%), 5.71%, 1/24/2035 (e) | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | &nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | &nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (e) | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.61%), 4.45%, 12/3/2027 (b) (e) (f) (g) (h) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.90%), 4.80%, 1/17/2029 (b) (e) | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.80%), 2.73%, 1/15/2032 (b) (e) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (a) (e) | &nbsp;&nbsp; 2114 | &nbsp;&nbsp; 1889 |
| &nbsp;&nbsp;&nbsp; US Bancorp (SOFR + 1.86%), 5.68%, 1/23/2035 (e) | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 3.53%, 3/24/2028 (e) | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.57%, 7/25/2029 (e) | &nbsp;&nbsp; 2720 | &nbsp;&nbsp; 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 6.85%, 9/15/2029 (e) (g) (h) | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.24%, 1/24/2031 (e) | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 5.56%, 7/25/2034 (e) | &nbsp;&nbsp; 2798 | &nbsp;&nbsp; 2834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.60%, 4/23/2036 (e) | &nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1411 |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (e) (f) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 247 |
|  |  | &nbsp;&nbsp; 126866 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium) 5.80%, 1/23/2059 | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. 6.25%, 4/1/2029 (a) | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 85 |
|  |  | &nbsp;&nbsp; 211 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc.  | &nbsp;&nbsp;&nbsp; AbbVie, Inc.  | &nbsp;&nbsp;&nbsp; AbbVie, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 3/15/2034 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 5/14/2045 | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049 | &nbsp;&nbsp; 3295 | &nbsp;&nbsp; 2640 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc.  | &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc.  | &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/1/2050 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/15/2053 | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp; Grifols SA 3.88%, 10/15/2028 (b) | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 250 |
|  |  | &nbsp;&nbsp; 5351 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. 2.70%, 6/3/2060 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (a) | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC 11.00%, 12/15/2029 (a) | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 31 |
| &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% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027 (a) (c) | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/1/2027 (a) | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 25 |
| &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; 177 | &nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 9/15/2030 (a) | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 91 |
|  |  | &nbsp;&nbsp; 684 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| &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; 4.25%, 2/1/2032 (a) | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2034 (a) | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2035 (a) | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 33 |
| &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; 6.38%, 12/15/2030 (a) | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/2030 (b) | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/2030 (a) | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/2031 (a) | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc. 7.00%, 9/1/2032 (a) | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc. 7.00%, 7/15/2032 (a) | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a) | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc. 4.75%, 1/15/2028 (a) | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 88 |
|  |  | &nbsp;&nbsp; 2141 |
| **Capital Markets — 4.0%** | **Capital Markets — 4.0%** | **Capital Markets — 4.0%** |
| &nbsp;&nbsp;&nbsp; CFAMC III Co. Ltd. (China) 4.25%, 11/7/2027 (b) | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 858 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. 3.38%, 10/1/2028 (a) | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%), 3.74%, 1/7/2033 (e) | &nbsp;&nbsp; 1206 | &nbsp;&nbsp; 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%), 5.40%, 9/11/2035 (e) | &nbsp;&nbsp; 1970 | &nbsp;&nbsp; 1922 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (e) (g) (h) | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%), 1.43%, 3/9/2027 (e) | &nbsp;&nbsp; 2330 | &nbsp;&nbsp; 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 2.64%, 2/24/2028 (e) | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.50%, 5/10/2029 (e) (g) (h) | &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.85%, 2/10/2030 (e) (g) (h) | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.69%, 10/23/2030 (e) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 5.21%, 1/28/2031 (e) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.22%, 4/23/2031 (e) | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 2.62%, 4/22/2032 (e) | &nbsp;&nbsp; 3130 | &nbsp;&nbsp; 2745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%), 2.65%, 10/21/2032 (e) | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%), 3.10%, 2/24/2033 (e) | &nbsp;&nbsp; 2540 | &nbsp;&nbsp; 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%), 5.02%, 10/23/2035 (e) | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 5.54%, 1/28/2036 (e) | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 609 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%), 1.59%, 5/4/2027 (e) | &nbsp;&nbsp; 2660 | &nbsp;&nbsp; 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 4.21%, 4/20/2028 (e) | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 7/22/2028 (d) | &nbsp;&nbsp; 2210 | &nbsp;&nbsp; 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.12%, 2/1/2029 (e) | &nbsp;&nbsp; 4130 | &nbsp;&nbsp; 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.16%, 4/20/2029 (e) | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.63%), 5.45%, 7/20/2029 (e) | &nbsp;&nbsp; 2860 | &nbsp;&nbsp; 2925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%), 4.65%, 10/18/2030 (e) | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.23%, 1/15/2031 (e) | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 2.70%, 1/22/2031 (e) | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 5.19%, 4/17/2031 (e) | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 938 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 2.51%, 10/20/2032 (e) | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.32%, 7/19/2035 (e) | &nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%), 5.66%, 4/17/2036 (e) | &nbsp;&nbsp; 737 | &nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 2.48%, 9/16/2036 (e) | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, <br> 3/15/2029 (e) (g) (h)<br>| &nbsp;&nbsp; 341 | &nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 1/9/2028 (a) | &nbsp;&nbsp; 2840 | &nbsp;&nbsp; 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (a) (e) (f) (g) (h) | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.31%), 4.38%, 2/10/2031 (a) (e) (f) (g) (h) | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (a) (e) (f) (g) (h) | &nbsp;&nbsp; 818 | &nbsp;&nbsp; 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 5.02%), 9.02%, 11/15/2033 (a) (e) | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 1777 |
|  |  | &nbsp;&nbsp; 46503 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| &nbsp;&nbsp;&nbsp; Alpek SAB de CV (Mexico) 3.25%, 2/25/2031 (b) | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp; ASK Chemicals Deutschland Holding GmbH (Germany) 10.00%, 11/15/2029 (a) | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp; Avient Corp. 7.13%, 8/1/2030 (a) | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil) 7.25%, 2/13/2033 (b) | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp; CF Industries, Inc.  | &nbsp;&nbsp;&nbsp; CF Industries, Inc.  | &nbsp;&nbsp;&nbsp; CF Industries, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/1/2026 (a) | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 6/1/2043 | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; 1125 |
| &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; 170 | &nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 1/15/2033 (a) | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; Herens Midco SARL (Luxembourg) | &nbsp;&nbsp;&nbsp; Herens Midco SARL (Luxembourg) | &nbsp;&nbsp;&nbsp; Herens Midco SARL (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2029 (a) | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2029 (b) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 86 |
| &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; 6.63%, 5/15/2028 (b) | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 4/15/2029 (a) | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2029 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc (United Kingdom) 6.75%, 4/15/2030 (a) | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; INEOS Styrolution Ludwigshafen GmbH (United Kingdom) 2.25%, 1/16/2027 (b) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp; Lune Holdings SARL (France) 5.63%, 11/15/2028 (a) | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; Monitchem HoldCo 3 SA (Luxembourg) 8.75%, 5/1/2028 (b) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 114 |
| &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; 248 | &nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/2029 (a) | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; OCP SA (Morocco) | &nbsp;&nbsp;&nbsp; OCP SA (Morocco) | &nbsp;&nbsp;&nbsp; OCP SA (Morocco) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 4/30/2030 (a) | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/25/2044 (b) | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 365 |
| &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; 4.50%, 10/15/2029 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/2032 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 500 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &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; 65 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2029 (a) | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 185 |
|  |  | &nbsp;&nbsp; 7620 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. 4.25%, 3/15/2029 (a) | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp; Amber Finco plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Amber Finco plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Amber Finco plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2029 (a) | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2029 (b) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 297 |
| &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; 40 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2029 (a) | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc. 5.00%, 2/1/2028 (a) | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a) | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. 8.25%, 4/15/2029 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 116 |
| &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; 8.25%, 8/1/2032 (a) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032 (a) | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 43 |
| &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; 85 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2029 (a) | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. 5.50%, 12/1/2028 (a) | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC 5.88%, 6/30/2029 (a) | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Paprec Holding SA (France) | &nbsp;&nbsp;&nbsp; Paprec Holding SA (France) | &nbsp;&nbsp;&nbsp; Paprec Holding SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/2028 (a) | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/1/2028 (b) | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp; Q-Park Holding I BV (Netherlands) | &nbsp;&nbsp;&nbsp; Q-Park Holding I BV (Netherlands) | &nbsp;&nbsp;&nbsp; Q-Park Holding I BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/2029 (a) | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 3/1/2029 (b) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC 6.88%, 11/15/2031 (a) | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (b) | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 529 |
| &nbsp;&nbsp;&nbsp; Verisure Holding AB (Sweden) | &nbsp;&nbsp;&nbsp; Verisure Holding AB (Sweden) | &nbsp;&nbsp;&nbsp; Verisure Holding AB (Sweden) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/15/2027 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/15/2030 (a) | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp; Verisure Midholding AB (Sweden) | &nbsp;&nbsp;&nbsp; Verisure Midholding AB (Sweden) | &nbsp;&nbsp;&nbsp; Verisure Midholding AB (Sweden) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/2029 (b) | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/2029 (a) | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 136 |
| &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; 130 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/2030 (a) | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp. (Canada) 6.63%, 4/1/2032 (a) | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
|  |  | &nbsp;&nbsp; 4576 |
| **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Ciena Corp. 4.00%, 1/31/2030 (a) | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; CommScope LLC 4.75%, 9/1/2029 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 192 |
|  |  | &nbsp;&nbsp; 350 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a) | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Heathrow Funding Ltd. (United Kingdom) | &nbsp;&nbsp;&nbsp; Heathrow Funding Ltd. (United Kingdom) | &nbsp;&nbsp;&nbsp; Heathrow Funding Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/8/2030 (b) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 5/13/2041 (b) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC 4.88%, 9/15/2028 (a) | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 120 |
|  |  | &nbsp;&nbsp; 2246 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cemex SAB de CV (Mexico) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.13%, <br> 6/8/2026 (a) (e) (g) (h)<br>| &nbsp;&nbsp; 1054 | &nbsp;&nbsp; 1040 |
| **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 1/30/2026 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/6/2028 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 1/30/2032 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 742 |
| &nbsp;&nbsp;&nbsp; American Express Co.  | &nbsp;&nbsp;&nbsp; American Express Co.  | &nbsp;&nbsp;&nbsp; American Express Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (e) (g) (h) | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%), 5.67%, 4/25/2036 (e) | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) | &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) | &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (a) | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 2/21/2026 (a) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 4/15/2026 (a) | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2026 (a) | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/4/2028 (a) | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2029 (a) | &nbsp;&nbsp; 3565 | &nbsp;&nbsp; 3630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029 (a) | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 1/15/2030 (a) | &nbsp;&nbsp; 1970 | &nbsp;&nbsp; 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/30/2030 (a) | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 155 |
| &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; 4.95%, 5/28/2027 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 966 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.  | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.  | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 1/8/2031 | &nbsp;&nbsp; 762 | &nbsp;&nbsp; 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/18/2031 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/6/2034 | &nbsp;&nbsp; 2140 | &nbsp;&nbsp; 2049 |
| &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; 3.88%, 9/15/2028 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/2030 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Volkswagen International Finance NV (Germany) (EUR Swap Annual 10 Year + 3.98%), 4.63%, 6/27/2028 (b) (e) (g) (h) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 678 |
| &nbsp;&nbsp;&nbsp; Volkswagen Leasing GmbH (Germany) 0.50%, 1/12/2029 (b) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1461 |
|  |  | &nbsp;&nbsp; 19878 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. 4.63%, 1/15/2027 (a) | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; ELO SACA (France) 3.25%, 7/23/2027 (b) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 221 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| &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; 4.25%, 8/1/2029 (a) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2032 (a) | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| &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; 8.00%, 10/18/2024 ‡ | &nbsp;&nbsp; 42 | &nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/1/2025 ‡ (j) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026 ‡ (j) | &nbsp;&nbsp; 98 | &nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 7.00%), 11.32%, 8/30/2031 ‡ (a) (e) (j) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 15.00%, 8/30/2031 ‡ (j) | &nbsp;&nbsp; 45 | &nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 15.00%, 8/30/2031 ‡ (j) | &nbsp;&nbsp; 21 | &nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp; US Foods, Inc. 4.75%, 2/15/2029 (a) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 98 |
|  |  | &nbsp;&nbsp; 506 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  | &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  | &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 8/15/2026 (b) | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/15/2027 (b) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/15/2027 (a) | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp; Ball Corp. 4.25%, 7/1/2032 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. 5.80%, 6/15/2031 | &nbsp;&nbsp; 1760 | &nbsp;&nbsp; 1827 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. 6.75%, 4/15/2032 (a) | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; Crown European Holdings SACA 4.50%, 1/15/2030 (a) | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 133 |
| &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%, 4/15/2027 (a) | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/15/2027 (a) | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp; OI European Group BV  | &nbsp;&nbsp;&nbsp; OI European Group BV  | &nbsp;&nbsp;&nbsp; OI European Group BV  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2028 (a) | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2028 (b) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; Pro-Gest SpA (Italy) 3.25%, 12/15/2024 (b) (j) | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. 2.25%, 6/1/2028 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 439 |
| &nbsp;&nbsp;&nbsp; TriMas Corp. 4.13%, 4/15/2029 (a) | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 108 |
|  |  | &nbsp;&nbsp; 4480 |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Azelis Finance NV (Belgium) 5.75%, 3/15/2028 (b) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) 7.75%, 3/15/2031 (a) | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 125 |
|  |  | &nbsp;&nbsp; 477 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; RAC Bond Co. plc (United Kingdom) | &nbsp;&nbsp;&nbsp; RAC Bond Co. plc (United Kingdom) | &nbsp;&nbsp;&nbsp; RAC Bond Co. plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/4/2027 (a) | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/4/2027 (b) | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 87 |
|  |  | &nbsp;&nbsp; 492 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc.  | &nbsp;&nbsp;&nbsp; WP Carey, Inc.  | &nbsp;&nbsp;&nbsp; WP Carey, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 2/1/2031 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 4/1/2033 | &nbsp;&nbsp; 367 | &nbsp;&nbsp; 295 |
|  |  | &nbsp;&nbsp; 451 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| &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; 5.88%, 2/1/2027 (b) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/1/2027 (a) | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/15/2028 (b) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 7/15/2029 (a) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc.  | &nbsp;&nbsp;&nbsp; AT&T, Inc.  | &nbsp;&nbsp;&nbsp; AT&T, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 9/15/2053 | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 8/15/2056 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 661 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/1/2027 (a) | &nbsp;&nbsp; 2370 | &nbsp;&nbsp; 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2028 (a) | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/1/2029 (a) | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 (a) | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/2030 (a) | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2031 (a) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/2032 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp; eircom Finance DAC (Ireland) 5.75%, 12/15/2029 (b) | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 309 |
| &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; 2.38%, 10/12/2027 (b) | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 1/24/2033 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 444 |
| &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; 305 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/2029 (a) | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp; GCI LLC 4.75%, 10/15/2028 (a) | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp; Iliad Holding SASU (France) | &nbsp;&nbsp;&nbsp; Iliad Holding SASU (France) | &nbsp;&nbsp;&nbsp; Iliad Holding SASU (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028 (a) | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028 (b) | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2031 (a) | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2031 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA (Italy) 1.63%, 10/21/2028 (b) | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a) | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp; Kaixo Bondco Telecom SA (Spain) 5.13%, 9/30/2029 (b) | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc. 11.00%, 11/15/2029 (a) | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; Lorca Telecom Bondco SA (Spain) | &nbsp;&nbsp;&nbsp; Lorca Telecom Bondco SA (Spain) | &nbsp;&nbsp;&nbsp; Lorca Telecom Bondco SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/18/2027 (a) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/18/2027 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 454 |
| &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; 39 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2030 (a) | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; Telecom Italia SpA (Italy) 7.88%, 7/31/2028 (b) | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 486 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp; Telefonica Emisiones SA (Spain) 4.67%, 3/6/2038 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 618 |
| &nbsp;&nbsp;&nbsp; Virgin Media Finance plc (United Kingdom) 3.75%, 7/15/2030 (b) | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 145 |
|  |  | &nbsp;&nbsp; 13946 |
| **Electric Utilities — 3.8%** | **Electric Utilities — 3.8%** | **Electric Utilities — 3.8%** |
| &nbsp;&nbsp;&nbsp; Alfa Desarrollo SpA (Chile) 4.55%, 9/27/2051 (a) | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 672 |
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad (Mexico) 6.45%, 1/24/2035 (a) | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC 5.40%, 1/15/2054 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC 5.40%, 4/1/2053 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio, Inc. 5.65%, 4/1/2053 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC 5.55%, 3/15/2055 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (a) | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp; Edison International (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%, 6/15/2053 (e) | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp; EDP SA (Portugal) | &nbsp;&nbsp;&nbsp; EDP SA (Portugal) | &nbsp;&nbsp;&nbsp; EDP SA (Portugal) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080 (b) (e) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5., (EUR Swap Annual 5 Year + 1.89%), 1.50%, 3/14/2082 (b) (e) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1650 |
| &nbsp;&nbsp;&nbsp; Electricite de France SA (France) | &nbsp;&nbsp;&nbsp; Electricite de France SA (France) | &nbsp;&nbsp;&nbsp; Electricite de France SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 5/23/2028 (a) | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 4.86%), 7.50%, 9/6/2028 (b) (e) (g) (h) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.97%), 3.38%, 6/15/2030 (b) (e) (g) (h) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp; Emera US Finance LP (Canada) 2.64%, 6/15/2031 | &nbsp;&nbsp; 1964 | &nbsp;&nbsp; 1691 |
| &nbsp;&nbsp;&nbsp; Emera, Inc. (Canada) Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (e) | &nbsp;&nbsp; 1058 | &nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) | &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) | &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 4/6/2028 (a) | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 7/12/2031 (a) (k) | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/2032 (a) | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp; Enel SpA (Italy) (EUR Swap Annual 5 Year + 2.68%), 2.25%, 12/10/2026 (b) (e) (g) (h) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2006 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (e) | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 987 |
| &nbsp;&nbsp;&nbsp; Entergy Mississippi LLC 5.80%, 4/15/2055 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Entergy Texas, Inc. 1.75%, 3/15/2031 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 328 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.50%, 3/15/2055 (e) | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1433 |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 (a) | &nbsp;&nbsp; 832 | &nbsp;&nbsp; 809 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co. 5.20%, 4/1/2028 (a) | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC  | &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC  | &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 9/15/2028 (a) | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 4/1/2049 (a) | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp. 2.95%, 5/14/2030 (a) | &nbsp;&nbsp; 1855 | &nbsp;&nbsp; 1705 |
| &nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co. 2.75%, 3/1/2032 (a) | &nbsp;&nbsp; 5248 | &nbsp;&nbsp; 4540 |
| &nbsp;&nbsp;&nbsp; MidAmerican Energy Co. 4.25%, 5/1/2046 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp; Nevada Power Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.94%), 6.25%, 5/15/2055 (e) | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 3/15/2035 | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.75%, 6/15/2054 (e) | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.36%), 6.70%, 9/1/2054 (e) | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 6.38%, 8/15/2055 (e) | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.50%, 8/15/2055 (e) | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 191 |
| &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; 3.38%, 2/15/2029 (a) | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 98 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (a) | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  | &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  | &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 3/1/2026 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 1/15/2033 | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 6/15/2033 | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/2042 (k) | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 6/15/2043 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia) 4.38%, 2/5/2050 (b) | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp; PG&E Corp.  | &nbsp;&nbsp;&nbsp; PG&E Corp.  | &nbsp;&nbsp;&nbsp; PG&E Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/1/2028 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.88%), 7.38%, 3/15/2055 (e) | &nbsp;&nbsp; 1711 | &nbsp;&nbsp; 1675 |
| &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc.  | &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc.  | &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/1/2034 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, (3-MONTH CME TERM SOFR + 2.93%), 7.23%, 3/30/2067 (e) | &nbsp;&nbsp; 661 | &nbsp;&nbsp; 656 |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co.  | &nbsp;&nbsp;&nbsp; Southern California Edison Co.  | &nbsp;&nbsp;&nbsp; Southern California Edison Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.65%, 3/1/2028 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13-A, 3.90%, 3/15/2043 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 2/1/2050 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Union Electric Co. 3.90%, 4/1/2052 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 192 |
| &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; 3.70%, 1/30/2027 (a) | &nbsp;&nbsp; 1031 | &nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 7/15/2029 (a) | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2032 (a) | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/2034 (a) | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/30/2034 (a) | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 239 |
|  |  | &nbsp;&nbsp; 43870 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Energizer Gamma Acquisition BV 3.50%, 6/30/2029 (b) | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 183 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Belden, Inc. 3.88%, 3/15/2028 (b) | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 602 |
| &nbsp;&nbsp;&nbsp; Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 582 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc. 3.75%, 2/15/2031 (a) | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 258 |
|  |  | &nbsp;&nbsp; 1442 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP 6.63%, 9/1/2032 (a) | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Guara Norte SARL (Brazil) 5.20%, 6/15/2034 (a) | &nbsp;&nbsp; 711 | &nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC 8.00%, 4/15/2030 (a) | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; OEG Finance plc (United Kingdom) 7.25%, 9/27/2029 (b) | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp. (Canada) 6.88%, 1/15/2029 (a) | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a) | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Transocean, Inc. 8.25%, 5/15/2029 (a) | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Viridien (France) 8.50%, 10/15/2030 (a) | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 140 |
|  |  | &nbsp;&nbsp; 1129 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS (France) | &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS (France) | &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/2029 (a) | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/2029 (b) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 237 |
| &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; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (a) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 |
| &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; 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 (a) | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.  | &nbsp;&nbsp;&nbsp; Netflix, Inc.  | &nbsp;&nbsp;&nbsp; Netflix, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 4/15/2028 | &nbsp;&nbsp; 808 | &nbsp;&nbsp; 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 (a) | &nbsp;&nbsp; 1351 | &nbsp;&nbsp; 1400 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.  | &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.  | &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/14/2027 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 6/12/2029 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 6/12/2034 | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) 3.60%, 1/13/2051 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp; WMG Acquisition Corp. 2.25%, 8/15/2031 (a) | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 116 |
|  |  | &nbsp;&nbsp; 4681 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Benteler International AG (Austria) 9.38%, 5/15/2028 (b) | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp; Block, Inc. 6.50%, 5/15/2032 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc.  | &nbsp;&nbsp;&nbsp; Global Payments, Inc.  | &nbsp;&nbsp;&nbsp; Global Payments, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 5/15/2030 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/2031 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 878 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/2028 (a) | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2030 (a) | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/2032 (a) | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 328 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. 9.50%, 4/1/2029 (a) | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; Paysafe Finance plc 3.00%, 6/15/2029 (a) | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; ProGroup AG (Germany) 5.13%, 4/15/2029 (b) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC 4.00%, 10/15/2033 (a) | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC 6.75%, 8/15/2032 (a) | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 169 |
|  |  | &nbsp;&nbsp; 2979 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; Flora Food Management BV (Netherlands) 6.88%, 7/2/2029 (a) | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl 7.25%, 11/15/2053 | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 970 |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL  | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL  | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2034 | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/2/2052 | &nbsp;&nbsp; 397 | &nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp; JBS USA LUX SARL 5.95%, 4/20/2035 (a) | &nbsp;&nbsp; 609 | &nbsp;&nbsp; 620 |
| &nbsp;&nbsp;&nbsp; Mars, Inc.  | &nbsp;&nbsp;&nbsp; Mars, Inc.  | &nbsp;&nbsp;&nbsp; Mars, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 3/1/2035 (a) | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 5/1/2045 (a) | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 209 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc. 5.50%, 12/15/2029 (a) | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; Sigma Holdco BV (Netherlands) 5.75%, 5/15/2026 (b) | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 31 |
|  |  | &nbsp;&nbsp; 4776 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP 9.50%, 6/1/2030 (a) | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp; UGI International LLC 2.50%, 12/1/2029 (a) | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 314 |
|  |  | &nbsp;&nbsp; 529 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| &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; 410 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2030 (a) | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/15/2031 (a) | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Avis Budget Finance plc 7.25%, 7/31/2030 (a) | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada) 3.50%, 5/1/2050 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp; EC Finance plc (United Kingdom) 3.25%, 10/15/2026 (b) (k) | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 303 |
| &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; 65 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 5/15/2032 (a) | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/2033 (a) | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Herc Holdings Escrow, Inc. 7.00%, 6/15/2030 (a) (l) | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 61 |
| &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; 280 | &nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 7/15/2029 (a) | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; Loxam SAS (France) 4.50%, 2/15/2027 (a) | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. 5.35%, 9/15/2054 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp; XPO, Inc. 7.13%, 2/1/2032 (a) | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 223 |
|  |  | &nbsp;&nbsp; 2602 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc. 3.88%, 7/15/2028 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. 2.54%, 2/1/2032 | &nbsp;&nbsp; 1980 | &nbsp;&nbsp; 1698 |
| &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; 6.25%, 4/1/2029 (a) | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/2029 (a) | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; Medtronic Global Holdings SCA 1.50%, 7/2/2039 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 171 |
|  |  | &nbsp;&nbsp; 2441 |
| **Health Care Providers & Services — 1.1%** | **Health Care Providers & Services — 1.1%** | **Health Care Providers & Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a) | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. 2.70%, 3/15/2031 | &nbsp;&nbsp; 3548 | &nbsp;&nbsp; 3165 |
| &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; 210 | &nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/2030 (a) | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2030 (a) | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2031 (a) | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 1/15/2032 (a) | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 61 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &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; 185 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/1/2032 (a) | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 224 |
| &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; 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/2031 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  | &nbsp;&nbsp;&nbsp; HCA, Inc.  | &nbsp;&nbsp;&nbsp; HCA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 6/1/2028 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2029 | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/15/2034 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2035 | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/15/2047 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2049 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/15/2051 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2052 | &nbsp;&nbsp; 1411 | &nbsp;&nbsp; 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 9/15/2054 | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 3/1/2055 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 34 |
| &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; 6.63%, 4/1/2030 (a) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 4/15/2030 (a) | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Phoenix PIB Dutch Finance BV (Germany) 4.88%, 7/10/2029 (b) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 354 |
| &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; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2030 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2031 | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 372 |
|  |  | &nbsp;&nbsp; 12560 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC 5.25%, 12/15/2032 | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1348 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP 8.50%, 2/15/2032 (a) | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Ventas Realty LP 5.00%, 1/15/2035 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp; Welltower OP LLC  | &nbsp;&nbsp;&nbsp; Welltower OP LLC  | &nbsp;&nbsp;&nbsp; Welltower OP LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 6/1/2031 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/15/2032 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 384 |
|  |  | &nbsp;&nbsp; 3126 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc. 2.25%, 1/15/2028 (b) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 606 |
| **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** |
| &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; 4.50%, 2/15/2029 (a) | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2032 (a) | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/2033 (a) (l) | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 33 |
|  |  | &nbsp;&nbsp; 444 |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| &nbsp;&nbsp;&nbsp; 888 Acquisitions Ltd. (United Kingdom) 7.56%, 7/15/2027 (a) | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; AccorInvest Group SA (Luxembourg) 6.38%, 10/15/2029 (b) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 357 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp; Acushnet Co. 7.38%, 10/15/2028 (a) | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS (France) 6.50%, 7/18/2030 (b) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp; Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 255 |
| &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; 8.13%, 7/1/2027 (a) | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2030 (a) | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2032 (a) | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/2029 (a) | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/2033 (a) | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp; Cirsa Finance International SARL (Spain) 4.50%, 3/15/2027 (b) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 568 |
| &nbsp;&nbsp;&nbsp; eDreams ODIGEO SA (Spain) 5.50%, 7/15/2027 (a) | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc. 5.88%, 3/15/2033 (a) | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; International Game Technology plc 2.38%, 4/15/2028 (b) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; Lottomatica Group Spa (Italy) 4.88%, 1/31/2031 (a) | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. 5.35%, 3/15/2035 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 493 |
| &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; 5.50%, 4/15/2027 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2029 | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp; Pinnacle Bidco plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Pinnacle Bidco plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Pinnacle Bidco plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/11/2028 (a) | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/11/2028 (b) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; Punch Finance plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Punch Finance plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Punch Finance plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/30/2026 (b) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/30/2030 (a) (l) | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 157 |
| &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; 42 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2032 (a) | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (a) | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 52 |
| &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; 5.50%, 4/15/2027 (a) | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/1/2028 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/2032 (a) | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. 6.50%, 5/15/2032 (a) | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 126 |
| &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; 105 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 (a) | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 148 |
|  |  | &nbsp;&nbsp; 5822 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (a) | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 109 |
| &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; 5.70%, 4/1/2026 (k) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/1/2028 (a) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/15/2029 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2030 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2032 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/1/2046 (k) | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 24 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| &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; 135 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2031 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp; Versuni Group BV (Netherlands) 3.13%, 6/15/2028 (a) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 110 |
|  |  | &nbsp;&nbsp; 957 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| &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; 50 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2030 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. 4.75%, 6/15/2028 (a) | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 395 |
|  |  | &nbsp;&nbsp; 639 |
| **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; AES Corp. (The) 3.95%, 7/15/2030 (a) | &nbsp;&nbsp; 768 | &nbsp;&nbsp; 717 |
| &nbsp;&nbsp;&nbsp; Calpine Corp. 5.00%, 2/1/2031 (a) | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC 5.60%, 6/15/2042 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico) 7.25%, 1/31/2041 (a) | &nbsp;&nbsp; 828 | &nbsp;&nbsp; 815 |
| &nbsp;&nbsp;&nbsp; Saavi Energia Sarl (Mexico) 8.88%, 2/10/2035 (a) | &nbsp;&nbsp; 627 | &nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.74%), 7.00%, 12/15/2026 (a) (e) (g) (h) | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 117 |
|  |  | &nbsp;&nbsp; 3023 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| &nbsp;&nbsp;&nbsp; Allianz SE (Germany) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 5.60%, 9/3/2054 (a) (e) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp; Cloverie plc for Zurich Insurance Co. Ltd. (Switzerland) (3-MONTH SOFR + 4.92%), 5.63%, 6/24/2046 (b) (e) | &nbsp;&nbsp; 1770 | &nbsp;&nbsp; 1771 |
| &nbsp;&nbsp;&nbsp; Generali (Italy) (EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047 (b) (e) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc.  | &nbsp;&nbsp;&nbsp; MetLife, Inc.  | &nbsp;&nbsp;&nbsp; MetLife, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/2036 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/8/2038 (a) | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 445 |
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I 3.30%, 3/21/2029 (a) | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 593 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.50%, 3/15/2054 (e) | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Re Finance Luxembourg SA (Switzerland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), <br> 5.00%, 4/2/2049 (a) (e)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 197 |
|  |  | &nbsp;&nbsp; 6160 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc.  | &nbsp;&nbsp;&nbsp; Meta Platforms, Inc.  | &nbsp;&nbsp;&nbsp; Meta Platforms, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 8/15/2052 | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 8/15/2054 | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp; Snap, Inc. 6.88%, 3/1/2033 (a) | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 32 |
|  |  | &nbsp;&nbsp; 1402 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Accenture Capital, Inc.  | &nbsp;&nbsp;&nbsp; Accenture Capital, Inc.  | &nbsp;&nbsp;&nbsp; Accenture Capital, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/4/2031 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/4/2034 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc. 4.25%, 6/1/2028 (a) | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 122 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC 6.00%, 11/1/2029 (a) | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc. 9.25%, 6/1/2030 (a) | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 119 |
|  |  | &nbsp;&nbsp; 1370 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amer Sports Co. (Finland) 6.75%, 2/16/2031 (a) | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 119 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; Alstom SA (France) (EURIBOR ICE Swap Rate 5 Year + 2.93%), 5.87%, 5/29/2029 (b) (e) (g) (h) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc. 7.50%, 1/1/2030 (a) | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp; Enpro, Inc. 6.13%, 6/1/2033 (a) | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23 |
| &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; 33 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2032 (a) | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH 4.38%, 7/15/2027 (b) | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. 4.50%, 10/15/2028 (a) | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 320 |
|  |  | &nbsp;&nbsp; 1278 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 1/15/2029 | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 4/1/2031 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2041 | &nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/1/2047 | &nbsp;&nbsp; 958 | &nbsp;&nbsp; 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 4/1/2051 | &nbsp;&nbsp; 2082 | &nbsp;&nbsp; 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 6/1/2052 | &nbsp;&nbsp; 1038 | &nbsp;&nbsp; 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/1/2053 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 309 |
| &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; 5.13%, 8/15/2027 (a) | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2028 (a) | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/15/2028 (a) | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; Comcast Corp.  | &nbsp;&nbsp;&nbsp; Comcast Corp.  | &nbsp;&nbsp;&nbsp; Comcast Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 1/15/2051 | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 5/15/2053 | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/1/2063 | &nbsp;&nbsp; 764 | &nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC 5.38%, 2/1/2028 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 638 |
| &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; 400 | &nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (a) | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2028 (a) | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp. 11.75%, 11/15/2027 (a) | &nbsp;&nbsp; 1305 | &nbsp;&nbsp; 1346 |
| &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; 7.00%, 5/15/2027 (a) | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/2029 (a) | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 (a) | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 109 |
| &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; 254 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/2030 (a) | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 83 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/2030 (a) | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a) | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications 8.00%, 8/15/2032 (a) | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 40 |
| &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; 5.00%, 8/15/2027 (a) | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2030 (a) | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; SES SA (Luxembourg) (EURIBOR ICE Swap Rate 5 Year + 3.23%), 5.50%, 9/12/2054 (b) (e) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 8.13%, 2/15/2033 (a) | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC 4.00%, 7/15/2028 (a) | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 517 |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC 5.63%, 8/15/2029 (a) | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 178 |
| &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; 6.63%, 6/1/2027 (a) | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/2028 (a) | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes III DAC (United Kingdom) 4.88%, 7/15/2028 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp; Ziggo Bond Co. BV (Netherlands) 3.38%, 2/28/2030 (b) | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 791 |
|  |  | &nbsp;&nbsp; 15473 |
| **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
| &nbsp;&nbsp;&nbsp; Anglo American Capital plc (South Africa) 5.50%, 5/2/2033 (a) | &nbsp;&nbsp; 2640 | &nbsp;&nbsp; 2627 |
| &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; 185 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/2029 (a) | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/2031 (a) | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/2032 (a) | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. 4.25%, 3/1/2030 | &nbsp;&nbsp; 1163 | &nbsp;&nbsp; 1126 |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) | &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) | &nbsp;&nbsp;&nbsp; Glencore Funding LLC (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/6/2030 (a) | &nbsp;&nbsp; 1866 | &nbsp;&nbsp; 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/4/2034 (a) | &nbsp;&nbsp; 2237 | &nbsp;&nbsp; 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 4/1/2035 (a) | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1284 |
| &nbsp;&nbsp;&nbsp; Indonesia Asahan Aluminium PT (Indonesia) 5.45%, 5/15/2030 (a) | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 834 |
| &nbsp;&nbsp;&nbsp; Novelis Corp. 6.88%, 1/30/2030 (a) | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; Novelis Sheet Ingot GmbH 3.38%, 4/15/2029 (b) | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp; United States Steel Corp. 6.88%, 3/1/2029 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd. (Brazil) 6.40%, 6/28/2054 | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1033 |
|  |  | &nbsp;&nbsp; 11732 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co. 4.60%, 5/1/2053 | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  | &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  | &nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.00%, 6/1/2054 (e) | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.88%, 2/1/2055 (e) | &nbsp;&nbsp; 1370 | &nbsp;&nbsp; 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.21%), 6.63%, 5/15/2055 (e) | &nbsp;&nbsp; 1247 | &nbsp;&nbsp; 1249 |
| &nbsp;&nbsp;&nbsp; NGG Finance plc (United Kingdom) (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082 (b) (e) | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 572 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 6.95%, 11/30/2054 (e) | &nbsp;&nbsp; 691 | &nbsp;&nbsp; 707 |
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co. Series UUU, 3.32%, 4/15/2050 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; Sempra (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.79%), 6.88%, 10/1/2054 (e) | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp. Series 20-A, 1.75%, 1/15/2031 | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 410 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Veolia Environnement SA (France) | &nbsp;&nbsp;&nbsp; Veolia Environnement SA (France) | &nbsp;&nbsp;&nbsp; Veolia Environnement SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 5 Year + 2.15%), 1.63%, 6/1/2026 (b) (e) (g) (h) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 2.82%), 5.99%, 11/22/2028 (b) (e) (g) (h) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 364 |
|  |  | &nbsp;&nbsp; 6783 |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| &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%, 3/1/2027 (a) | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 (a) | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (a) | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. 7.63%, 2/1/2029 (a) | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC 6.63%, 10/15/2032 (a) | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &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; 150 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/2032 (a) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC 7.25%, 7/15/2032 (a) | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc. 4.81%, 2/13/2033 | &nbsp;&nbsp; 2050 | &nbsp;&nbsp; 2012 |
| &nbsp;&nbsp;&nbsp; BP Capital Markets plc  | &nbsp;&nbsp;&nbsp; BP Capital Markets plc  | &nbsp;&nbsp;&nbsp; BP Capital Markets plc  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (e) (g) (h) | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.52%), 3.25%, 3/22/2026 (b) (e) (g) (h) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1474 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP 6.75%, 2/1/2030 (a) | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. 7.13%, 2/1/2026 (a) | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP  | &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP  | &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/2029 | &nbsp;&nbsp; 2380 | &nbsp;&nbsp; 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/30/2033 | &nbsp;&nbsp; 1625 | &nbsp;&nbsp; 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/2034 | &nbsp;&nbsp; 2255 | &nbsp;&nbsp; 2263 |
| &nbsp;&nbsp;&nbsp; Chevron USA, Inc. 2.34%, 8/12/2050 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. 6.75%, 3/15/2033 (a) | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 59 |
| &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; 315 | &nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/2031 (a) | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/15/2033 (a) | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC  | &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC  | &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 8/15/2030 (a) | &nbsp;&nbsp; 2455 | &nbsp;&nbsp; 2551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 11/15/2033 (a) | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 674 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc. 6.75%, 3/1/2029 (a) | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. 5.40%, 2/15/2035 | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 663 |
| &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; 150 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/2032 (a) | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/2033 (a) | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. 5.75%, 4/18/2054 | &nbsp;&nbsp; 1545 | &nbsp;&nbsp; 1385 |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) | &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) | &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/29/2030 | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 9/18/2043 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.25%, 1/15/2084 (e) | &nbsp;&nbsp; 3034 | &nbsp;&nbsp; 3181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.43%), 8.50%, 1/15/2084 (e) | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 133 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC  | &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC  | &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/1/2028 (a) | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/1/2031 (a) | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.02%), 8.00%, 5/15/2054 (e) | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1331 |
| &nbsp;&nbsp;&nbsp; Eni SpA (Italy) | &nbsp;&nbsp;&nbsp; Eni SpA (Italy) | &nbsp;&nbsp;&nbsp; Eni SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/9/2029 (a) | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/19/2035 (a) | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC 5.55%, 2/16/2055 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 653 |
| &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; 6.75%, 4/15/2029 (a) | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/15/2030 | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 1/15/2035 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. 3.00%, 8/16/2039 | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 513 |
| &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; 8.25%, 1/15/2029 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/2033 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a) | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV (India) 3.85%, 3/29/2026 (a) | &nbsp;&nbsp; 1053 | &nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; Greenko Power II Ltd. (India) 4.30%, 12/13/2028 (a) | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 635 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (a) | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP 5.88%, 3/1/2028 (a) | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP 5.75%, 2/1/2029 (a) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC 8.88%, 7/15/2028 (a) | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC (Kazakhstan) 5.75%, 4/19/2047 (b) | &nbsp;&nbsp; 998 | &nbsp;&nbsp; 837 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP 5.88%, 6/15/2030 (a) | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. 6.25%, 4/15/2033 (a) | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC 8.13%, 2/15/2029 (a) | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP 5.63%, 4/28/2027 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| &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; 7.00%, 1/15/2032 (a) | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/2033 (a) | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) 6.50%, 1/23/2029 | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. 8.25%, 1/15/2029 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC 6.75%, 3/15/2033 (a) | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 47 |
| &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; 6.63%, 1/15/2027 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/2029 (a) | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (a) | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 30 |
| &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; 7.38%, 2/15/2029 (a) | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/2031 (a) | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA (France) 3.13%, 5/29/2050 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital SA (France) 5.28%, 9/10/2054 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp; Transcanada Trust (Canada) Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (e) | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 804 |
| &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; 23 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/2029 (a) | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 28 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2030 (a) | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 2/1/2032 (a) | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc. 7.88%, 4/15/2032 (a) | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 34473 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH (Brazil) 6.00%, 1/15/2029 | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1222 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| &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; 22 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028 (a) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 434 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| &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; 130 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/1/2029 (a) | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co.  | &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co.  | &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 9/30/2032 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series USD, 6.13%, 9/30/2032 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24 |
|  |  | &nbsp;&nbsp; 476 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc. 9.25%, 4/1/2026 (a) | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 305 |
| &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; 5.00%, 1/30/2028 (a) | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2028 (a) | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/2029 (a) | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; Bayer AG (Germany) Series NC5, (EUR Swap Annual 5 Year + 3.43%), 6.63%, 9/25/2083 (b) (e) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 597 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.  | &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.  | &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 2/22/2034 | &nbsp;&nbsp; 1310 | &nbsp;&nbsp; 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 2/22/2054 | &nbsp;&nbsp; 2292 | &nbsp;&nbsp; 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 2/22/2064 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH (Germany) | &nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH (Germany) | &nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/11/2027 (b) | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/15/2030 (b) | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc. 8.50%, 4/15/2031 (a) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Neopharmed Gentili SpA (Italy) 7.13%, 4/8/2030 (a) | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH (Germany) 5.38%, 10/23/2030 (a) | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 4/30/2028 (b) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2028 (a) | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; Rossini Sarl (Italy) 6.75%, 12/31/2029 (b) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp; Rossini SARL (Italy) 6.75%, 12/31/2029 (a) | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 143 |
|  |  | &nbsp;&nbsp; 7500 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC 5.25%, 4/15/2030 (a) | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd. (China) | &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd. (China) | &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd. (China) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/22/2025 (b) (j) | &nbsp;&nbsp; 1072 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 4/8/2026 (b) (j) | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 114 |
|  |  | &nbsp;&nbsp; 342 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc. 5.50%, 6/15/2034 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp; Regency Centers LP 2.95%, 9/15/2029 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 300 |
|  |  | &nbsp;&nbsp; 581 |
| **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc.  | &nbsp;&nbsp;&nbsp; Broadcom, Inc.  | &nbsp;&nbsp;&nbsp; Broadcom, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 2/15/2032 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 4/15/2033 (a) | &nbsp;&nbsp; 3620 | &nbsp;&nbsp; 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035 (a) | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 885 |
| &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; 60 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/15/2030 (a) | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC 5.50%, 1/25/2031 (a) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. 2.95%, 4/15/2031 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 653 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc. 4.00%, 6/15/2029 (a) | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. 5.00%, 3/14/2053 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 125 |
|  |  | &nbsp;&nbsp; 6826 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp; Elastic NV 4.13%, 7/15/2029 (a) | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. 6.00%, 5/15/2033 (a) | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp. 5.00%, 10/1/2028 (a) | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp; Oracle Corp.  | &nbsp;&nbsp;&nbsp; Oracle Corp.  | &nbsp;&nbsp;&nbsp; Oracle Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/3/2035 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 4/1/2050 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 9/27/2054 | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 8/3/2055 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 708 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 204 |
| &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; 75 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/2032 (a) | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.  | &nbsp;&nbsp;&nbsp; Synopsys, Inc.  | &nbsp;&nbsp;&nbsp; Synopsys, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 4/1/2035 | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/2055 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 554 |
|  |  | &nbsp;&nbsp; 4191 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. 4.80%, 9/1/2028 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 740 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialized REITs — continued** | **Specialized REITs — continued** | **Specialized REITs — continued** |
| &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%, 9/15/2029 (a) | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2031 (a) | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 42 |
|  |  | &nbsp;&nbsp; 937 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Agrifarma SpA (Italy) 4.50%, 10/31/2028 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 455 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. 4.63%, 11/15/2029 (a) | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; Escrow Rite Aid 0.00%, 12/31/2049 ‡ | &nbsp;&nbsp; 15 | &nbsp;&nbsp; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) 3.63%, 10/1/2029 (a) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. 6.38%, 1/15/2030 (a) | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc.  | &nbsp;&nbsp;&nbsp; PetSmart, Inc.  | &nbsp;&nbsp;&nbsp; PetSmart, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2028 (a) | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/2029 (a) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 215 |
| &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; 370 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 1/15/2030 (a) | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 13 |
|  |  | &nbsp;&nbsp; 1907 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. 2.65%, 2/8/2051 | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a) | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/2029 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/2031 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; Xerox Corp. 10.25%, 10/15/2030 (a) | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. 8.88%, 11/30/2029 (a) | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 88 |
|  |  | &nbsp;&nbsp; 846 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| &nbsp;&nbsp;&nbsp; Birkenstock Financing SARL 5.25%, 4/30/2029 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp; CT Investment GmbH (Germany) 6.38%, 4/15/2030 (a) | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; Hanesbrands, Inc. 9.00%, 2/15/2031 (a) | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
|  |  | &nbsp;&nbsp; 637 |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) | &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) | &nbsp;&nbsp;&nbsp; BAT Capital Corp. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 3/25/2028 | &nbsp;&nbsp; 2710 | &nbsp;&nbsp; 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 8/2/2030 | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 8/2/2043 | &nbsp;&nbsp; 1690 | &nbsp;&nbsp; 1828 |
|  |  | &nbsp;&nbsp; 5720 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc. 6.75%, 4/30/2032 (a) | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; Rexel SA (France) 2.13%, 12/15/2028 (b) | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc. 6.13%, 3/15/2034 (a) | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 218 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| &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; 6.38%, 3/15/2029 (a) | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/2032 (a) | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2033 (a) | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 1240 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| &nbsp;&nbsp;&nbsp; Abertis Infraestructuras Finance BV (Spain) (EUR Swap Annual 5 Year + 3.27%), 2.63%, 1/26/2027 (b) (e) (g) (h) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp; Mundys SpA (Italy) 1.88%, 2/12/2028 (b) | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 405 |
|  |  | &nbsp;&nbsp; 852 |
| **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Altice France Holding SA (Luxembourg) | &nbsp;&nbsp;&nbsp; Altice France Holding SA (Luxembourg) | &nbsp;&nbsp;&nbsp; Altice France Holding SA (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/2027 (b) | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/2028 (b) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Matterhorn Telecom SA (Luxembourg) 3.13%, 9/15/2026 (b) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp; PLT VII Finance SARL (Luxembourg) 6.00%, 6/15/2031 (a) | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp; Sunrise HoldCo IV BV (Netherlands) 3.88%, 6/15/2029 (b) | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp; Telefonica Europe BV (Spain) | &nbsp;&nbsp;&nbsp; Telefonica Europe BV (Spain) | &nbsp;&nbsp;&nbsp; Telefonica Europe BV (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 7 Year + 3.35%), 6.14%, 2/3/2030 (b) (e) (g) (h) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR ICE Swap Rate 8 Year + 3.62%), 6.75%, 6/7/2031 (b) (e) (g) (h) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  | &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 2/15/2029 | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 4/15/2029 | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2031 | &nbsp;&nbsp; 2586 | &nbsp;&nbsp; 2217 |
| &nbsp;&nbsp;&nbsp; Vodafone Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Vodafone Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Vodafone Group plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078 (b) (e) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Annual 5 Year + 3.48%), 3.00%, 8/27/2080 (b) (e) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 214 |
|  |  | &nbsp;&nbsp; 7620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $472,119)<br>|  | &nbsp;&nbsp; 464179 |
| **Asset-Backed Securities — 16.9%** | **Asset-Backed Securities — 16.9%** | **Asset-Backed Securities — 16.9%** |
| &nbsp;&nbsp;&nbsp; ACC Trust Series 2021-1, Class D, 5.25%, 3/22/2027 (a) | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; Accelerated LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1H, Class A, 1.35%, 10/20/2040 (a) | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1H, Class B, 1.90%, 10/20/2040 (a) | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1H, Class C, 2.35%, 10/20/2040 (a) | &nbsp;&nbsp; 519 | &nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust Series 2024-B, Class A, 4.62%, 9/15/2029 (a) | &nbsp;&nbsp; 3290 | &nbsp;&nbsp; 3284 |
| &nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class B, 6.63%, 2/14/2028 (a) | &nbsp;&nbsp; 1393 | &nbsp;&nbsp; 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class D, 6.35%, 4/12/2029 (a) | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class C, 5.96%, 8/13/2029 (a) | &nbsp;&nbsp; 1244 | &nbsp;&nbsp; 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class D, 6.82%, 10/12/2029 (a) | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.53%, 4/12/2030 (a) | &nbsp;&nbsp; 542 | &nbsp;&nbsp; 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 5.86%, 5/13/2030 (a) | &nbsp;&nbsp; 2975 | &nbsp;&nbsp; 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class D, 7.65%, 9/12/2030 (a) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1453 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class C, 5.11%, 3/12/2031 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.50%, 7/14/2031 (a) | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.34%, 8/12/2031 (a) | &nbsp;&nbsp; 802 | &nbsp;&nbsp; 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.54%, 8/12/2031 (a) | &nbsp;&nbsp; 3914 | &nbsp;&nbsp; 3924 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC Series 2022-2A, Class A2, 5.30%, 6/21/2028 (a) | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp; Apidos CLO (Cayman Islands) Series 2020-34A, Class A1R, 5.68%, 1/20/2035 (a) (d) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE7, Class M2, 6.01%, 10/25/2034 (d) | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class C, 3.02%, 8/20/2026 (a) | &nbsp;&nbsp; 1375 | &nbsp;&nbsp; 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 6.23%, 4/20/2029 (a) | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-8A, Class C, 7.34%, 2/20/2030 (a) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 5.58%, 12/20/2030 (a) | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 6.11%, 12/20/2030 (a) | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd. (Cayman Islands) Series 2020-2A, Class A2R, 6.08%, 10/20/2031 (a) (d) | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2605 |
| &nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund LLC Series 2024-CAR1, Class C, 5.82%, 12/26/2031 (a) (d) | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 6.03%, 11/15/2029 | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.23%, 8/15/2030 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.64%, 11/15/2030 | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 985 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.20%, 5/15/2039 ‡ (a) | &nbsp;&nbsp; 1486 | &nbsp;&nbsp; 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 7.97%, 9/15/2039 ‡ (a) | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 832 |
| &nbsp;&nbsp;&nbsp; Buttermilk Park CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class B1R, 5.86%, 10/15/2031 (a) (d) | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class CR, 6.21%, 10/15/2031 (a) (d) | &nbsp;&nbsp; 1413 | &nbsp;&nbsp; 1417 |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4A, Class A2RR, 6.12%, 7/20/2032 (a) (d) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4A, Class BRR, 6.72%, 7/20/2032 (a) (d) | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands) Series 2021-7A, Class CR, 6.26%, 4/15/2040 (a) (d) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 702 |
| &nbsp;&nbsp;&nbsp; CARS-DB5 LP Series 2021-1A, Class A2, 2.28%, 8/15/2051 (a) | &nbsp;&nbsp; 888 | &nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands) Series 2022-2A, Class BR, 5.67%, 4/19/2035 (a) (d) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1391 |
| &nbsp;&nbsp;&nbsp; Commonbond Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AGS, Class B, 3.58%, 2/25/2044 (a) | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AGS, Class C, 3.82%, 2/25/2044 (a) | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Countrywide Asset-Backed Certificates Series 2002-4, Class M1, 5.56%, 12/25/2032 (d) | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 239 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class C, 5.70%, 10/15/2032 (a) | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.68%, 3/15/2034 (a) | &nbsp;&nbsp; 753 | &nbsp;&nbsp; 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 6.03%, 5/15/2034 (a) | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.71%, 7/17/2034 (a) | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, 4.68%, 9/15/2034 (a) | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 4.85%, 11/15/2034 (a) | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.39%, 1/16/2035 (a) | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 564 |
| &nbsp;&nbsp;&nbsp; CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 5.26%, 3/25/2034 (d) | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.43%, 11/17/2031 | &nbsp;&nbsp; 2572 | &nbsp;&nbsp; 2602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 4.67%, 5/17/2032 | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 4.94%, 5/17/2032 | &nbsp;&nbsp; 537 | &nbsp;&nbsp; 535 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.41%, 9/15/2032 | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 680 |
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd. (Cayman Islands) Series 2019-68A, Class ARR, 5.36%, 7/15/2035 (a) (d) | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4399 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust Series 2022-1A, Class E, 5.53%, 3/15/2029 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 996 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class BR, 6.02%, 4/20/2034 (a) (d) | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class BRR, 5.97%, 7/18/2037 (a) (d) | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1253 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 6.76%, 9/15/2028 | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class D, 5.98%, 12/15/2028 | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class E, 8.23%, 3/15/2030 (a) | &nbsp;&nbsp; 1553 | &nbsp;&nbsp; 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 5.98%, 9/16/2030 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 759 |
| &nbsp;&nbsp;&nbsp; FHF Trust Series 2022-2A, Class A, 6.14%, 12/15/2027 (a) | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp; First Franklin Mortgage Loan Trust Series 2004-FF5, Class A1, 5.16%, 8/25/2034 (d) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust Series 2022-SFR2, Class F1, 4.50%, 7/17/2039 (a) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2871 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class B, 5.05%, 1/18/2028 (a) | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class C, 4.99%, 7/17/2028 (a) | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class D, 6.00%, 7/17/2028 (a) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd. (Cayman Islands) Series 2013-15A, Class ARR, 5.49%, 10/15/2030 (a) (d) | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 6.15%, 4/17/2028 (a) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 6.42%, 6/15/2028 (a) | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.49%, 6/25/2027 (a) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 6.91%, 6/25/2027 (a) | &nbsp;&nbsp; 876 | &nbsp;&nbsp; 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A, 5.94%, 2/25/2028 (a) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1421 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 1.68%, 12/27/2027 (a) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 2.12%, 12/27/2027 (a) | &nbsp;&nbsp; 1393 | &nbsp;&nbsp; 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 2.52%, 12/27/2027 (a) | &nbsp;&nbsp; 1726 | &nbsp;&nbsp; 1635 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes Series 2024-2, Class B1, 5.44%, 10/20/2032 (a) | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1287 |
| &nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust Series 2019-1, Class A, 2.95%, 5/15/2028 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; KKR Financial CLO Ltd. (Cayman Islands) Series 2013-1A, Class A2R2, 5.71%, 4/15/2029 (a) (d) | &nbsp;&nbsp; 536 | &nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp; KREF Ltd. Series 2021-FL2, Class A, 5.51%, 2/15/2039 (a) (d) | &nbsp;&nbsp; 1141 | &nbsp;&nbsp; 1135 |
| &nbsp;&nbsp;&nbsp; LCM Ltd. (Cayman Islands) Series 31A, Class AR, 5.55%, 7/20/2034 (a) (d) | &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 4104 |
| &nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 3.21%, 2/15/2029 (a) | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class D, 4.54%, 6/15/2029 (a) | &nbsp;&nbsp; 627 | &nbsp;&nbsp; 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class B, 7.46%, 2/15/2030 (a) | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp; LendingPoint Pass-Through Trust Series 2022-ST1, Class A, 2.50%, 3/15/2028 (a) | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, 1.90%, 11/20/2031 (a) | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.47%, 2/21/2034 (a) | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 5.69%, 2/21/2034 (a) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.94%, 9/20/2034 ‡ (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 705 |
| &nbsp;&nbsp;&nbsp; LL ABS Trust Series 2021-1A, Class C, 3.54%, 5/15/2029 (a) | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-49A, Class B1R, 5.72%, 10/19/2034 (a) (d) | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 1646 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-52A, Class B, 6.13%, 1/22/2035 (a) (d) | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1144 |
| &nbsp;&nbsp;&nbsp; Magnetite Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-22A, Class BRR, 5.86%, 7/15/2036 (a) (d) | &nbsp;&nbsp; 933 | &nbsp;&nbsp; 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-22A, Class CRR, 6.11%, 7/15/2036 (a) (d) | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class BR2, 6.22%, 4/20/2037 (a) (d) | &nbsp;&nbsp; 1932 | &nbsp;&nbsp; 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-40A, Class B1, 6.01%, 7/15/2037 (a) (d) | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2309 |
| &nbsp;&nbsp;&nbsp; Mariner Finance issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class A, 4.91%, 11/20/2038 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class C, 5.73%, 11/20/2038 (a) | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust Series 2021-2A, Class D, 2.16%, 9/15/2031 (a) | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; Mid-State Capital Corp. Trust Series 2006-1, Class M2, 6.74%, 10/15/2040 (a) | &nbsp;&nbsp; 1022 | &nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-NC7, Class M3, 5.41%, 7/25/2034 (d) | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE7, Class M2, 5.38%, 8/25/2034 (d) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE8, Class M2, 5.46%, 9/25/2034 (d) | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-NC1, Class M3, 5.20%, 1/25/2035 (d) | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp; MVW LLC Series 2021-1WA, Class D, 3.17%, 1/22/2041 (a) | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO Ltd. (Cayman Islands) Series 2016-22A, Class BR2, 6.28%, 4/15/2038 (a) (d) | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class BR, 6.02%, 1/20/2035 (a) (d) | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class BR, 5.66%, 7/16/2036 (a) (d) | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class CR, 6.11%, 7/16/2036 (a) (d) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-50A, Class BR, 5.93%, 7/23/2036 (a) (d) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-50A, Class CR, 6.18%, 7/23/2036 (a) (d) | &nbsp;&nbsp; 649 | &nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-38A, Class BR2, 5.67%, 10/20/2036 (a) (d) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-38A, Class CR2, 6.15%, 10/20/2036 (a) (d) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp; New Century Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2, Class M2, 5.37%, 8/25/2034 (d) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-4, Class M2, 5.23%, 2/25/2035 (d) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; NRM FNT1 Excess LLC Series 2024-FNT1, Class A, 7.40%, 11/25/2031 (a) (k) | &nbsp;&nbsp; 2969 | &nbsp;&nbsp; 3001 |
| &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FHT1, Class A, 3.10%, 7/25/2026 (a) | &nbsp;&nbsp; 449 | &nbsp;&nbsp; 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (a) | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp; OCP Aegis CLO Ltd. (Cayman Islands) Series 2025-41A, Class B1, 6.03%, 4/21/2037 (a) (d) | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 3310 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd. (Cayman Islands) Series 2022-25A, Class B1R, 6.02%, 7/20/2037 (a) (d) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1104 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class A1RR, 5.50%, 7/19/2030 (a) (d) | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1A, 5.48%, 4/16/2031 (a) (d) | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class BR, 6.13%, 10/25/2032 (a) (d) | &nbsp;&nbsp; 2039 | &nbsp;&nbsp; 2044 |
| &nbsp;&nbsp;&nbsp; OnDeck Asset Securitization Trust LLC Series 2023-1A, Class A, 7.00%, 8/19/2030 (a) | &nbsp;&nbsp; 1404 | &nbsp;&nbsp; 1416 |
| &nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust Series 2025-1A, Class D, 6.10%, 7/14/2037 (a) | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 694 |
| &nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust Series 2023-2A, Class A2, 5.83%, 9/15/2036 (a) (d) | &nbsp;&nbsp; 2738 | &nbsp;&nbsp; 2787 |
| &nbsp;&nbsp;&nbsp; Oportun Funding Trust Series 2024-3, Class B, 5.48%, 8/15/2029 (a) | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class D, 11.34%, 10/9/2029 | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 1.47%, 5/8/2031 (a) | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 1.96%, 5/8/2031 (a) | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class A, 2.18%, 10/8/2031 (a) | &nbsp;&nbsp; 1433 | &nbsp;&nbsp; 1397 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Option One Mortgage Loan Trust Series 2004-3, Class M3, 5.41%, 11/25/2034 (d) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HG1, Class B, 1.82%, 1/16/2029 (a) | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class C, 3.27%, 5/15/2029 (a) | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 714 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd. (Cayman Islands) Series 2021-2A, Class BR, 5.96%, 2/15/2038 (a) (d) | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 3310 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1, 5.32%, 10/15/2029 (a) (d) | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class C, 7.12%, 10/15/2029 (a) (d) | &nbsp;&nbsp; 1606 | &nbsp;&nbsp; 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 5.96%, 8/8/2032 (a) (d) | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 6.21%, 8/8/2032 (a) (d) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.71%, 10/15/2032 (a) (d) | &nbsp;&nbsp; 1193 | &nbsp;&nbsp; 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 6.06%, 10/15/2032 (a) (d) | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 751 |
| &nbsp;&nbsp;&nbsp; PMT Issuer Trust-FMSR Series 2021-FT1, Class A, 7.44%, 3/25/2026 (a) (d) | &nbsp;&nbsp; 1940 | &nbsp;&nbsp; 1945 |
| &nbsp;&nbsp;&nbsp; Pret LLC Series 2025-NPL2, Class A1, 5.84%, 3/25/2055 (a) (k) | &nbsp;&nbsp; 2456 | &nbsp;&nbsp; 2441 |
| &nbsp;&nbsp;&nbsp; PRET LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RN4, Class A2, 9.19%, 10/25/2051 (a) (d) | &nbsp;&nbsp; 2628 | &nbsp;&nbsp; 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL5, Class A1, 5.96%, 9/25/2054 (a) (k) | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL9, Class A1, 5.85%, 12/25/2054 (a) (k) | &nbsp;&nbsp; 1014 | &nbsp;&nbsp; 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL4, Class A1, 6.37%, 4/25/2055 (a) (k) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL3, Class A1, 6.71%, 4/25/2055 (a) (k) | &nbsp;&nbsp; 1242 | &nbsp;&nbsp; 1238 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust Series 2021-SFR9, Class A, 2.01%, 11/17/2040 (a) | &nbsp;&nbsp; 3223 | &nbsp;&nbsp; 2982 |
| &nbsp;&nbsp;&nbsp; Renaissance Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1, Class AF6, 5.47%, 5/25/2035 (k) | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2, Class M1, 5.55%, 8/25/2035 (k) | &nbsp;&nbsp; 1173 | &nbsp;&nbsp; 1084 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 5.23%, 12/22/2031 (a) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 5.42%, 11/20/2037 (a) | &nbsp;&nbsp; 1866 | &nbsp;&nbsp; 1883 |
| &nbsp;&nbsp;&nbsp; RR Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AAR3, 5.51%, 1/15/2036 (a) (d) | &nbsp;&nbsp; 2110 | &nbsp;&nbsp; 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class A2R3, 5.86%, 1/15/2036 (a) (d) | &nbsp;&nbsp; 1916 | &nbsp;&nbsp; 1918 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6, Class C, 4.96%, 11/15/2028 | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class B, 5.77%, 12/15/2028 | &nbsp;&nbsp; 894 | &nbsp;&nbsp; 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.47%, 5/15/2031 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class D, 5.97%, 10/15/2031 | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class D, 5.14%, 2/17/2032 | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp; SBA Small Business Investment Cos. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-10A, Class 1, 5.17%, 3/10/2033 | &nbsp;&nbsp; 2488 | &nbsp;&nbsp; 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-10B, Class 1, 5.69%, 9/10/2033 | &nbsp;&nbsp; 1076 | &nbsp;&nbsp; 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class 1, 5.04%, 3/10/2034 | &nbsp;&nbsp; 1981 | &nbsp;&nbsp; 2000 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.88%, 11/20/2035 (a) | &nbsp;&nbsp; 1038 | &nbsp;&nbsp; 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 6.75%, 11/20/2035 (a) | &nbsp;&nbsp; 1434 | &nbsp;&nbsp; 1465 |
| &nbsp;&nbsp;&nbsp; Stifel SBA Trust Series 2025-2A, Class A1, 2.54%, 8/25/2036 (a) | &nbsp;&nbsp; 12786 | &nbsp;&nbsp; 793 |
| &nbsp;&nbsp;&nbsp; Structured Asset Investment Loan Trust Series 2004-8, Class M2, 5.37%, 9/25/2034 (d) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-WF2, Class M2, 5.07%, 5/25/2035 (d) | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class B1RR, 5.96%, 10/15/2031 (a) (d) | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 977 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-21A, Class CR2, 6.01%, 7/15/2032 (a) (d) | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1237 |
| &nbsp;&nbsp;&nbsp; Theorem Funding Trust Series 2022-2A, Class B, 9.27%, 12/15/2028 (a) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2031 |
| &nbsp;&nbsp;&nbsp; TRTX Issuer Ltd. (Cayman Islands) Series 2025-FL6, Class A, 5.86%, 9/18/2042 (a) (d) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1198 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust Series 2013-1, Class A, 4.30%, 8/15/2025 | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 714 |
| &nbsp;&nbsp;&nbsp; Upstart Pass-Through Trust Series 2021-ST4, Class A, 2.00%, 7/20/2027 (a) | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust Series 2022-4, Class A, 5.98%, 8/20/2032 (a) | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; US Auto Funding Series 2021-1A, Class C, 2.20%, 5/15/2026 (a) | &nbsp;&nbsp; 948 | &nbsp;&nbsp; 885 |
| &nbsp;&nbsp;&nbsp; VCAT LLC Series 2025-NPL3, Class A1, 5.89%, 2/25/2055 (a) (k) | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 640 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands) Series 2022-1A, Class BR, 6.02%, 4/20/2035 (a) (d) | &nbsp;&nbsp; 3830 | &nbsp;&nbsp; 3833 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 6.47%, 3/15/2029 (a) | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 6.02%, 10/15/2029 (a) | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 5.21%, 4/15/2030 (a) | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $195,364)<br>|  | &nbsp;&nbsp; 194958 |
| **Mortgage-Backed Securities — 13.9%** | **Mortgage-Backed Securities — 13.9%** | **Mortgage-Backed Securities — 13.9%** |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, Other Pool # WN2492, 4.93%, 6/1/2028 | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 876 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year Pool # SD8342, 5.50%, 7/1/2053 | &nbsp;&nbsp; 2913 | &nbsp;&nbsp; 2890 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4783, 4.00%, 10/1/2052 | &nbsp;&nbsp; 10202 | &nbsp;&nbsp; 9367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS8290, 5.50%, 9/1/2053 | &nbsp;&nbsp; 13062 | &nbsp;&nbsp; 13012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS8365, 5.50%, 6/1/2054 | &nbsp;&nbsp; 3303 | &nbsp;&nbsp; 3289 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS9065, 4.62%, 7/1/2028 | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0263, 3.50%, 5/1/2058 | &nbsp;&nbsp; 919 | &nbsp;&nbsp; 813 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year Pool # MA8200, 4.00%, 8/20/2052 | &nbsp;&nbsp; 35416 | &nbsp;&nbsp; 32580 |
| &nbsp;&nbsp;&nbsp; GNMA II, Single Family, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 6/15/2055 (l) | &nbsp;&nbsp; 38360 | &nbsp;&nbsp; 38083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 7/15/2055 (l) | &nbsp;&nbsp; 51987 | &nbsp;&nbsp; 50397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 7/15/2055 (l) | &nbsp;&nbsp; 7140 | &nbsp;&nbsp; 7082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $160,944)<br>|  | &nbsp;&nbsp; 159997 |
| **Foreign Government Securities — 9.5%** | **Foreign Government Securities — 9.5%** | **Foreign Government Securities — 9.5%** |
| &nbsp;&nbsp;&nbsp; Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/4/2030 (a) | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/29/2032 (b) | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp; Czech Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/14/2034 | &nbsp;&nbsp; CZK60,550 | &nbsp;&nbsp; 2935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 5/30/2035 | &nbsp;&nbsp; CZK119,190 | &nbsp;&nbsp; 5146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 7/30/2037 | &nbsp;&nbsp; CZK74,410 | &nbsp;&nbsp; 2629 |
| &nbsp;&nbsp;&nbsp; Dominican Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/15/2037 (a) | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/21/2041 (a) | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp; Hashemite Kingdom of Jordan 5.85%, 7/7/2030 (b) | &nbsp;&nbsp; 1149 | &nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp; Hungary Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/26/2036 (a) | &nbsp;&nbsp; 1233 | &nbsp;&nbsp; 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/25/2052 (a) | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 639 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp; Istanbul Metropolitan Municipality |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/9/2025 (b) | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 12/6/2028 (b) | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp; Lebanese Republic 6.38%, 3/9/2020 (b) (j) | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; Mex Bonos Desarr Fix Rt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 2/28/2030 | &nbsp;&nbsp; MXN252,100 | &nbsp;&nbsp; 12829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/29/2031 | &nbsp;&nbsp; MXN129,670 | &nbsp;&nbsp; 6322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/24/2035 | &nbsp;&nbsp; MXN120,760 | &nbsp;&nbsp; 5722 |
| &nbsp;&nbsp;&nbsp; Notas do Tesouro Nacional 10.00%, 1/1/2027 (j) | &nbsp;&nbsp; BRL45,000 | &nbsp;&nbsp; 7443 |
| &nbsp;&nbsp;&nbsp; Oriental Republic of Uruguay 5.10%, 6/18/2050 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/25/2030 | &nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/15/2031 | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 612 |
| &nbsp;&nbsp;&nbsp; Republic of Costa Rica 7.30%, 11/13/2054 (a) | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 332 |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/3/2028 (b) | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/17/2040 (a) | &nbsp;&nbsp; EUR1,880 | &nbsp;&nbsp; *1747* |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 8/6/2031 (a) | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 2/6/2037 (a) | &nbsp;&nbsp; 613 | &nbsp;&nbsp; 613 |
| &nbsp;&nbsp;&nbsp; Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2029 | &nbsp;&nbsp; IDR42,329,000 | &nbsp;&nbsp; 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2033 | &nbsp;&nbsp; IDR25,832,000 | &nbsp;&nbsp; 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/2035 | &nbsp;&nbsp; IDR96,778,000 | &nbsp;&nbsp; *5903* |
| &nbsp;&nbsp;&nbsp; Republic of Kenya 9.50%, 3/5/2036 (a) | &nbsp;&nbsp; 741 | &nbsp;&nbsp; 676 |
| &nbsp;&nbsp;&nbsp; Republic of Paraguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/28/2031 (a) | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/28/2033 (a) | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/13/2048 (b) | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/30/2050 (a) | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp; Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 7/25/2029 | &nbsp;&nbsp; PLN11,530 | &nbsp;&nbsp; 3067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 4/25/2032 | &nbsp;&nbsp; PLN16,880 | &nbsp;&nbsp; 3638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/25/2033 | &nbsp;&nbsp; PLN8,521 | &nbsp;&nbsp; 2385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 8/25/2036 | &nbsp;&nbsp; PLN27,840 | &nbsp;&nbsp; 6620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/18/2054 | &nbsp;&nbsp; 1276 | &nbsp;&nbsp; 1154 |
| &nbsp;&nbsp;&nbsp; Republic of Senegal 6.25%, 5/23/2033 (b) | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp; Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 9/30/2029 | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 1/31/2040 | &nbsp;&nbsp; ZAR112,200 | &nbsp;&nbsp; 5264 |
| &nbsp;&nbsp;&nbsp; Republic of Turkiye (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 36.00%, 8/12/2026 | &nbsp;&nbsp; TRY180,967 | &nbsp;&nbsp; 4387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 30.00%, 9/12/2029 | &nbsp;&nbsp; TRY53,328 | &nbsp;&nbsp; 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/15/2034 | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/3/2035 | &nbsp;&nbsp; 1454 | &nbsp;&nbsp; 1331 |
| &nbsp;&nbsp;&nbsp; Romania Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/30/2034 (a) | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/10/2037 (a) | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 478 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/3/2049 (a) | &nbsp;&nbsp; EUR495 | &nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp; Sultanate of Oman Government Bond 6.25%, 1/25/2031 (b) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1986 |
| &nbsp;&nbsp;&nbsp; United Arab Emirates Government Bond 4.00%, 7/28/2050 (a) | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 737 |
| &nbsp;&nbsp;&nbsp; United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 5/25/2032 | &nbsp;&nbsp; EUR638 | &nbsp;&nbsp; 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 2/9/2035 | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 5/13/2055 | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 5/24/2061 | &nbsp;&nbsp; 1378 | &nbsp;&nbsp; 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $114,001)<br>|  | &nbsp;&nbsp; 109324 |
| **Commercial Mortgage-Backed Securities — 6.5%** | **Commercial Mortgage-Backed Securities — 6.5%** | **Commercial Mortgage-Backed Securities — 6.5%** |
| &nbsp;&nbsp;&nbsp; A10 Revolving Asset Financing I LLC Series 2012-RAF1, Class B, 10.85%, 10/15/2019 ‡ (a) (d) | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6000 |
| &nbsp;&nbsp;&nbsp; BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class C, 4.55%, 8/15/2061 (d) | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class XA, IO, 0.81%, 9/15/2062 (d) | &nbsp;&nbsp; 3657 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class XB, IO, 0.60%, 6/15/2064 (d) | &nbsp;&nbsp; 17700 | &nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C15, Class A2, 3.61%, 4/15/2055 | &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C15, Class AS, 3.75%, 4/15/2055 (d) | &nbsp;&nbsp; 1960 | &nbsp;&nbsp; 1715 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11, Class C, 3.75%, 5/15/2052 (d) | &nbsp;&nbsp; 1679 | &nbsp;&nbsp; 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A4, 3.72%, 3/15/2062 | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 1427 |
| &nbsp;&nbsp;&nbsp; BHMS Series 2018-ATLS, Class A, 5.88%, 7/15/2035 (a) (d) | &nbsp;&nbsp; 3075 | &nbsp;&nbsp; 3075 |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust Series 2024-5C3, Class AS, 6.29%, 2/15/2057 (d) | &nbsp;&nbsp; 2030 | &nbsp;&nbsp; 2099 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VINO, Class A, 5.10%, 5/15/2038 (a) (d) | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class A, 5.77%, 2/15/2039 (a) (d) | &nbsp;&nbsp; 1833 | &nbsp;&nbsp; 1835 |
| &nbsp;&nbsp;&nbsp; BX Trust Series 2022-LBA6, Class A, 5.33%, 1/15/2039 (a) (d) | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3393 |
| &nbsp;&nbsp;&nbsp; CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.43%, 11/15/2050 (d) | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust Series 2016-CD2, Class C, 3.97%, 11/10/2049 (d) | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust Series 2017-C4, Class A4, 3.47%, 10/12/2050 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1358 |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust Series 2024-CBM, Class A1, 5.66%, 12/10/2041 (a) (d) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1400 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust Series 2015-PC1, Class C, 4.34%, 7/10/2050 (d) | &nbsp;&nbsp; 1046 | &nbsp;&nbsp; 986 |
| &nbsp;&nbsp;&nbsp; ELM Trust Series 2024-ELM, Class C10, 6.19%, 6/10/2039 (a) (d) | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp; FHLMC Series 2023-MN7, Class M1, 7.92%, 9/25/2043 (a) (d) | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; 1371 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K739, Class X1, IO, 1.18%, 9/25/2027 (d) | &nbsp;&nbsp; 17074 | &nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K742, Class X1, IO, 0.77%, 3/25/2028 (d) | &nbsp;&nbsp; 4924 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class X1, IO, 1.64%, 4/25/2030 (d) | &nbsp;&nbsp; 9366 | &nbsp;&nbsp; 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, IO, 1.02%, 10/25/2030 (d) | &nbsp;&nbsp; 6623 | &nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K120, Class X1, IO, 1.03%, 10/25/2030 (d) | &nbsp;&nbsp; 4413 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K124, Class X1, IO, 0.72%, 12/25/2030 (d) | &nbsp;&nbsp; 8553 | &nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K123, Class X1, IO, 0.77%, 12/25/2030 (d) | &nbsp;&nbsp; 11292 | &nbsp;&nbsp; 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K127, Class X1, IO, 0.32%, 1/25/2031 (d) | &nbsp;&nbsp; 65447 | &nbsp;&nbsp; 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K125, Class X1, IO, 0.58%, 1/25/2031 (d) | &nbsp;&nbsp; 18205 | &nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K128, Class X1, IO, 0.51%, 3/25/2031 (d) | &nbsp;&nbsp; 30598 | &nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO, 0.73%, 7/25/2031 (d) | &nbsp;&nbsp; 11943 | &nbsp;&nbsp; 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X3, IO, 2.95%, 9/25/2031 (d) | &nbsp;&nbsp; 767 | &nbsp;&nbsp; 110 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K136, Class X1, IO, 0.39%, 12/25/2031 (d) | &nbsp;&nbsp; 20705 | &nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1517, Class X1, IO, 1.32%, 7/25/2035 (d) | &nbsp;&nbsp; 3318 | &nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1518, Class X1, IO, 0.86%, 10/25/2035 (d) | &nbsp;&nbsp; 5061 | &nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1520, Class X1, IO, 0.47%, 2/25/2036 (d) | &nbsp;&nbsp; 8226 | &nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K070, Class X3, IO, 2.04%, 12/25/2044 (d) | &nbsp;&nbsp; 2152 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class X3, IO, 2.14%, 12/25/2045 (d) | &nbsp;&nbsp; 3940 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K088, Class X3, IO, 2.35%, 2/25/2047 (d) | &nbsp;&nbsp; 6650 | &nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class X3, IO, 1.78%, 1/25/2048 (d) | &nbsp;&nbsp; 3150 | &nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X3, IO, 2.77%, 11/25/2048 (d) | &nbsp;&nbsp; 5100 | &nbsp;&nbsp; 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K127, Class X3, IO, 2.65%, 3/25/2049 (d) | &nbsp;&nbsp; 5100 | &nbsp;&nbsp; 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K147, Class X3, IO, 3.80%, 6/25/2050 (d) | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K759, Class X3, IO, 5.26%, 2/25/2057 (d) | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; FNMA ACES Series 2019-M1, Class A2, 3.54%, 9/25/2028 (d) | &nbsp;&nbsp; 996 | &nbsp;&nbsp; 975 |
| &nbsp;&nbsp;&nbsp; FREMF Series 2018-KF46, Class B, 6.42%, 3/25/2028 (a) (d) | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF45, Class B, 6.42%, 3/25/2025 (a) (d) | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KC03, Class B, 4.33%, 1/25/2026 (a) (d) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF48, Class B, 6.52%, 6/25/2028 (a) (d) | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-89, IO, 0.19%, 12/16/2053 (d) | &nbsp;&nbsp; 2237 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-53, Class IA, IO, 0.77%, 6/16/2061 (d) | &nbsp;&nbsp; 8968 | &nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38, IO, 0.64%, 1/16/2062 (d) | &nbsp;&nbsp; 28747 | &nbsp;&nbsp; 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, IO, 0.87%, 9/16/2062 (d) | &nbsp;&nbsp; 7863 | &nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-133, IO, 0.88%, 7/16/2063 (d) | &nbsp;&nbsp; 10298 | &nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-161, IO, 0.74%, 6/16/2064 (d) | &nbsp;&nbsp; 13297 | &nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust Series 2015-GC30, Class C, 3.99%, 5/10/2050 (d) | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; Harvest Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 6.16%, 10/25/2056 | &nbsp;&nbsp; 2933 | &nbsp;&nbsp; 3013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 5.97%, 6/25/2057 (d) | &nbsp;&nbsp; 1796 | &nbsp;&nbsp; 1791 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class B, 4.22%, 7/15/2048 (d) | &nbsp;&nbsp; 1825 | &nbsp;&nbsp; 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class C, 4.22%, 7/15/2048 (d) | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class C, 4.60%, 8/15/2048 (d) | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust Series 2019-COR4, Class A5, 4.03%, 3/10/2052 | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 959 |
| &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust Series 2018-C8, Class A3, 3.94%, 6/15/2051 | &nbsp;&nbsp; 969 | &nbsp;&nbsp; 954 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class C, 3.42%, 8/15/2049 (d) | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP4, Class C, 3.38%, 12/15/2049 (d) | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class C, 4.29%, 5/15/2048 (d) | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-MS1, Class B, 4.01%, 5/15/2048 (d) | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L2, Class C, 4.97%, 3/15/2052 (d) | &nbsp;&nbsp; 978 | &nbsp;&nbsp; 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L5, Class XA, IO, 1.28%, 5/15/2054 (d) | &nbsp;&nbsp; 10661 | &nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp; MRCD MARK Mortgage Trust Series 2019-PARK, Class E, 2.72%, 12/15/2036 (a) | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp; Multi-Family Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class M10, 8.19%, 3/25/2050 (a) (d) | &nbsp;&nbsp; 4101 | &nbsp;&nbsp; 4160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M7, 8.32%, 11/25/2053 (a) (d) | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class M1, 6.71%, 5/25/2055 ‡ (a) (d) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1500 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; PRM5 Trust Series 2025-PRM5, Class A, 4.47%, 3/10/2033 (a) (d) | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 822 |
| &nbsp;&nbsp;&nbsp; ROCK Trust Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (a) | &nbsp;&nbsp; 2723 | &nbsp;&nbsp; 2758 |
| &nbsp;&nbsp;&nbsp; SDR Commercial Mortgage Trust Series 2024-DSNY, Class A, 5.72%, 5/15/2039 (a) (d) | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 1693 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A, 4.05%, 10/26/2048 (a) (d) | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A, 3.76%, 3/25/2049 (a) (d) | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A, 3.03%, 10/25/2049 (a) (d) | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class AFX, 2.61%, 2/25/2050 (a) (d) | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A, 5.22%, 6/25/2052 (a) (d) | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A, 5.63%, 8/25/2052 (a) (d) | &nbsp;&nbsp; 1991 | &nbsp;&nbsp; 1981 |
| &nbsp;&nbsp;&nbsp; Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Class F, 4.95%, 10/15/2044 (a) (d) | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $76,807)<br>|  | &nbsp;&nbsp; 74408 |
| **Collateralized Mortgage Obligations — 4.6%** | **Collateralized Mortgage Obligations — 4.6%** | **Collateralized Mortgage Obligations — 4.6%** |
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J3, Class 4A1, 5.75%, 5/25/2026 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-28CB, Class 3A1, 6.00%, 1/25/2035 | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-21CB, Class A17, 6.00%, 6/25/2035 | &nbsp;&nbsp; 577 | &nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp; American Home Mortgage Assets Trust Series 2006-6, Class A1A, 4.63%, 12/25/2046 (d) | &nbsp;&nbsp; 757 | &nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5, Class A1, 2.59%, 10/25/2049 (a) (d) | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.47%, 12/25/2059 (a) (d) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.07%, 5/25/2066 (a) (d) | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A2, 1.31%, 5/25/2066 (a) (d) | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 1491 |
| &nbsp;&nbsp;&nbsp; Banc of America Alternative Loan Trust Series 2006-2, Class 7A1, 6.00%, 3/25/2021 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Banc of America Funding Trust Series 2006-A, Class 1A1, 6.42%, 2/20/2036 (d) | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust Series 2004-A, Class 2A2, 5.91%, 2/25/2034 (d) | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust Series 2005-9, Class 2A2, 5.50%, 11/25/2035 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust Series 2023-2, Class A1, 6.60%, 7/25/2068 (a) (k) | &nbsp;&nbsp; 547 | &nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp; COLT Trust Series 2021-RPL1, Class A1, 1.67%, 9/25/2061 (a) (d) | &nbsp;&nbsp; 1199 | &nbsp;&nbsp; 1090 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust Series 2023-R02, Class 1M1, 6.62%, 1/25/2043 (a) (d) | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 938 |
| &nbsp;&nbsp;&nbsp; CSMC Mortgage-Backed Trust Series 2007-2, Class 3A13, 5.50%, 3/25/2037 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust Series 2022-2, Class A1, 4.30%, 3/25/2067 (a) (d) | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp; FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1B, 7.22%, 4/25/2042 (a) (d) | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 597 |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4043, Class PI, IO, 2.50%, 5/15/2027 | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4086, Class AI, IO, 3.50%, 7/15/2027 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4120, Class UI, IO, 3.00%, 10/15/2027 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4216, Class MI, IO, 3.00%, 6/15/2028 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4178, Class BI, IO, 3.00%, 3/15/2033 | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2936, Class AS, IF, IO, 1.65%, 2/15/2035 (d) | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4018, Class HI, IO, 4.50%, 3/15/2041 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4073, Class IQ, IO, 4.00%, 7/15/2042 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4173, Class I, IO, 4.00%, 3/15/2043 | &nbsp;&nbsp; 1408 | &nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4305, Class SK, IF, IO, 2.15%, 2/15/2044 (d) | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4612, Class QI, IO, 3.50%, 5/15/2044 | &nbsp;&nbsp; 1798 | &nbsp;&nbsp; 185 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4687, Class SG, IF, IO, 1.70%, 1/15/2047 (d) | &nbsp;&nbsp; 2089 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4681, Class SD, IF, IO, 1.70%, 5/15/2047 (d) | &nbsp;&nbsp; 4788 | &nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5023, Class MI, IO, 3.00%, 10/25/2050 | &nbsp;&nbsp; 3274 | &nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-109, Class WI, IO, 2.50%, 10/25/2027 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-149, Class MI, IO, 3.00%, 1/25/2028 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-130, Class NS, IF, IO, 2.56%, 1/25/2034 (d) | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-67, Class SI, IF, IO, 2.26%, 8/25/2035 (d) | &nbsp;&nbsp; 227 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-69, Class AS, IF, IO, 2.26%, 8/25/2035 (d) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24, Class QS, IF, IO, 2.76%, 4/25/2036 (d) | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-68, Class SJ, IF, IO, 2.11%, 7/25/2040 (d) | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-39, Class LS, IF, IO, 1.56%, 7/25/2046 (d) | &nbsp;&nbsp; 1928 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-74, Class GS, IF, IO, 1.56%, 10/25/2046 (d) | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class SB, IF, IO, 1.61%, 2/25/2047 (d) | &nbsp;&nbsp; 1224 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-86, Class T, 2.50%, 9/25/2048 | &nbsp;&nbsp; 2587 | &nbsp;&nbsp; 2275 |
| &nbsp;&nbsp;&nbsp; GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, 3.25%, 1/25/2060 (a) (k) | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 1.04%, 5/25/2066 (a) (d) | &nbsp;&nbsp; 2037 | &nbsp;&nbsp; 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM4, Class A1, 1.09%, 8/25/2066 (a) (d) | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1254 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-36, Class WY, 2.00%, 3/16/2044 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-181, Class SL, IF, IO, 1.16%, 12/20/2044 (d) | &nbsp;&nbsp; 1342 | &nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9, Class MI, IO, 2.50%, 1/20/2051 | &nbsp;&nbsp; 12868 | &nbsp;&nbsp; 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-78, Class IB, IO, 3.00%, 5/20/2051 | &nbsp;&nbsp; 4172 | &nbsp;&nbsp; 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-107, Class XI, IO, 3.00%, 6/20/2051 | &nbsp;&nbsp; 4511 | &nbsp;&nbsp; 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H13, Class GI, IO, 1.51%, 4/20/2065 (d) | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust Series 2004-15F, Class 1A2, 5.50%, 12/25/2034 | &nbsp;&nbsp; 363 | &nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp; IndyMac INDX Mortgage Loan Trust Series 2005-AR10, Class A1, 4.96%, 6/25/2035 (d) | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust Series 2006-S2, Class 1A19, 6.00%, 7/25/2036 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Lehman Mortgage Trust Series 2005-2, Class 2A5, 5.50%, 12/25/2035 | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Lhome Mortgage Trust Series 2025-RTL2, Class A1, 5.61%, 4/25/2040 (a) (d) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL2, Class A1, 7.13%, 3/25/2029 (a) (k) | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL4, Class A1, 5.92%, 7/25/2039 (a) (k) | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL5, Class A1, 5.32%, 9/25/2039 (a) (k) | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 693 |
| &nbsp;&nbsp;&nbsp; MASTR Alternative Loan Trust Series 2004-12, Class 3A1, 6.00%, 12/25/2034 | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp; MFA Trust Series 2024-NPL1, Class A1, 6.33%, 9/25/2054 (k) | &nbsp;&nbsp; 1562 | &nbsp;&nbsp; 1563 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-4, Class 2A, 6.21%, 9/25/2034 (d) | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-9, Class 1A, 5.29%, 11/25/2034 (d) | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1C, 3.00%, 5/25/2058 (a) (d) | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (a) (d) | &nbsp;&nbsp; 1041 | &nbsp;&nbsp; 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, 2.46%, 1/26/2060 (a) (d) | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp; NRM FHT1 Excess Owner LLC Series 2025-FHT1, Class A, 6.55%, 3/25/2032 (a) (k) | &nbsp;&nbsp; 2847 | &nbsp;&nbsp; 2820 |
| &nbsp;&nbsp;&nbsp; NYMT Loan Trust Series 2024-BPL3, Class A1, 5.27%, 9/25/2039 (a) (k) | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 655 |
| &nbsp;&nbsp;&nbsp; OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A1, 5.95%, 2/25/2063 (a) (k) | &nbsp;&nbsp; 1078 | &nbsp;&nbsp; 1078 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.60%, 11/25/2064 (a) (k) | &nbsp;&nbsp; 1603 | &nbsp;&nbsp; 1610 |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust Series 2025-INV5, Class A2, 6.00%, 5/25/2056 (a) (d) | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1706 |
| &nbsp;&nbsp;&nbsp; PRET LLC Series 2025-NPL5, Class A1, 6.24%, 5/25/2055 (a) (k) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1806 |
| &nbsp;&nbsp;&nbsp; PRPM Series 2025-3, Class A1, 6.26%, 5/25/2030 ‡ (a) (k) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 603 |
| &nbsp;&nbsp;&nbsp; PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 6.96%, 2/25/2029 (a) (k) | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 7.03%, 3/25/2029 (a) (k) | &nbsp;&nbsp; 667 | &nbsp;&nbsp; 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class A1, 5.69%, 9/25/2029 (a) (k) | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class A1, 3.75%, 4/25/2055 (a) (k) | &nbsp;&nbsp; 1584 | &nbsp;&nbsp; 1523 |
| &nbsp;&nbsp;&nbsp; RALI Trust Series 2006-QS4, Class A2, 6.00%, 4/25/2036 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; RCO Mortgage LLC Series 2025-3, Class A1, 6.43%, 5/25/2030 (a) (k) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1407 |
| &nbsp;&nbsp;&nbsp; RCO X Mortgage LLC Series 2025-1, Class A1, 5.87%, 1/25/2030 (a) (k) | &nbsp;&nbsp; 1832 | &nbsp;&nbsp; 1821 |
| &nbsp;&nbsp;&nbsp; Residential Asset Securitization Trust Series 2005-A8CB, Class A11, 6.00%, 7/25/2035 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust Series 2003-8, Class A1, 5.08%, 1/20/2034 (d) | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-1, Class A1, 2.27%, 2/25/2050 (a) (d) | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; TDA CAM 4 FTA (Spain) Series 4, Class A, 2.46%, 6/26/2039 (b) (d) | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Toorak Mortgage Trust Series 2024-2, Class A1, 6.33%, 10/25/2031 (a) (k) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1394 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A1, 3.69%, 11/25/2059 (a) (d) | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 3.42%, 1/25/2060 (a) (k) | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class A1, 1.63%, 10/25/2066 (a) (d) | &nbsp;&nbsp; 1872 | &nbsp;&nbsp; 1623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A1, 4.47%, 4/25/2067 (a) (k) | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A1, 6.19%, 3/25/2068 (a) (k) | &nbsp;&nbsp; 1342 | &nbsp;&nbsp; 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A1, 5.81%, 5/25/2068 (a) (k) | &nbsp;&nbsp; 1208 | &nbsp;&nbsp; 1208 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust Series 2003-S3, Class 3A2, 5.50%, 5/25/2033 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $54,559)<br>|  | &nbsp;&nbsp; 52501 |
| **Convertible Bonds — 3.9%** | **Convertible Bonds — 3.9%** | **Convertible Bonds — 3.9%** |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. Zero Coupon, 3/15/2026 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 781 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China) 0.50%, 6/1/2031 (a) | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 1866 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc. 0.13%, 10/1/2026 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 634 |
|  |  | &nbsp;&nbsp; 2500 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc. 1.50%, 12/15/2029 | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 1096 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Fluor Corp. 1.13%, 8/15/2029 | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 459 |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| &nbsp;&nbsp;&nbsp; SoFi Technologies, Inc. 1.25%, 3/15/2029 (a) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 869 |
| **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp; PG&E Corp. 4.25%, 12/1/2027 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1453 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) 4.50%, 6/15/2027 | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1711 |
|  |  | &nbsp;&nbsp; 3164 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Convertible Bonds — continued** | **Convertible Bonds — continued** | **Convertible Bonds — continued** |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. 2.50%, 9/15/2028 | &nbsp;&nbsp; 1047 | &nbsp;&nbsp; 1174 |
| &nbsp;&nbsp;&nbsp; Itron, Inc. 1.38%, 7/15/2030 (a) | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 724 |
|  |  | &nbsp;&nbsp; 1898 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. 3.13%, 1/15/2029 | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 1384 |
| &nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore) 2.38%, 12/1/2025 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 946 |
|  |  | &nbsp;&nbsp; 2330 |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. 1.50%, 3/1/2031 | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 696 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| &nbsp;&nbsp;&nbsp; Lyft, Inc. 0.63%, 3/1/2029 (a) | &nbsp;&nbsp; 1235 | &nbsp;&nbsp; 1305 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. Series 2028, 0.88%, 12/1/2028 | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; 1432 |
|  |  | &nbsp;&nbsp; 2737 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| &nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. (The)  | &nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. (The)  | &nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 6/15/2026 | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 3/15/2030 (a) | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp; H World Group Ltd. (China) 3.00%, 5/1/2026 | &nbsp;&nbsp; 1191 | &nbsp;&nbsp; 1289 |
|  |  | &nbsp;&nbsp; 1976 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. 1.75%, 5/15/2028 | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 743 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Spectrum Brands, Inc. 3.38%, 6/1/2029 (a) | &nbsp;&nbsp; 1417 | &nbsp;&nbsp; 1298 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Snap, Inc. 0.50%, 5/1/2030 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 237 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc. Zero Coupon, 10/1/2027 (a) | &nbsp;&nbsp; 1177 | &nbsp;&nbsp; 1680 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp. 2.75%, 5/1/2026 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 704 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; Greenbrier Cos., Inc. (The) 2.88%, 4/15/2028 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1100 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. 2.50%, 9/1/2029 (a) | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 711 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Jazz Investments I Ltd. 3.13%, 9/15/2030 (a) | &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 1616 |
| **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Kite Realty Group LP 0.75%, 4/1/2027 (a) | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 699 |
| **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG (Austria) 2.13%, 11/3/2027 (b) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. Zero Coupon, 3/1/2028 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc.  | &nbsp;&nbsp;&nbsp; Microchip Technology, Inc.  | &nbsp;&nbsp;&nbsp; Microchip Technology, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 2/15/2027 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 498 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Convertible Bonds — continued** | **Convertible Bonds — continued** | **Convertible Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 6/1/2030 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 668 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. 1.25%, 6/1/2030 | &nbsp;&nbsp; 2215 | &nbsp;&nbsp; 2024 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. Zero Coupon, 5/1/2027 | &nbsp;&nbsp; 1647 | &nbsp;&nbsp; 1777 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. 2.25%, 7/1/2029 (a) | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc. 0.75%, 12/1/2031 (a) | &nbsp;&nbsp; 1204 | &nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp; Veeco Instruments, Inc. 2.88%, 6/1/2029 | &nbsp;&nbsp; 1103 | &nbsp;&nbsp; 1147 |
|  |  | &nbsp;&nbsp; 9062 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| &nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc. 2.25%, 6/1/2029 (a) | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1185 |
| &nbsp;&nbsp;&nbsp; Bentley Systems, Inc. 0.13%, 1/15/2026 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 748 |
| &nbsp;&nbsp;&nbsp; Box, Inc.  | &nbsp;&nbsp;&nbsp; Box, Inc.  | &nbsp;&nbsp;&nbsp; Box, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 1/15/2026 | &nbsp;&nbsp; 832 | &nbsp;&nbsp; 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 9/15/2029 (a) | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. Zero Coupon, 3/1/2028 | &nbsp;&nbsp; 1103 | &nbsp;&nbsp; 1124 |
| &nbsp;&nbsp;&nbsp; Five9, Inc. 1.00%, 3/15/2029 | &nbsp;&nbsp; 1222 | &nbsp;&nbsp; 1059 |
|  |  | &nbsp;&nbsp; 5518 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc. 3.25%, 9/15/2027 | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 862 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman 3.50%, 6/1/2028 | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds <br>(Cost $43,724)<br>|  | &nbsp;&nbsp; 45143 |
| **Loan Assignments — 1.4% (m)** | **Loan Assignments — 1.4% (m)** | **Loan Assignments — 1.4% (m)** |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Chariot Buyer LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.68%, 11/3/2028 (e) | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP, 1st Lien Term Loan B (6-MONTH CME TERM SOFR + 2.50%), 6.93%, 5/31/2030 (e) | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 3/28/2031 (e) | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 3/19/2029 (e) | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 484 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 2/10/2032 (e) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
|  |  | &nbsp;&nbsp; 1441 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, 1st Lien Term Loan (6-MONTH CME TERM SOFR + 2.50%), 6.76%, 6/21/2028 (e) | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.58%, 11/19/2031 (e) (n) | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 261 |
|  |  | &nbsp;&nbsp; 499 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Pike Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.44%, 1/21/2028 (e) | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 363 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; LABL, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 9.43%, 10/30/2028 (e) | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., 1st Lien Term Loan B-7 (3-MONTH CME TERM SOFR + 3.75%), 8.05%, 9/15/2028 (e) | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 325 |
|  |  | &nbsp;&nbsp; 591 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 7.05%, 10/16/2031 (e) | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 222 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Iridium Satellite LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 9/20/2030 (e) (n) | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 275 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.25%), 8.57%, 12/2/2031 (e) | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 353 |
| **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Finance US, Inc., 1st Lien Term Loan (United Kingdom) (1-MONTH CME TERM SOFR + 5.25%), 9.58%, <br> 12/2/2031 (e)<br>| &nbsp;&nbsp; 299 | &nbsp;&nbsp; 299 |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 8.03%, 3/27/2029 (e) | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neon Maple US Debt Mergersub, Inc., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 3.00%), 7.32%, <br> 11/17/2031 (e)<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; 299 |
|  |  | &nbsp;&nbsp; 407 |
| **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan B-2 (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 7/21/2028 (e) | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 149 |
| **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Phoenix Newco, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 11/15/2028 (e) | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 250 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.77%, 6/20/2030 (e) | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 644 |
| **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%), 7.30%, 2/3/2031 (e) | &nbsp;&nbsp; 536 | &nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp; Modena Buyer LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.50%), 8.78%, 7/1/2031 (e) | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 251 |
|  |  | &nbsp;&nbsp; 787 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 3/18/2030 (e) | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp; Varsity Brands, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 7.83%, 8/26/2031 (e) | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 556 |
|  |  | &nbsp;&nbsp; 957 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.50%), 8.83%, 1/18/2028 (e) | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 393 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp; EPIC Crude Services LP, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 7.26%, 10/15/2031 (e) | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NorthRiver Midstream Finance LP, 1st Lien Term Loan B (Canada) (3-MONTH CME TERM SOFR + 2.25%), 6.55%, <br> 8/16/2030 (e)<br>| &nbsp;&nbsp; 404 | &nbsp;&nbsp; 404 |
|  |  | &nbsp;&nbsp; 904 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.52%, 4/20/2028 (e) | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp; Vista Management Holding, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 8.05%, 4/1/2031 (e) | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 147 |
|  |  | &nbsp;&nbsp; 638 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Conair Holdings LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 8.19%, 5/17/2028 (e) (n) | &nbsp;&nbsp; 517 | &nbsp;&nbsp; 363 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 6.25%), 10.59%, 10/8/2030 (e) (n) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 95 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; WEC US Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.57%, 1/27/2031 (e) | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 246 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **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%), 7.25%, 2/1/2029 (e) | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 2nd Lien Term Loan (12-MONTH CME TERM SOFR + 5.60%), 9.75%, 2/1/2030 (e) | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 178 |
|  |  | &nbsp;&nbsp; 684 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 2/15/2029 (e) | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.50%), 7.83%, 11/25/2031 (e) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 802 |
| &nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 7.33%, 7/30/2031 (e) | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 486 |
| &nbsp;&nbsp;&nbsp; Icon Parent, Inc., 1st Lien Term Loan (6-MONTH CME TERM SOFR + 3.00%), 7.21%, 11/13/2031 (e) | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 824 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.25%), 8.58%, 11/28/2028 (e) | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 495 |
| &nbsp;&nbsp;&nbsp; UKG, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 2/10/2031 (e) | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 220 |
|  |  | &nbsp;&nbsp; 3397 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc., 1st Lien Term Loan B (6-MONTH CME TERM SOFR + 6.50%), 10.73%, 12/18/2026 (e) | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp; Leslie's Poolmart, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 7.19%, 3/9/2028 (e) | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; Park River Holdings, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.80%, 12/28/2027 (e) | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.81%, 3/3/2028 (e) | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 8.18%, 2/11/2028 (e) | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp; Serta Simmons Bedding LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 7.50%), 11.91%, 6/29/2028 (e) | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%), 7.58%, 10/19/2029 (e) | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 182 |
|  |  | &nbsp;&nbsp; 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments <br>(Cost $16,437)<br>|  | &nbsp;&nbsp; 15839 |
| **Supranational — 0.1%** | **Supranational — 0.1%** | **Supranational — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa Finance Corp. (Supranational) <br>3.75%, 10/30/2029 (b) (Cost $1,159)<br>| &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1024 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ <br>(Cost $286)<br>| &nbsp;&nbsp; 298 | &nbsp;&nbsp; 380 |
| **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; NMG Parent LLC ‡ \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; SSB Equipment Co., Inc. ‡ \* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A \* | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 17 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc. ‡ \* (o) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> (i)<br>|

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **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; —<br> (i)<br>|
| &nbsp;&nbsp;&nbsp; Serta Simmons Bedding LLC ‡ \* | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 108 |
|  |  | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $1,259)<br>|  | &nbsp;&nbsp; 131 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.0% ^** | **U.S. Treasury Obligations — 0.0% ^** | **U.S. Treasury Obligations — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds <br>3.63%, 5/15/2053 (Cost $31)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 28 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Convertible Preferred Stocks — 0.0% ^** | **Convertible Preferred Stocks — 0.0% ^** | **Convertible Preferred Stocks — 0.0% ^** |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claire's Stores, Inc. ‡ \* (o) <br>(Cost $1,363)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> (i)<br>|
| **Short-Term Investments — 9.6%** | **Short-Term Investments — 9.6%** | **Short-Term Investments — 9.6%** |
| **Investment Companies — 9.6%** | **Investment Companies — 9.6%** | **Investment Companies — 9.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class Institutional Shares, 4.29% (p) (q) <br>(Cost $110,099)<br>| &nbsp;&nbsp; 110083 | &nbsp;&nbsp; 110105 |
| **Total Investments — 106.7%** <br>**(Cost $1,248,152)**<br>|  | &nbsp;&nbsp; **1228017** |
| **Liabilities in Excess of Other Assets — (6.7)%** |  | &nbsp;&nbsp; **(77088)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **1150929** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| BRL | Brazilian Real |
| CIFC | Commercial Industrial Finance Corp. |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| CSMC | Credit Suisse Mortgage Trust |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| HB | High Coupon Bonds (a.k.a. "IOettes") represent the right to receive interest payments on an underlying pool of mortgages with similar features as those <br> associated with IO securities. Unlike IO's the owner also has a right to receive a very small portion of principal. The high interest rates result from taking <br> interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.<br>|

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| ICE | Intercontinental Exchange |
| IDR | Indonesian Rupiah |
| IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest <br> rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the <br> rate in effect as of May 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown <br> represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or <br> refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.<br>|
| JSC | Joint Stock Company |
| MXN | Mexican Peso |
| PIK | Payment In Kind |
| PLN | Polish Zloty |
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SCA | Limited partnership with share capital |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| TBA | To Be Announced; Security is subject to delayed delivery. |
| TRY | Turkish Lira |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | 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>|
| (c) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (d) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (e) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (f) | Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a <br> pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2025 is $34,799 or 3.02% of the Fund's net assets <br> as of May 31, 2025.<br>|
| (g) | Security is an interest bearing note with preferred security characteristics. |
| (h) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time <br> and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in <br> effect as of May 31, 2025.<br>|
| (i) | Value is zero. |
| (j) | Defaulted security. |
| (k) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (l) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (m) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. |
| (n) | All or a portion of this security is unsettled as of May 31, 2025. Unless otherwise indicated, the coupon rate is undetermined. The coupon <br> rate shown may not be accrued for the entire position.<br>|
| (o) | Fund is subject to legal or contractual restrictions on the resale of the security. |
| (p) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (q) | The rate shown is the current yield as of May 31, 2025. |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 25045 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
| Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 16232 | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1491 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 18776 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3993 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5866 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 28281 | &nbsp;&nbsp;&nbsp;&nbsp; 757 |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 22926 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4358 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 116419 | &nbsp;&nbsp;&nbsp;&nbsp; 778 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2452 |
| **Short Contracts** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (1354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (10886)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Euro-Buxl 30 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (6082)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (162)<br>|
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (1829)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| Japan 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; (30001)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (7763)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (380)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (42869)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (684)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1471)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (328)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (38151)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1094)<br>|
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; (493)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (1101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (228475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (328)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (455)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (49275)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (305)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2676)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (224)<br>|

---

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

---

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

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 56707 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 64265 | HSBC Bank, NA | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 249 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 281 | Morgan Stanley | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 79528 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 69850 | Morgan Stanley | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 4464 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2865 | Standard Chartered Bank | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 16321 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2835 | Citibank, NA<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp; 3998 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2879 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp; 20768 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2879 | BNP Paribas<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 568 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 633 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4113 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4640 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 10270 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 11620 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 245870 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2867 | Citigroup Global Markets Holdings, Inc.<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 2100013 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 14457 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 25387 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 176 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp; 15917170 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 11429 | Citigroup Global Markets Holdings, Inc.<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp; 44265 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2243 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| THB | &nbsp;&nbsp;&nbsp;&nbsp; 104081 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3145 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 87169 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2914 | Citibank, NA<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| TWD | &nbsp;&nbsp;&nbsp;&nbsp; 101806 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3406 | Goldman Sachs International<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2601 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 4014 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2924 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 4513 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3988 | BRL | &nbsp;&nbsp;&nbsp;&nbsp; 22542 | Goldman Sachs International<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2878 | CNY | &nbsp;&nbsp;&nbsp;&nbsp; 20650 | BNP Paribas<sup>\*\*</sup> <br>| 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 24281 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 472121 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 52947 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2877 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 51922 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2876 | Standard Chartered Bank | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1709 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1268 | Barclays Bank plc | 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 1071 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 12894 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 14670 | BNP Paribas | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1268 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1709 | Barclays Bank plc | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1696 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1268 | BNP Paribas | 6/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| CLP | &nbsp;&nbsp;&nbsp;&nbsp; 8238254 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8815 | HSBC Bank, NA\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (108)<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1277 | RON | &nbsp;&nbsp;&nbsp;&nbsp; 6576 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1292 | RON | &nbsp;&nbsp;&nbsp;&nbsp; 6649 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 75 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 102 | HSBC Bank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 57330 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 670 | HSBC Bank, NA\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2644 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 3669 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2221 | COP | &nbsp;&nbsp;&nbsp;&nbsp; 9386436 | Goldman Sachs International\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4877 | CZK | &nbsp;&nbsp;&nbsp;&nbsp; 108025 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (48)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 603 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 535 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 5736 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 4315 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 300 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 223 | HSBC Bank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 332 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 251 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9284 | HUF | &nbsp;&nbsp;&nbsp;&nbsp; 3347772 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (116)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 13035 | IDR | &nbsp;&nbsp;&nbsp;&nbsp; 215849908 | HSBC Bank, NA\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (149)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2938 | KRW | &nbsp;&nbsp;&nbsp;&nbsp; 4086588 | Standard Chartered Bank\*\* | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2879 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 56463 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4966 | PLN | &nbsp;&nbsp;&nbsp;&nbsp; 18750 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (40)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 4601 | PLN | &nbsp;&nbsp;&nbsp;&nbsp; 17400 | HSBC Bank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2287 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 41825 | HSBC Bank, NA | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (35)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2883 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 52212 | Standard Chartered Bank | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 64385 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 56707 | HSBC Bank, NA | 7/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (128)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (974)<br>|
| Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 97 |

---

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

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

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

---

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

\*\* Non-deliverable forward.

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.44-V1 | 5.00 | Quarterly | 6/20/2030 | 3.51 | USD 31,128 | &nbsp;&nbsp; (1708)<br>| &nbsp;&nbsp; (524)<br>| &nbsp;&nbsp; (2232)<br>|

---

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

---

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

---

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

---

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

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| 1 day CDI at termination | 14.38 at termination | Pay | 1/2/2029 | BRL11,048 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58 |
| 1 day CDI at termination | 11.00 at termination | Pay | 1/4/2027 | BRL12,910 | &nbsp;&nbsp; — | &nbsp;&nbsp; (142)<br>| &nbsp;&nbsp; (142)<br>|
| 1 day CDI at termination | 9.64 at termination | Pay | 1/2/2026 | BRL20,002 | &nbsp;&nbsp; — | &nbsp;&nbsp; (212)<br>| &nbsp;&nbsp; (212)<br>|
| 1 day CDI at termination | 10.58 at termination | Pay | 1/2/2026 | BRL25,756 | &nbsp;&nbsp; — | &nbsp;&nbsp; (195)<br>| &nbsp;&nbsp; (195)<br>|
| 1 day CDI at termination | 11.53 at termination | Pay | 1/4/2027 | BRL17,465 | &nbsp;&nbsp; — | &nbsp;&nbsp; (135)<br>| &nbsp;&nbsp; (135)<br>|
| 1 day CDI at termination | 11.25 at termination | Pay | 1/4/2027 | BRL21,895 | &nbsp;&nbsp; — | &nbsp;&nbsp; (196)<br>| &nbsp;&nbsp; (196)<br>|
| 1 day CDI at termination | 11.30 at termination | Pay | 1/4/2027 | BRL21,878 | &nbsp;&nbsp; — | &nbsp;&nbsp; (191)<br>| &nbsp;&nbsp; (191)<br>|
| 1 day SOFR annually | 3.96 annually | Receive | 2/15/2035 | USD35,429 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; (396)<br>| &nbsp;&nbsp; (389)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 7 | &nbsp;&nbsp; (1467)<br>| &nbsp;&nbsp; (1460)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 7 | &nbsp;&nbsp; (1409)<br>| &nbsp;&nbsp; (1402)<br>|

---

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

---

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

---

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

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

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

---

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

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Fund are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with foreign equity reference obligations, 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 NAVs are calculated.

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

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

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 May 31, 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.

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $191912 | &nbsp;&nbsp;&nbsp;&nbsp; $3046 | &nbsp;&nbsp;&nbsp;&nbsp; $194958 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51898 | &nbsp;&nbsp;&nbsp;&nbsp; 603 | &nbsp;&nbsp;&nbsp;&nbsp; 52501 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66908 | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 74408 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &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; 17 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 131 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45143 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45143 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —(b)<br>|
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2164 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2164 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5693 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5693 |
| &nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6574 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126866 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126866 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5351 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5351 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 684 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2141 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2141 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46503 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46503 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7620 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4576 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2246 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2246 |
| &nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19878 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19878 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4480 |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp; Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13946 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13946 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43870 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43870 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1442 |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1129 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4681 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2979 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2979 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4776 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4776 |
| &nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2602 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2602 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2441 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12560 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12560 |
| &nbsp;&nbsp;&nbsp; Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3126 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3126 |
| &nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 606 |
| &nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5822 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5822 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 957 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 957 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3023 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3023 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6160 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6160 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1402 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1402 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1370 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1370 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1278 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15473 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11732 |
| &nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6783 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6783 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34473 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34473 |
| &nbsp;&nbsp;&nbsp; Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1222 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 434 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7500 |
| &nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp; Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6826 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4191 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 937 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 937 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1907 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1907 |
| &nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 846 |
| &nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 637 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 637 |
| &nbsp;&nbsp;&nbsp; Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5720 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1240 |
| &nbsp;&nbsp;&nbsp; Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 852 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7620 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 464179 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 464179 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109324 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109324 |
| Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15839 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159997 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159997 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 380 |
| Supranational | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 110105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110105 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $110122 | &nbsp;&nbsp;&nbsp;&nbsp; $1106252 | &nbsp;&nbsp;&nbsp;&nbsp; $11643 | &nbsp;&nbsp;&nbsp;&nbsp; $1228017 |

---

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1071 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1071 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2454 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2454 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(974)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(974)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (2678)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2678)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1991)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1991)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2060)<br>|

---

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

(a) Amount rounds to less than one thousand.

(b) Value is zero.

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**May 31,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $2524 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18)<br>| &nbsp;&nbsp; $—<br> (b)<br>| &nbsp;&nbsp; $699 | &nbsp;&nbsp; $(159)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(700)<br>| &nbsp;&nbsp; $700 | &nbsp;&nbsp; $3046 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; 3458 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; 600 | &nbsp;&nbsp; (2764)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (700)<br>| &nbsp;&nbsp; 603 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp; 5999 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1809 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; 1501 | &nbsp;&nbsp; (2744)<br>| &nbsp;&nbsp; 935 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7500 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; 1048 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1096)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 48 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (c)<br>|
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; 16 | &nbsp;&nbsp; — | &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (c)<br>|
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 391 | &nbsp;&nbsp; — | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp; $13541 | &nbsp;&nbsp; $—<br> (b)<br>| &nbsp;&nbsp; $684 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $2849 | &nbsp;&nbsp; $(5667)<br>| &nbsp;&nbsp; $935 | &nbsp;&nbsp; $(700)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $11643 |

---

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

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

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

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

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

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

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2025, which were valued using significant unobservable inputs (level 3) amounted to $679.

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

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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> **May 31, 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; $- (b)<br>| Terms of Restructuring | Expected Recovery | 0.00% (0.00%) |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; - (b)<br>|  |  |  |
|  | &nbsp;&nbsp; 3046<br>| Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 30.00% (6.94%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 4.77% - 8.27% (6.24%) |
| &nbsp;&nbsp;&nbsp; Asset-Backed securities | &nbsp;&nbsp; 3046<br>|  |  |  |
|  | &nbsp;&nbsp; - (b)<br>| Terms of Restructuring | Expected Recovery | $0.00 ($0.00) |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; - (b)<br>|  |  |  |
|  | &nbsp;&nbsp; - (b)<br>| Terms of Restructuring | Expected Recovery | 0.00 ($0.00) |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; - (b)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $3046 |  |  |  |

---

&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 May 31, 2025, the value of these investments was $8,597. 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) Amount rounds to less than one thousand.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Market** <br>**Value**<br>| **Percentage** <br>**of Fund's** <br>**Net Assets**<br>|
| Claire's Stores, Inc. - Common Stocks | 11/28/2018 | $858 | $—<br> (a)<br>| 0.0<br> %<br>|
| Claire's Stores, Inc. - Convertible Preferred Stocks | 10/3/2018 | 1363 | —<br> (a)<br>| 0.0<br> %<br>|
|  |  | $2221 | $—<br> (a)<br>|  |

---

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.29% (a) (b)<br>| $90922 | $167391 | $148188 | $(3)<br>| $(17)<br>| $110105 | 110083 | $1048 | $— |

---

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

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

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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

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

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

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

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

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

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

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the

------

**JPMorgan Unconstrained Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

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

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

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

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

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

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

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

<u>Credit Default Swaps</u>

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

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

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

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

<u>Interest Rate Swaps</u>

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 277 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Unconstrained Debt Fund

- **b. EDGAR series identifier (if any):** S000030249

- **c. LEI of Series:** L741Z0PP68YKBPJH3F03

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1313396758.72

**Total Liabilities:** $162415015.40

**Net Assets:** $1150981743.32

**Cash Not Reported:** $2195840.71

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 509.40715000 | **1-Year:** 30848.35266000 | **5-Year:** 107386.97005000 | **10-Year:** 163003.31061000 | **30-Year:** 49495.60134000

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

- **3-Month:** -13194.88800000 | **1-Year:** 19535.76030000 | **5-Year:** 45631.52423000 | **10-Year:** 15815.83551000 | **30-Year:** 2704.06986000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000093101 | -0.33%               | 0.51%                | 0.48%                |
| Class ID C000093104 | -0.36%               | 0.49%                | 0.45%                |
| Class ID C000093105 | -0.30%               | 0.43%                | 0.50%                |
| Class ID C000106117 | -0.29%               | 0.55%                | 0.51%                |
| Class ID C000093102 | -0.37%               | 0.48%                | 0.44%                |
| Class ID C000093103 | -0.31%               | 0.43%                | 0.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $840985.27               | $-4647987.77                               |
| Month 2  | $-692400.44              | $5408629.46                                |
| Month 3  | $-2999101.01             | $5343870.45                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bombardier, Inc.                                                 | Bombardier, Inc.                                                                  | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      200000 | PA      | $206250.20    | 0.02%             | 2031-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                           | Amkor Technology, Inc.                                                            | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |        5000 | PA      | $5016.28      | 0.00%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 4173, Class I                                                | CUSIP: 3137B0H31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1407693 | PA      | $213393.85    | 0.02%             | 2043-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 42 Ltd.                       | Neuberger Berman Loan Advisers CLO Ltd., Series 2021-42A, Class BR                | CUSIP: 64133WAQ8<br>LEI: 549300LGCRX4YI1JNS93 | Long             | ABS-CBDO         | CORP              | KY        |      950000 | PA      | $948725.10    | 0.08%             | 2036-07-16      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                            | Mex Bonos Desarr Fix Rt                                                           | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |   252100000 | PA      | $12829174.82  | 1.11%             | 2030-02-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                           | Lendmark Funding Trust, Series 2024-2A, Class D                                   | CUSIP: 52590AAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      250000 | PA      | $249045.23    | 0.02%             | 2034-02-21      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                                           | Sonic Automotive, Inc.                                                            | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |      225000 | PA      | $214927.85    | 0.02%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                              | Owens & Minor, Inc.                                                               | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |       40000 | PA      | $33874.78     | 0.00%             | 2030-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 4216, Class MI                                               | CUSIP: 3137B2TV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      107539 | PA      | $2787.34      | 0.00%             | 2028-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Diebold Nixdorf, Inc.                                            | Diebold Nixdorf, Inc.                                                             | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |      254000 | PA      | $266981.18    | 0.02%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Ciena Corp.                                                      | Ciena Corp.                                                                       | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |      170000 | PA      | $158223.37    | 0.01%             | 2030-01-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NatWest Markets plc                                              | NatWest Markets plc                                                               | CUSIP: 63906YAP3<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $201223.15    | 0.02%             | 2030-03-21      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                             | Deephaven Residential Mortgage Trust, Series 2022-2, Class A1                     | CUSIP: 24380XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      573045 | PA      | $550318.76    | 0.05%             | 2067-03-25      | Variable      | 4.30%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-520.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC                         | Encino Acquisition Partners Holdings LLC                                          | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |       35000 | PA      | $35899.85     | 0.00%             | 2028-05-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Verisure Holding AB                                              | Verisure Holding AB                                                               | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |       50000 | PA      | $56277.44     | 0.00%             | 2027-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K123, Class X1   | CUSIP: 3137F8ZX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    11292324 | PA      | $385062.61    | 0.03%             | 2030-12-25      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                       | AT&T, Inc.                                                                        | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      660000 | PA      | $661346.32    | 0.06%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                             | Glencore Funding LLC                                                              | CUSIP: 378272BP2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     1866000 | PA      | $1979147.35   | 0.17%             | 2030-10-06      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                              | Constellation Energy Generation LLC                                               | CUSIP: 30161MAN3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |      530000 | PA      | $508208.42    | 0.04%             | 2042-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Forvia SE                                                        | Forvia SE                                                                         | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |      300000 | PA      | $330478.97    | 0.03%             | 2027-06-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                          | Williams Scotsman, Inc.                                                           | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |       23000 | PA      | $23573.51     | 0.00%             | 2030-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Accenture Capital, Inc.                                          | Accenture Capital, Inc.                                                           | CUSIP: 00440KAD5<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |      520000 | PA      | $499598.76    | 0.04%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LB-UBS Commercial Mortgage Trust                                 | LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ                        | CUSIP: 50179MAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2039-09-15      | Variable      | 5.45%                 | No            |                  3 | On Loan: No      |
| NorthRiver Midstream Finance LP                                  | NorthRiver Midstream Finance LP, 1st Lien Term Loan B                             | CUSIP: 66679PAB1<br>LEI: 549300SOLNLY3BL6GF18 | Long             | LON              | CORP              | CA        |      403942 | PA      | $403998.52    | 0.04%             | 2030-08-16      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                                      | Adient Global Holdings Ltd.                                                       | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |       25000 | PA      | $25550.85     | 0.00%             | 2028-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Neopharmed Gentili SpA                                           | Neopharmed Gentili SpA                                                            | CUSIP: N/A<br>LEI: 815600C8FD3DCB866E50       | Long             | DBT              | CORP              | IT        |      208000 | PA      | $246994.70    | 0.02%             | 2030-04-08      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC                         | Encino Acquisition Partners Holdings LLC                                          | CUSIP: 29254BAB3<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |       95000 | PA      | $103756.82    | 0.01%             | 2031-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| PetSmart, Inc.                                                   | PetSmart, Inc.                                                                    | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      350000 | PA      | $337775.03    | 0.03%             | 2028-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA, REMIC, Series 2012-109, Class WI                                            | CUSIP: 3136A8L73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      264293 | PA      | $5571.94      | 0.00%             | 2027-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Transmission LLC                                     | FirstEnergy Transmission LLC                                                      | CUSIP: 33767BAD1<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |     1540000 | PA      | $1456508.96   | 0.13%             | 2028-09-15      | Fixed         | 2.87%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                   | Community Health Systems, Inc.                                                    | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |       57000 | PA      | $60754.53     | 0.01%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                 | CCO Holdings LLC                                                                  | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      665000 | PA      | $652249.76    | 0.06%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                              | Expand Energy Corp.                                                               | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      160000 | PA      | $161878.72    | 0.01%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Southern Co. (The)                                               | Southern Co. (The)                                                                | CUSIP: 842587DZ7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     1570000 | PA      | $1711066.15   | 0.15%             | 2027-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                          | Hyundai Capital America                                                           | CUSIP: 44891ABD8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     2180000 | PA      | $2138821.85   | 0.19%             | 2026-11-02      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                       | Verus Securitization Trust, Series 2023-2, Class A1                               | CUSIP: 92539DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1341975 | PA      | $1343600.52   | 0.12%             | 2068-03-25      | Variable      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Finance plc                                          | Avis Budget Finance plc                                                           | CUSIP: N/A<br>LEI: 549300W3BJJPGKCIOI13       | Long             | DBT              | CORP              | JE        |      252000 | PA      | $289685.75    | 0.03%             | 2030-07-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-23806.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $43764.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                                 | JPMorgan Prime Money Market Fund, Class Institutional                             | CUSIP: 4812A2603<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        |   110083133 | NS      | $110105150.04 | 9.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 50 Ltd.                       | Neuberger Berman Loan Advisers CLO Ltd., Series 2022-50A, Class BR                | CUSIP: 64134VAS5<br>LEI: 549300UMYON6L2REF246 | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $999931.00    | 0.09%             | 2036-07-23      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Electricite de France SA                                         | Electricite de France SA                                                          | CUSIP: 28504DAB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | NUSS              | FR        |      245000 | PA      | $251668.07    | 0.02%             | 2028-05-23      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Hanesbrands, Inc.                                                | Hanesbrands, Inc.                                                                 | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |       20000 | PA      | $21130.58     | 0.00%             | 2031-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                        | HCA, Inc.                                                                         | CUSIP: 404119CL1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     1411000 | PA      | $1103444.81   | 0.10%             | 2052-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                           | Velocity Commercial Capital Loan Trust, Series 2019-3, Class A                    | CUSIP: 92257HAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      560319 | PA      | $542968.75    | 0.05%             | 2049-10-25      | Variable      | 3.03%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                     | Hess Midstream Operations LP                                                      | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       27000 | PA      | $27265.79     | 0.00%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                                     | Performance Food Group, Inc.                                                      | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |       50000 | PA      | $47656.65     | 0.00%             | 2029-08-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                             | Xerox Holdings Corp.                                                              | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |      131000 | PA      | $88272.10     | 0.01%             | 2029-11-30      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                  | Citigroup, Inc.                                                                   | CUSIP: 172967LD1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1225000 | PA      | $1208946.83   | 0.11%             | 2028-01-10      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                             | IHO Verwaltungs GmbH                                                              | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |      184778 | PA      | $219717.82    | 0.02%             | 2028-05-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| APi Group DE, Inc.                                               | APi Group DE, Inc.                                                                | CUSIP: 00185PAA9<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |       17000 | PA      | $16553.48     | 0.00%             | 2029-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                       | Verus Securitization Trust, Series 2023-4, Class A1                               | CUSIP: 92539TAA1<br>LEI: 2138008DC17PCNG48R87 | Long             | ABS-MBS          | CORP              | US        |     1208443 | PA      | $1207864.42   | 0.10%             | 2068-05-25      | Variable      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Pro-Gest SpA                                                     | Pro-Gest SpA                                                                      | CUSIP: N/A<br>LEI: 815600EDD04F9C60D660       | Long             | DBT              | CORP              | IT        |      350000 | PA      | $103325.95    | 0.01%             | 2024-12-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| NCR Voyix Corp.                                                  | NCR Voyix Corp.                                                                   | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |      225000 | PA      | $221909.83    | 0.02%             | 2028-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities LLC                                      | Business Jet Securities LLC, Series 2024-1A, Class A                              | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1485786 | PA      | $1509432.44   | 0.13%             | 2039-05-15      | Fixed         | 6.20%                 | Yes           |                  3 | On Loan: No      |
| International Game Technology plc                                | International Game Technology plc                                                 | CUSIP: N/A<br>LEI: 549300UQ6KHRCZDRGZ76       | Long             | DBT              | CORP              | GB        |      300000 | PA      | $333788.24    | 0.03%             | 2028-04-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| NRM FHT1 Excess Owner LLC                                        | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A                              | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2847367 | PA      | $2819754.51   | 0.24%             | 2032-03-25      | Variable      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                                    | Organon & Co.                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      300000 | PA      | $328074.08    | 0.03%             | 2028-04-30      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                        | Bank of Nova Scotia (The)                                                         | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |      430000 | PA      | $400777.54    | 0.03%             | 2037-05-04      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP                                                | Genesis Energy LP                                                                 | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       25000 | PA      | $25868.08     | 0.00%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                  | Permian Resources Operating LLC                                                   | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |       31000 | PA      | $30586.06     | 0.00%             | 2033-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| MFA Trust                                                        | MFA Trust, Series 2024-NPL1, Class A1                                             | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1561864 | PA      | $1562893.10   | 0.14%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| OI European Group BV                                             | OI European Group BV                                                              | CUSIP: N/A<br>LEI: 72450053F5WRDY8CDZ66       | Long             | DBT              | CORP              | NL        |      100000 | PA      | $117365.56    | 0.01%             | 2028-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                               | Metropolitan Life Global Funding I                                                | CUSIP: 59217GEZ8<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |      620000 | PA      | $593443.12    | 0.05%             | 2029-03-21      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K128, Class X1   | CUSIP: 3137FYUL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    30598053 | PA      | $729677.89    | 0.06%             | 2031-03-25      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                             | BBCMS Mortgage Trust, Series 2022-C15, Class A2                                   | CUSIP: 05552FAX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2736000 | PA      | $2676664.92   | 0.23%             | 2055-04-15      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                | Credit Acceptance Auto Loan Trust, Series 2024-3A, Class B                        | CUSIP: 22535LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      910000 | PA      | $908784.15    | 0.08%             | 2034-11-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                | Wells Fargo & Co.                                                                 | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     2720000 | PA      | $2790416.18   | 0.24%             | 2029-07-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                                              | Post Holdings, Inc.                                                               | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      205000 | PA      | $202454.52    | 0.02%             | 2029-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                               | Banco Santander SA                                                                | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     1000000 | PA      | $1100846.00   | 0.10%             | 2028-11-21      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                        | Republic of Turkiye (The)                                                         | CUSIP: N/A<br>LEI: 5493000PCHOG3B6S3Q85       | Long             | DBT              | NUSS              | TR        |   180966527 | PA      | $4387333.02   | 0.38%             | 2026-08-12      | Fixed         | 36.00%                | No            |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Securities Trust                       | JPMDB Commercial Mortgage Securities Trust, Series 2018-C8, Class A3              | CUSIP: 46591AAZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      968479 | PA      | $954085.60    | 0.08%             | 2051-06-15      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| ELM Trust                                                        | ELM Trust, Series 2024-ELM, Class C10                                             | CUSIP: 26860XBC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      680000 | PA      | $682138.46    | 0.06%             | 2039-06-10      | Variable      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $22195.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K131, Class X1   | CUSIP: 3137H2N83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    11942918 | PA      | $440124.00    | 0.04%             | 2031-07-25      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                                    | Asbury Automotive Group, Inc.                                                     | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |      202000 | PA      | $192029.40    | 0.02%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Banijay Entertainment SAS                                        | Banijay Entertainment SAS                                                         | CUSIP: N/A<br>LEI: 969500CE0IE2EZ5VBG13       | Long             | DBT              | CORP              | FR        |      200000 | PA      | $237365.82    | 0.02%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Q-Park Holding I BV                                              | Q-Park Holding I BV                                                               | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |      200000 | PA      | $233885.67    | 0.02%             | 2029-03-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                          | Belron Finance 2019 LLC, 1st Lien Term Loan                                       | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      221375 | PA      | $222094.47    | 0.02%             | 2031-10-16      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| CF Industries, Inc.                                              | CF Industries, Inc.                                                               | CUSIP: 12527GAD5<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |     1313000 | PA      | $1124574.25   | 0.10%             | 2043-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      605000 | PA      | $609290.33    | 0.05%             | 2036-01-28      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                                           | Standard Chartered plc                                                            | CUSIP: 853254CN8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      700000 | PA      | $746858.00    | 0.06%             | 2028-11-16      | Variable      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                     | Pacific Gas and Electric Co.                                                      | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     1270000 | PA      | $1306716.79   | 0.11%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                             | Republic of Colombia                                                              | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1730000 | PA      | $1781727.00   | 0.15%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NiSource, Inc.                                                   | NiSource, Inc.                                                                    | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |      691000 | PA      | $707052.62    | 0.06%             | 2054-11-30      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                         | Venture Global LNG, Inc.                                                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |       84000 | PA      | $89363.06     | 0.01%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                       | Allison Transmission, Inc.                                                        | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |      130000 | PA      | $130520.65    | 0.01%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                             | GNMA, Series 2015-H13, Class GI                                                   | CUSIP: 38376RCK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      320394 | PA      | $8450.07      | 0.00%             | 2065-04-20      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                                         | Group 1 Automotive, Inc.                                                          | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |       21000 | PA      | $21386.21     | 0.00%             | 2030-01-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                            | United Mexican States                                                             | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      628000 | PA      | $625802.00    | 0.05%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                                      | Block, Inc.                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |      149000 | PA      | $152276.06    | 0.01%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Abertis Infraestructuras Finance BV                              | Abertis Infraestructuras Finance BV                                               | CUSIP: N/A<br>LEI: 5493007WHKI5H75YJ358       | Long             | DBT              | CORP              | NL        |      400000 | PA      | $447072.08    | 0.04%             | 2027-01-26      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| ROCK Trust                                                       | ROCK Trust, Series 2024-CNTR, Class A                                             | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2723228 | PA      | $2757594.05   | 0.24%             | 2041-11-13      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                             | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     2485000 | PA      | $2401829.91   | 0.21%             | 2028-02-04      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| Wrangler Holdco Corp.                                            | Wrangler Holdco Corp.                                                             | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $82510.40     | 0.01%             | 2032-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Suzano Austria GmbH                                              | Suzano Austria GmbH                                                               | CUSIP: 86964WAF9<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     1200000 | PA      | $1221600.00   | 0.11%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Mortgage Trust                                          | JPMorgan Mortgage Trust, Series 2006-S2, Class 1A19                               | CUSIP: 46628YAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      272760 | PA      | $118955.88    | 0.01%             | 2036-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                             | LHOME Mortgage Trust, Series 2024-RTL5, Class A1                                  | CUSIP: 50205WAA5<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-MBS          | CORP              | US        |      697000 | PA      | $692885.19    | 0.06%             | 2039-09-25      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                              | Intesa Sanpaolo SpA                                                               | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      256000 | PA      | $258345.31    | 0.02%             | 2025-11-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| First Franklin Mortgage Loan Trust                               | First Franklin Mortgage Loan Trust, Series 2004-FF5, Class A1                     | CUSIP: 32027NJT9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |           1 | PA      | $1.17         | 0.00%             | 2034-08-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Co.                                         | Central Garden & Pet Co.                                                          | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |      210000 | PA      | $194203.67    | 0.02%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Co.                                    | Berkshire Hathaway Energy Co.                                                     | CUSIP: 084659BF7<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |      151000 | PA      | $122163.31    | 0.01%             | 2053-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Euro-Bobl                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          -7 | NC      | $-7285.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Emisiones SA                                          | Telefonica Emisiones SA                                                           | CUSIP: 87938WAV5<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |      700000 | PA      | $618389.61    | 0.05%             | 2038-03-06      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Assets Trust                              | American Home Mortgage Assets Trust, Series 2006-6, Class A1A                     | CUSIP: 008684AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      757293 | PA      | $642363.92    | 0.06%             | 2046-12-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                  | Palmer Square Loan Funding Ltd., Series 2021-4A, Class C                          | CUSIP: 69702HAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1606000 | PA      | $1605718.95   | 0.14%             | 2029-10-15      | Floating      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                       | Allison Transmission, Inc.                                                        | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |      305000 | PA      | $276863.02    | 0.02%             | 2031-01-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Canadian Pacific Railway Co.                                     | Canadian Pacific Railway Co.                                                      | CUSIP: 13648TAG2<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |      340000 | PA      | $234600.91    | 0.02%             | 2050-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                                            | Ahead DB Holdings LLC, 1st Lien Term Loan B-3                                     | CUSIP: 00866HAH8<br>LEI: 254900L07WFL833JX193 | Long             | LON              | CORP              | US        |      536163 | PA      | $536237.63    | 0.05%             | 2031-02-03      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                  | Palmer Square Loan Funding Ltd., Series 2024-3A, Class B                          | CUSIP: 69690EAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1600000 | PA      | $1601022.40   | 0.14%             | 2032-08-08      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| JBS USA LUX SARL                                                 | JBS USA LUX Sarl                                                                  | CUSIP: 472140AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      609000 | PA      | $619971.91    | 0.05%             | 2035-04-20      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| GCI LLC                                                          | GCI LLC                                                                           | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |      260000 | PA      | $244533.17    | 0.02%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA UMBS, 30 Year                                                                | CUSIP: 3140XQJK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3302752 | PA      | $3288943.26   | 0.29%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                              | Iron Mountain, Inc.                                                               | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |       45000 | PA      | $42164.98     | 0.00%             | 2031-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                            | Albertsons Cos., Inc.                                                             | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $118819.63    | 0.01%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Exelon Corp.                                                     | Exelon Corp.                                                                      | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     1435000 | PA      | $1433304.29   | 0.12%             | 2055-03-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Trust                                    | Banc of America Funding Trust, Series 2006-A, Class 1A1                           | CUSIP: 058927AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      104636 | PA      | $99198.76     | 0.01%             | 2036-02-20      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets plc                                           | BP Capital Markets plc                                                            | CUSIP: 05565QDU9<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |      247000 | PA      | $246058.39    | 0.02%             | 2025-06-22      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Commonbond Student Loan Trust                                    | Commonbond Student Loan Trust, Series 2018-AGS, Class C                           | CUSIP: 20269DAD7<br>LEI: 5493005PJR3MYTKJFJ48 | Long             | ABS-O            | CORP              | US        |       47270 | PA      | $39192.26     | 0.00%             | 2044-02-25      | Fixed         | 3.82%                 | Yes           |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                           | Mauser Packaging Solutions Holding Co.                                            | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |      245000 | PA      | $247324.07    | 0.02%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                                 | ABN AMRO Bank NV                                                                  | CUSIP: 00084DAL4<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |      800000 | PA      | $798696.43    | 0.07%             | 2026-04-18      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                           | Tenet Healthcare Corp.                                                            | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       30000 | PA      | $29813.47     | 0.00%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fells Point Funding Trust                                        | Fells Point Funding Trust                                                         | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      832000 | PA      | $809104.98    | 0.07%             | 2027-01-31      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                     | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      942000 | PA      | $955395.24    | 0.08%             | 2029-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Country Garden Holdings Co. Ltd.                                 | Country Garden Holdings Co. Ltd.                                                  | CUSIP: N/A<br>LEI: 549300MGHLPT1EFHGF84       | Long             | DBT              | CORP              | KY        |     1072000 | PA      | $80400.00     | 0.01%             | 2025-10-22      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Vale Overseas Ltd.                                               | Vale Overseas Ltd.                                                                | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     1085000 | PA      | $1033223.80   | 0.09%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                          | Hyundai Capital America                                                           | CUSIP: 44891ACR6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      280000 | PA      | $292516.28    | 0.03%             | 2029-01-16      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust              | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class C     | CUSIP: 46590RAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      276000 | PA      | $245903.33    | 0.02%             | 2049-08-15      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                              | American Axle & Manufacturing, Inc.                                               | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |      200000 | PA      | $199040.52    | 0.02%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                            | Republic of Indonesia                                                             | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        | 42329000000 | PA      | $2637358.89   | 0.23%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                       | JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class B              | CUSIP: 46644UBF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1825000 | PA      | $1682967.55   | 0.15%             | 2048-07-15      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                             | Lhome Mortgage Trust, Series 2025-RTL2, Class A1                                  | CUSIP: 50206RAA5<br>LEI: 529900COAFD3IY51O355 | Long             | ABS-MBS          | CORP              | US        |      400000 | PA      | $400481.88    | 0.03%             | 2040-04-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K110, Class X1   | CUSIP: 3137FTZS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     9365860 | PA      | $592580.75    | 0.05%             | 2030-04-25      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| Allianz SE                                                       | Allianz SE                                                                        | CUSIP: 018820AD2<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |      600000 | PA      | $587205.54    | 0.05%             | 2054-09-03      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                     | American Credit Acceptance Receivables Trust, Series 2023-4, Class B              | CUSIP: 02530CAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1393527 | PA      | $1396166.63   | 0.12%             | 2028-02-14      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| Pret LLC                                                         | Pret LLC, Series 2025-NPL2, Class A1                                              | CUSIP: 69392JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2456132 | PA      | $2440833.72   | 0.21%             | 2055-03-25      | Variable      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                     | Ardagh Packaging Finance plc                                                      | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      295000 | PA      | $134225.00    | 0.01%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                          | Romania Government Bond                                                           | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      476000 | PA      | $477927.80    | 0.04%             | 2037-02-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                          | Lendingpoint Asset Securitization Trust, Series 2022-C, Class B                   | CUSIP: 525919AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      217615 | PA      | $217613.44    | 0.02%             | 2030-02-15      | Fixed         | 7.46%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO III Ltd.                                             | Elmwood CLO Ltd., Series 2019-3A, Class BRR                                       | CUSIP: 29002HBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1250000 | PA      | $1253181.25   | 0.11%             | 2037-07-18      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                        | Commercial Mortgage Trust, Series 2015-PC1, Class C                               | CUSIP: 12593GAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1046000 | PA      | $986378.00    | 0.09%             | 2050-07-10      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| Howard Midstream Energy Partners LLC                             | Howard Midstream Energy Partners LLC                                              | CUSIP: 442722AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      210000 | PA      | $219612.96    | 0.02%             | 2028-07-15      | Fixed         | 8.88%                 | Yes           |                  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        |      147231 | PA      | $147108.86    | 0.01%             | 2031-04-01      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     4130000 | PA      | $4179787.73   | 0.36%             | 2029-02-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                           | Santander Drive Auto Receivables Trust, Series 2025-2, Class D                    | CUSIP: 80287NAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1800000 | PA      | $1811202.84   | 0.16%             | 2031-05-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Matterhorn Telecom SA                                            | Matterhorn Telecom SA                                                             | CUSIP: N/A<br>LEI: 549300MTB0YI26SMUT22       | Long             | DBT              | CORP              | LU        |      200000 | PA      | $226692.59    | 0.02%             | 2026-09-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA, Other                                                                       | CUSIP: 3140FXJH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      919065 | PA      | $812863.76    | 0.07%             | 2058-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                            | Gilead Sciences, Inc.                                                             | CUSIP: 375558BT9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |      720000 | PA      | $437717.53    | 0.04%             | 2050-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Hughes Satellite Systems Corp.                                   | Hughes Satellite Systems Corp.                                                    | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $56069.60     | 0.00%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                    | Six Flags Entertainment Corp.                                                     | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $81560.56     | 0.01%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $137016.61    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $35959.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                                     | Ecopetrol SA                                                                      | CUSIP: 279158AN9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |      630000 | PA      | $617400.00    | 0.05%             | 2030-04-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $2378.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Primo Water Holdings, Inc.                                       | Primo Water Holdings, Inc.                                                        | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       85000 | PA      | $85115.26     | 0.01%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                     | UBS Group AG                                                                      | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      365000 | PA      | $397194.46    | 0.03%             | 2028-11-13      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| AccorInvest Group SA                                             | AccorInvest Group SA                                                              | CUSIP: N/A<br>LEI: 2221000MD2YP7WLTNC52       | Long             | DBT              | CORP              | LU        |      300000 | PA      | $356471.83    | 0.03%             | 2029-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                          | Williams Scotsman, Inc.                                                           | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |      130000 | PA      | $132569.06    | 0.01%             | 2029-06-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                         | WESCO Distribution, Inc.                                                          | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |       25000 | PA      | $25593.25     | 0.00%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CF Industries, Inc.                                              | CF Industries, Inc.                                                               | CUSIP: 12527GAH6<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |      835000 | PA      | $832270.70    | 0.07%             | 2026-12-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Mars, Inc.                                                       | Mars, Inc.                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      930000 | PA      | $926511.53    | 0.08%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Banijay Entertainment SAS                                        | Banijay Entertainment SAS                                                         | CUSIP: N/A<br>LEI: 969500CE0IE2EZ5VBG13       | Long             | DBT              | CORP              | FR        |      119000 | PA      | $141232.66    | 0.01%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                       | Flagship Credit Auto Trust, Series 2023-1, Class B                                | CUSIP: 337955AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      246000 | PA      | $245830.46    | 0.02%             | 2028-01-18      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | U.S. Treasury 2 Year Note                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          21 | NC      | $8500.33      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp.                                                    | Comcast Corp.                                                                     | CUSIP: 20030NDW8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      764000 | PA      | $420617.93    | 0.04%             | 2063-11-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| PG&E Corp.                                                       | PG&E Corp.                                                                        | CUSIP: 69331CAL2<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1452500.00   | 0.13%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $3499.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                            | Westpac Banking Corp.                                                             | CUSIP: 961214DF7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |      250000 | PA      | $247428.02    | 0.02%             | 2031-11-23      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                             | Clear Channel Outdoor Holdings, Inc.                                              | CUSIP: 18453HAE6<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      149000 | PA      | $156053.36    | 0.01%             | 2028-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Aramark Services, Inc.                                           | Aramark Services, Inc.                                                            | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |       85000 | PA      | $84095.42     | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                               | Credit Agricole SA                                                                | CUSIP: 22535WAJ6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |      710000 | PA      | $742352.70    | 0.06%             | 2029-10-03      | Variable      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | NDIRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    20002109 | PA      | $-211972.17   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                  | Palmer Square Loan Funding Ltd., Series 2024-3A, Class A2                         | CUSIP: 69690EAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1529560 | PA      | $1531240.99   | 0.13%             | 2032-08-08      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| McGraw-Hill Education, Inc.                                      | McGraw-Hill Education, Inc.                                                       | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |      105000 | PA      | $103716.70    | 0.01%             | 2028-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                              | Take-Two Interactive Software, Inc.                                               | CUSIP: 874054AM1<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |       88000 | PA      | $89821.13     | 0.01%             | 2029-06-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                                | BAT Capital Corp.                                                                 | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     1260000 | PA      | $1343754.32   | 0.12%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Modena Buyer LLC                                                 | Modena Buyer LLC, 1st Lien Term Loan                                              | CUSIP: 60753DAC8<br>LEI: 254900B0G2IU0VBDOY26 | Long             | LON              | CORP              | US        |      258700 | PA      | $250615.63    | 0.02%             | 2031-07-01      | Variable      | 8.78%                 | No            |                  2 | On Loan: No      |
| PRET LLC                                                         | PRET LLC, Series 2025-NPL3, Class A1                                              | CUSIP: 74143HAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1242110 | PA      | $1238108.95   | 0.11%             | 2055-04-25      | Variable      | 6.71%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2023-NQM3, Class A1                                             | CUSIP: 67117PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1077816 | PA      | $1078158.75   | 0.09%             | 2063-02-25      | Variable      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | U.S. Treasury Long Bond                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         -13 | NC      | $-35584.47    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| DISH DBS Corp.                                                   | DISH DBS Corp.                                                                    | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      440000 | PA      | $406157.87    | 0.04%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                                   | US Foods, Inc.                                                                    | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |      100000 | PA      | $97790.44     | 0.01%             | 2029-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                          | RHP Hotel Properties LP                                                           | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      325000 | PA      | $329460.63    | 0.03%             | 2032-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                 | Altice France SA                                                                  | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |      600000 | PA      | $577682.90    | 0.05%             | 2028-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                                   | Rite Aid Corp., Series B                                                          | CUSIP: 767754CT9<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |       21082 | PA      | $0.00         | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| LHOME Mortgage Trust                                             | LHOME Mortgage Trust, Series 2024-RTL4, Class A1                                  | CUSIP: 50205PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      815000 | PA      | $815956.65    | 0.07%             | 2039-07-25      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Apple, Inc.                                                      | Apple, Inc.                                                                       | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      503000 | PA      | $305167.66    | 0.03%             | 2051-02-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Boyne USA, Inc.                                                  | Boyne USA, Inc.                                                                   | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      265000 | PA      | $254663.17    | 0.02%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                               | General Motors Financial Co., Inc.                                                | CUSIP: 37045XFA9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     2140000 | PA      | $2048760.59   | 0.18%             | 2034-09-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| RR 12 Ltd.                                                       | RR Ltd., Series 2020-12A, Class AAR3                                              | CUSIP: 74989HAL6<br>LEI: 549300RLLUH00ZYECJ34 | Long             | ABS-CBDO         | CORP              | KY        |     2110000 | PA      | $2112827.40   | 0.18%             | 2036-01-15      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| New Century Home Equity Loan Trust                               | New Century Home Equity Loan Trust, Series 2004-2, Class M2                       | CUSIP: 64352VGB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       16345 | PA      | $18156.11     | 0.00%             | 2034-08-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Univision Communications, Inc.                                   | Univision Communications, Inc.                                                    | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      130000 | PA      | $130002.26    | 0.01%             | 2027-06-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                 | CCO Holdings LLC                                                                  | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      810000 | PA      | $773217.17    | 0.07%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Bayer AG                                                         | Bayer AG, Series NC5                                                              | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | DBT              | CORP              | DE        |      500000 | PA      | $596838.51    | 0.05%             | 2083-09-25      | Variable      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                         | PRET LLC, Series 2025-NPL5, Class A1                                              | CUSIP: 74143LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1800000 | PA      | $1805693.40   | 0.16%             | 2055-05-25      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                     | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      610000 | PA      | $602381.10    | 0.05%             | 2026-04-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                               | Republic of Poland                                                                | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |    11530000 | PA      | $3067253.23   | 0.27%             | 2029-07-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                          | BPCE SA                                                                           | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     2703000 | PA      | $2719781.63   | 0.24%             | 2027-01-18      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                              | Owens & Minor, Inc.                                                               | CUSIP: 690732AH5<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |       63000 | PA      | $65802.49     | 0.01%             | 2030-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                                        | XPO, Inc.                                                                         | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |      215000 | PA      | $223157.75    | 0.02%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                            | OneMain Finance Corp.                                                             | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      135000 | PA      | $126585.26    | 0.01%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      760000 | PA      | $770606.25    | 0.07%             | 2029-04-20      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XV Ltd.                              | Octagon Investment Partners Ltd., Series 2013-1A, Class A1RR                      | CUSIP: 67590EBG8<br>LEI: 549300VYCI9AZ4NZBX86 | Long             | ABS-CBDO         | CORP              | KY        |      339959 | PA      | $339945.80    | 0.03%             | 2030-07-19      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia Capital SA                                        | Telecom Italia Capital SA                                                         | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |       76000 | PA      | $74427.02     | 0.01%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     3130000 | PA      | $2744813.47   | 0.24%             | 2032-04-22      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                                   | Czech Republic                                                                    | CUSIP: N/A<br>LEI: 3157007EFDLQABN47912       | Long             | DBT              | NUSS              | CZ        |    74410000 | PA      | $2628782.08   | 0.23%             | 2037-07-30      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Grupo Antolin-Irausa SA                                          | Grupo Antolin-Irausa SA                                                           | CUSIP: N/A<br>LEI: 213800OILC5Q9AR63B63       | Long             | DBT              | CORP              | ES        |      168000 | PA      | $132432.08    | 0.01%             | 2028-04-30      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| OI European Group BV                                             | OI European Group BV                                                              | CUSIP: N/A<br>LEI: 72450053F5WRDY8CDZ66       | Long             | DBT              | CORP              | NL        |      126000 | PA      | $147880.61    | 0.01%             | 2028-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Harvest Commercial Capital Loan Trust                            | Harvest Commercial Capital Loan Trust, Series 2025-1, Class A                     | CUSIP: 41757CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1795448 | PA      | $1791053.17   | 0.16%             | 2057-06-25      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K127, Class X1   | CUSIP: 3137FXZ50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    65446800 | PA      | $922551.18    | 0.08%             | 2031-01-25      | Variable      | 0.32%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                             | Clear Channel Outdoor Holdings, Inc.                                              | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      156000 | PA      | $152603.46    | 0.01%             | 2027-08-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                  | Live Nation Entertainment, Inc.                                                   | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |       45000 | PA      | $45533.34     | 0.00%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                       | FHLMC UMBS, 30 Year                                                               | CUSIP: 3132DWHT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     2913466 | PA      | $2890563.51   | 0.25%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Adler Pelzer Holding GmbH                                        | Adler Pelzer Holding GmbH                                                         | CUSIP: N/A<br>LEI: 984500950ABB2CB7E742       | Long             | DBT              | CORP              | DE        |      206000 | PA      | $222763.08    | 0.02%             | 2027-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Dycom Industries, Inc.                                           | Dycom Industries, Inc.                                                            | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |       40000 | PA      | $38485.20     | 0.00%             | 2029-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| AbbVie, Inc.                                                     | AbbVie, Inc.                                                                      | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      580000 | PA      | $581684.41    | 0.05%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                           | Encompass Health Corp.                                                            | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |       15000 | PA      | $14774.58     | 0.00%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                           | Cleveland-Cliffs, Inc.                                                            | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       35000 | PA      | $32541.93     | 0.00%             | 2029-11-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                              | Iron Mountain, Inc.                                                               | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      160000 | PA      | $155284.62    | 0.01%             | 2029-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                                   | Option One Mortgage Loan Trust, Series 2004-3, Class M3                           | CUSIP: 68389FFV1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       15957 | PA      | $16716.42     | 0.00%             | 2034-11-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                                       | Edgewell Personal Care Co.                                                        | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |      165000 | PA      | $154316.12    | 0.01%             | 2029-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                  | Live Nation Entertainment, Inc.                                                   | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      255000 | PA      | $251027.53    | 0.02%             | 2027-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| EPIC Crude Services LP                                           | EPIC Crude Services LP, 1st Lien Term Loan                                        | CUSIP: 29428XAG5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      498750 | PA      | $499842.26    | 0.04%             | 2031-10-15      | Variable      | 7.26%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                                   | Broadcom, Inc.                                                                    | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      400000 | PA      | $391663.81    | 0.03%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                 | Multi-Family Connecticut Avenue Securities Trust, Series 2023-01, Class M7        | CUSIP: 62548NAA6<br>LEI: 254900JAK6X5OPMD5925 | Long             | ABS-MBS          | CORP              | US        |      890225 | PA      | $923335.51    | 0.08%             | 2053-11-25      | Floating      | 8.32%                 | Yes           |                  2 | On Loan: No      |
| State Street Corp.                                               | State Street Corp., Series I                                                      | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |      341000 | PA      | $348082.57    | 0.03%             | 2029-03-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                               | Cinemark USA, Inc.                                                                | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |       16000 | PA      | $16459.70     | 0.00%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                                 | Clarivate Science Holdings Corp.                                                  | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       95000 | PA      | $90466.62     | 0.01%             | 2028-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Securities Corp. Mortgage Loan Trust            | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-WF2, Class M2  | CUSIP: 86359DDC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       41232 | PA      | $41199.16     | 0.00%             | 2035-05-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      810000 | PA      | $804598.02    | 0.07%             | 2030-10-18      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K742, Class X1   | CUSIP: 3137H0GP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     4923438 | PA      | $60791.17     | 0.01%             | 2028-03-25      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                           | Santander Drive Auto Receivables Trust, Series 2022-6, Class C                    | CUSIP: 802918AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      323000 | PA      | $323094.03    | 0.03%             | 2028-11-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Triumph Group, Inc.                                              | Triumph Group, Inc.                                                               | CUSIP: 896818AU5<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |       33000 | PA      | $34557.57     | 0.00%             | 2028-03-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                      | Crescent Energy Finance LLC                                                       | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |       75000 | PA      | $69598.25     | 0.01%             | 2033-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                 | Altice France SA                                                                  | CUSIP: 02156LAA9<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      205000 | PA      | $188142.73    | 0.02%             | 2027-02-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                          | Quikrete Holdings, Inc.                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |      106000 | PA      | $107712.64    | 0.01%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                       | Verus Securitization Trust, Series 2021-6, Class A1                               | CUSIP: 92538MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1872513 | PA      | $1622781.00   | 0.14%             | 2066-10-25      | Variable      | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Sea Ltd.                                                         | Sea Ltd.                                                                          | CUSIP: 81141RAF7<br>LEI: 529900OM6JLLW44YKI15 | Long             | DBT              | CORP              | KY        |      530000 | PA      | $945785.00    | 0.08%             | 2025-12-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Lumentum Holdings, Inc.                                          | Lumentum Holdings, Inc.                                                           | CUSIP: 55024UAH2<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |      856000 | PA      | $1095680.00   | 0.10%             | 2029-12-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                             | IHO Verwaltungs GmbH                                                              | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |      130000 | PA      | $154581.80    | 0.01%             | 2028-05-15      | Variable      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Benteler International AG                                        | Benteler International AG                                                         | CUSIP: N/A<br>LEI: 529900ZAFSOBVFCKF263       | Long             | DBT              | CORP              | AT        |      160000 | PA      | $191079.34    | 0.02%             | 2028-05-15      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd.                                       | AAdvantage Loyalty IP Ltd., 1st Lien Term Loan                                    | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      497059 | PA      | $491342.65    | 0.04%             | 2028-04-20      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                 | Deutsche Bank AG                                                                  | CUSIP: 25160PAG2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     1206000 | PA      | $1061568.67   | 0.09%             | 2033-01-07      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-32506.97    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bentley Systems, Inc.                                            | Bentley Systems, Inc.                                                             | CUSIP: 08265TAB5<br>LEI: 549300WVEHPGE0Z56F71 | Long             | DBT              | CORP              | US        |      760000 | PA      | $747840.00    | 0.06%             | 2026-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                              | New Residential Mortgage Loan Trust, Series 2019-NQM5, Class A1                   | CUSIP: 64830PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1040806 | PA      | $983035.48    | 0.09%             | 2059-11-25      | Variable      | 2.71%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                  | Palmer Square Loan Funding Ltd., Series 2021-4A, Class A1                         | CUSIP: 69702HAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       56389 | PA      | $56357.95     | 0.00%             | 2029-10-15      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                           | Republic of Paraguay                                                              | CUSIP: 699149AJ9<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     1160000 | PA      | $1137887.50   | 0.10%             | 2031-04-28      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                                            | Ahead DB Holdings LLC                                                             | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |      143000 | PA      | $140922.00    | 0.01%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                              | Newell Brands, Inc.                                                               | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       40000 | PA      | $37577.79     | 0.00%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $755.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $8721.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regency Centers LP                                               | Regency Centers LP                                                                | CUSIP: 75884RAZ6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |      320000 | PA      | $300223.86    | 0.03%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                           | Santander Drive Auto Receivables Trust, Series 2024-5, Class D                    | CUSIP: 802920AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      699000 | PA      | $698643.79    | 0.06%             | 2032-02-17      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub, Inc.                                    | Dornoch Debt Merger Sub, Inc.                                                     | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      125000 | PA      | $96072.00     | 0.01%             | 2029-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                                         | Wynn Resorts Finance LLC                                                          | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      105000 | PA      | $102389.27    | 0.01%             | 2029-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Somnigroup International, Inc.                                   | Somnigroup International, Inc.                                                    | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |      200000 | PA      | $177995.12    | 0.02%             | 2031-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Cemex SAB de CV                                                  | Cemex SAB de CV                                                                   | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     1054000 | PA      | $1039771.00   | 0.09%             | 2026-06-08      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Energizer Gamma Acquisition BV                                   | Energizer Gamma Acquisition BV                                                    | CUSIP: N/A<br>LEI: 5493002SUYZDHEQ3JN34       | Long             | DBT              | CORP              | NL        |      170000 | PA      | $182927.74    | 0.02%             | 2029-06-30      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                        | HCA, Inc.                                                                         | CUSIP: 404121AL9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     1135000 | PA      | $1070473.40   | 0.09%             | 2054-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| DISH Network Corp.                                               | DISH Network Corp.                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |     1305000 | PA      | $1346382.86   | 0.12%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                             | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      525000 | PA      | $526102.40    | 0.05%             | 2027-01-20      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                     | American Credit Acceptance Receivables Trust, Series 2025-2, Class D              | CUSIP: 024938AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1325000 | PA      | $1328559.48   | 0.12%             | 2031-07-14      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BAT Capital Corp.                                                | BAT Capital Corp.                                                                 | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     2710000 | PA      | $2548330.45   | 0.22%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 5023, Class MI                                               | CUSIP: 3137FWV80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     3273694 | PA      | $546999.87    | 0.05%             | 2050-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                                     | ING Groep NV                                                                      | CUSIP: 456837AR4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     1488000 | PA      | $1478816.81   | 0.13%             | 2026-11-16      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 4681, Class SD                                               | CUSIP: 3137BYHQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     4787642 | PA      | $560814.81    | 0.05%             | 2047-05-15      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                        | HCA, Inc.                                                                         | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      480000 | PA      | $307605.90    | 0.03%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Rite Aid Equity Escrow                                           | Rite Aid                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         145 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Comision Federal de Electricidad                                 | Comision Federal de Electricidad                                                  | CUSIP: 200447AP5<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | NUSS              | MX        |      412000 | PA      | $395726.00    | 0.03%             | 2035-01-24      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Varsity Brands, Inc.                                             | Varsity Brands, Inc., 1st Lien Term Loan B                                        | CUSIP: 92227QAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      560000 | PA      | $555800.00    | 0.05%             | 2031-08-26      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| Transcanada Trust                                                | Transcanada Trust, Series 16-A                                                    | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |      810000 | PA      | $804305.46    | 0.07%             | 2076-08-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| UGI International LLC                                            | UGI International LLC                                                             | CUSIP: N/A<br>LEI: 5493001JFF8MQO00ZQ21       | Long             | DBT              | CORP              | US        |      296000 | PA      | $313904.33    | 0.03%             | 2029-12-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                 | Goodyear Tire & Rubber Co. (The)                                                  | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |      195000 | PA      | $186799.41    | 0.02%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chemours Co. (The)                                               | Chemours Co. (The)                                                                | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |       47000 | PA      | $40976.74     | 0.00%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CCUBS Commercial Mortgage Trust                                  | CCUBS Commercial Mortgage Trust, Series 2017-C1, Class C                          | CUSIP: 12508GAZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      152000 | PA      | $137250.07    | 0.01%             | 2050-11-15      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K072, Class X3   | CUSIP: 3137FEBT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     3940000 | PA      | $198822.64    | 0.02%             | 2045-12-25      | Variable      | 2.14%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                         | Venture Global LNG, Inc.                                                          | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      194000 | PA      | $193141.51    | 0.02%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                         | WESCO Distribution, Inc.                                                          | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |       43000 | PA      | $43798.21     | 0.00%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Nidda Healthcare Holding GmbH                                    | Nidda Healthcare Holding GmbH                                                     | CUSIP: N/A<br>LEI: 549300Q89C4WAO6L0L19       | Long             | DBT              | CORP              | DE        |      140000 | PA      | $162104.11    | 0.01%             | 2030-10-23      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SASU                                               | Iliad Holding SASU                                                                | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |      400000 | PA      | $483298.39    | 0.04%             | 2031-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                  | Citigroup, Inc.                                                                   | CUSIP: 172967NE7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      920000 | PA      | $791666.37    | 0.07%             | 2032-11-03      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                           | Sequoia Mortgage Trust, Series 2003-8, Class A1                                   | CUSIP: 81743PDX1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       86111 | PA      | $82996.86     | 0.01%             | 2034-01-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                             | IHO Verwaltungs GmbH                                                              | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |      230000 | PA      | $274267.90    | 0.02%             | 2031-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Kite Realty Group LP                                             | Kite Realty Group LP                                                              | CUSIP: 49803XAB9<br>LEI: 549300X6R2GYI8Y3OD81 | Long             | DBT              | CORP              | US        |      688000 | PA      | $699255.67    | 0.06%             | 2027-04-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| OEG Finance plc                                                  | OEG Finance plc                                                                   | CUSIP: N/A<br>LEI: 254900KMBHWF9UK63G44       | Long             | DBT              | CORP              | GB        |      150000 | PA      | $174421.88    | 0.02%             | 2029-09-27      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Iridium Satellite LLC                                            | Iridium Satellite LLC, 1st Lien Term Loan B                                       | CUSIP: 46269KAT1<br>LEI: 254900615BJ7139TFM33 | Long             | LON              | CORP              | US        |      275957 | PA      | $275008.03    | 0.02%             | 2030-09-20      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets plc                                           | BP Capital Markets plc                                                            | CUSIP: N/A<br>LEI: 549300CRVT18MXX0AG93       | Long             | DBT              | CORP              | GB        |     1300000 | PA      | $1473953.53   | 0.13%             | 2026-03-22      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $13296.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      400000 | PA      | $398566.50    | 0.03%             | 2030-10-23      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| Buttermilk Park CLO Ltd.                                         | Buttermilk Park CLO Ltd., Series 2018-1A, Class CR                                | CUSIP: 124166AW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1412840 | PA      | $1417096.89   | 0.12%             | 2031-10-15      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| General Electric Co.                                             | General Electric Co.                                                              | CUSIP: N/A<br>LEI: 3C7474T6CDKPR9K6YT90       | Long             | DBT              | CORP              | US        |      116000 | PA      | $137817.86    | 0.01%             | 2035-09-19      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                    | UniCredit SpA                                                                     | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      781000 | PA      | $938070.20    | 0.08%             | 2029-01-17      | Variable      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                           | Velocity Commercial Capital Loan Trust, Series 2020-1, Class AFX                  | CUSIP: 92259LAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      548708 | PA      | $494575.99    | 0.04%             | 2050-02-25      | Variable      | 2.61%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                  | Citigroup, Inc.                                                                   | CUSIP: 172967LS8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     3220000 | PA      | $3132831.44   | 0.27%             | 2028-10-27      | Variable      | 3.52%                 | No            |                  2 | On Loan: No      |
| Country Garden Holdings Co. Ltd.                                 | Country Garden Holdings Co. Ltd.                                                  | CUSIP: N/A<br>LEI: 549300MGHLPT1EFHGF84       | Long             | DBT              | CORP              | KY        |     1540000 | PA      | $113960.00    | 0.01%             | 2026-04-08      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $13378.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | U.S. Treasury 5 Year Note                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        1075 | NC      | $778473.95    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      360000 | PA      | $300847.51    | 0.03%             | 2036-09-16      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                                | NatWest Group plc                                                                 | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      440000 | PA      | $466518.06    | 0.04%             | 2033-11-10      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| WP Carey, Inc.                                                   | WP Carey, Inc.                                                                    | CUSIP: 92936UAH2<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |      367000 | PA      | $294509.22    | 0.03%             | 2033-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust                       | JPMCC Commercial Mortgage Securities Trust, Series 2019-COR4, Class A5            | CUSIP: 48128YAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1015450 | PA      | $959047.24    | 0.08%             | 2052-03-10      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | NDIRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    21877958 | PA      | $-190559.07   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-1053.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                           | Arab Republic of Egypt                                                            | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      851000 | PA      | $845894.00    | 0.07%             | 2030-02-04      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp.                                            | JetBlue Airways Corp.                                                             | CUSIP: 477143AQ4<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | CORP              | US        |      685000 | PA      | $710566.52    | 0.06%             | 2029-09-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                               | Republic of Poland                                                                | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |     8521000 | PA      | $2384869.24   | 0.21%             | 2033-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Emera, Inc.                                                      | Emera, Inc., Series 16-A                                                          | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |     1058000 | PA      | $1063196.90   | 0.09%             | 2076-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                                 | Altice France SA                                                                  | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | DBT              | CORP              | FR        |      200000 | PA      | $208936.06    | 0.02%             | 2027-02-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                              | Intesa Sanpaolo SpA                                                               | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | DBT              | CORP              | IT        |      862000 | PA      | $1026570.22   | 0.09%             | 2027-01-11      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                     | Royal Caribbean Cruises Ltd.                                                      | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |       42000 | PA      | $41512.21     | 0.00%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| PRPM                                                             | PRPM, Series 2025-3, Class A1                                                     | CUSIP: 74449DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      600000 | PA      | $603287.40    | 0.05%             | 2030-05-25      | Variable      | 6.25%                 | Yes           |                  3 | On Loan: No      |
| UniCredit SpA                                                    | UniCredit SpA                                                                     | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      500000 | PA      | $559890.40    | 0.05%             | 2027-12-03      | Variable      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                              | Expand Energy Corp.                                                               | CUSIP: 165167DH7<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      515000 | PA      | $508406.82    | 0.04%             | 2035-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Renaissance Home Equity Loan Trust                               | Renaissance Home Equity Loan Trust, Series 2005-2, Class M1                       | CUSIP: 75970NAP2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1172690 | PA      | $1083866.47   | 0.09%             | 2035-08-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                                   | JELD-WEN, Inc.                                                                    | CUSIP: 47580PAA1<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |      220000 | PA      | $162494.20    | 0.01%             | 2032-09-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Midcontinent Communications                                      | Midcontinent Communications                                                       | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |       39000 | PA      | $40333.76     | 0.00%             | 2032-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                              | New Residential Mortgage Loan Trust, Series 2018-3A, Class A1C                    | CUSIP: 64830KAE7<br>LEI: 549300U48YU2VDL8N523 | Long             | ABS-MBS          | CORP              | US        |      532084 | PA      | $491242.21    | 0.04%             | 2058-05-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| ELO SACA                                                         | ELO SACA                                                                          | CUSIP: N/A<br>LEI: 969500ASEC557H5A4F22       | Long             | DBT              | CORP              | FR        |      200000 | PA      | $221132.75    | 0.02%             | 2027-07-23      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA, REMIC, Series 2021-86, Class T                                              | CUSIP: 3136BKYQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2586772 | PA      | $2274759.54   | 0.20%             | 2048-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      925000 | PA      | $938508.38    | 0.08%             | 2031-04-17      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables LLC                           | Amur Equipment Finance Receivables LLC, Series 2022-2A, Class A2                  | CUSIP: 03236XAB3<br>LEI: 549300IFG1NMINYRYF89 | Long             | ABS-O            | CORP              | US        |      187488 | PA      | $187851.61    | 0.02%             | 2028-06-21      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Welltower OP LLC                                                 | Welltower OP LLC                                                                  | CUSIP: 95040QAM6<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |      700000 | PA      | $626135.51    | 0.05%             | 2031-06-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Euro-Bobl                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         185 | NC      | $194091.53    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagship Credit Auto Trust                                       | Flagship Credit Auto Trust, Series 2022-3, Class D                                | CUSIP: 33845PAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      500000 | PA      | $496668.40    | 0.04%             | 2028-07-17      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                         | Cooperatieve Rabobank UA                                                          | CUSIP: 74977RDJ0<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |     1225000 | PA      | $1210020.38   | 0.11%             | 2026-09-24      | Variable      | 1.00%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                       | AerCap Ireland Capital DAC                                                        | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      193000 | PA      | $187054.53    | 0.02%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| QXO Building Products, Inc.                                      | QXO Building Products, Inc.                                                       | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |      125000 | PA      | $128168.73    | 0.01%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-1489.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Snap, Inc.                                                       | Snap, Inc.                                                                        | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |       32000 | PA      | $32414.27     | 0.00%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                           | Velocity Commercial Capital Loan Trust, Series 2022-3, Class A                    | CUSIP: 92257BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      784115 | PA      | $753522.38    | 0.07%             | 2052-06-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                                              | COMM Mortgage Trust, Series 2024-CBM, Class A1                                    | CUSIP: 12674GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1400000 | PA      | $1399695.50   | 0.12%             | 2041-12-10      | Variable      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                    | Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class D             | CUSIP: 107933AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1100000 | PA      | $1111477.62   | 0.10%             | 2029-11-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                                         | Blue Racer Midstream LLC                                                          | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      175000 | PA      | $181438.08    | 0.02%             | 2032-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Meritage Homes Corp.                                             | Meritage Homes Corp.                                                              | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |      770000 | PA      | $743436.92    | 0.06%             | 2028-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Greenko Dutch BV                                                 | Greenko Dutch BV                                                                  | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |     1053360 | PA      | $1030976.10   | 0.09%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                   | Community Health Systems, Inc.                                                    | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      285000 | PA      | $256655.57    | 0.02%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| RAC Bond Co. plc                                                 | RAC Bond Co. plc                                                                  | CUSIP: N/A<br>LEI: 2138008FCM2SUNLC7B21       | Long             | DBT              | CORP              | GB        |      168000 | PA      | $221087.43    | 0.02%             | 2027-11-04      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                     | Scotts Miracle-Gro Co. (The)                                                      | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |      115000 | PA      | $109338.99    | 0.01%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GC36<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      700000 | PA      | $709817.70    | 0.06%             | 2031-01-28      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                                   | Rite Aid Corp., Series A                                                          | CUSIP: 767754CS1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |       45239 | PA      | $0.00         | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| First Student Bidco, Inc.                                        | First Student Bidco, Inc., 1st Lien Term Loan B-2                                 | CUSIP: 33718FAL4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      148967 | PA      | $148966.84    | 0.01%             | 2028-07-21      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| Rossini SARL                                                     | Rossini SARL                                                                      | CUSIP: N/A<br>LEI: 549300EC5JCCW6F83R11       | Long             | DBT              | CORP              | LU        |      119000 | PA      | $142713.84    | 0.01%             | 2029-12-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                     | American Credit Acceptance Receivables Trust, Series 2023-1, Class D              | CUSIP: 02530UAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      780000 | PA      | $787733.00    | 0.07%             | 2029-04-12      | Fixed         | 6.35%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                                   | Entegris, Inc.                                                                    | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |      480000 | PA      | $480263.52    | 0.04%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                                         | Spirit AeroSystems, Inc.                                                          | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |       20000 | PA      | $21296.04     | 0.00%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Verisure Midholding AB                                           | Verisure Midholding AB                                                            | CUSIP: N/A<br>LEI: 549300496LYEZ55X1M49       | Long             | DBT              | CORP              | SE        |      119000 | PA      | $136131.94    | 0.01%             | 2029-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                         | Lumen Technologies, Inc.                                                          | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |       39246 | PA      | $38117.68     | 0.00%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Walt Disney Co. (The)                                            | Walt Disney Co. (The)                                                             | CUSIP: 254687FZ4<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |      740000 | PA      | $531385.46    | 0.05%             | 2051-01-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                            | Global Payments, Inc.                                                             | CUSIP: 37940XAU6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      795000 | PA      | $696022.50    | 0.06%             | 2031-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K131, Class X3   | CUSIP: 3137H2N91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      766660 | PA      | $110496.41    | 0.01%             | 2031-09-25      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                                       | Builders FirstSource, Inc.                                                        | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |       25000 | PA      | $24908.28     | 0.00%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Southern California Edison Co.                                   | Southern California Edison Co., Series B                                          | CUSIP: 842400GJ6<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     1220000 | PA      | $1182418.22   | 0.10%             | 2028-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                                   | Pagaya AI Debt Selection Trust, Series 2021-3, Class C                            | CUSIP: 69546RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      734824 | PA      | $714458.23    | 0.06%             | 2029-05-15      | Fixed         | 3.27%                 | Yes           |                  2 | On Loan: No      |
| Indonesia Asahan Aluminium PT                                    | Indonesia Asahan Aluminium PT                                                     | CUSIP: 74445PAF9<br>LEI: 2549008P48EB9SN2OI80 | Long             | DBT              | CORP              | ID        |      830000 | PA      | $834419.75    | 0.07%             | 2030-05-15      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                             | Glencore Funding LLC                                                              | CUSIP: 378272BU1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     2237000 | PA      | $2249906.17   | 0.20%             | 2034-04-04      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Lyft, Inc.                                                       | Lyft, Inc.                                                                        | CUSIP: 55087PAD6<br>LEI: 549300H7I5VN334XVZ52 | Long             | DBT              | CORP              | US        |     1235000 | PA      | $1305395.00   | 0.11%             | 2029-03-01      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                             | FNMA UMBS, 30 Year                                                                | CUSIP: 31418EJ50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    10202393 | PA      | $9367066.51   | 0.81%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OnDeck Asset Securitization Trust IV LLC                         | OnDeck Asset Securitization Trust LLC, Series 2023-1A, Class A                    | CUSIP: 67108SAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1404000 | PA      | $1415867.87   | 0.12%             | 2030-08-19      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K737, Class X3   | CUSIP: 3137FQXM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     3149644 | PA      | $79076.54     | 0.01%             | 2048-01-25      | Variable      | 1.78%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                                 | CCO Holdings LLC                                                                  | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      250000 | PA      | $228976.67    | 0.02%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                                             | Archrock Partners LP                                                              | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $30157.80     | 0.00%             | 2032-09-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                         | Republic of South Africa                                                          | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1680000 | PA      | $1599780.00   | 0.14%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                     | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      155000 | PA      | $155027.90    | 0.01%             | 2030-05-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Saavi Energia Sarl                                               | Saavi Energia Sarl                                                                | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      627000 | PA      | $638286.00    | 0.06%             | 2035-02-10      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                             | GNMA, Series 2014-36, Class WY                                                    | CUSIP: 38379AXJ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      810000 | PA      | $644605.29    | 0.06%             | 2044-03-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Co.                                         | Central Garden & Pet Co.                                                          | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |       50000 | PA      | $49987.81     | 0.00%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SolarEdge Technologies, Inc.                                     | SolarEdge Technologies, Inc.                                                      | CUSIP: 83417MAF1<br>LEI: 5493000K6Y58XXPDF853 | Long             | DBT              | CORP              | US        |      425000 | PA      | $322745.00    | 0.03%             | 2029-07-01      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                                       | Pike Corp., 1st Lien Term Loan                                                    | CUSIP: 72108PAR5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |      361433 | PA      | $362879.05    | 0.03%             | 2028-01-21      | Variable      | 7.44%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2021-3, Class A1                                 | CUSIP: 03465EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2311822 | PA      | $1986232.40   | 0.17%             | 2066-05-25      | Variable      | 1.07%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | U.S. Treasury Long Bond                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         250 | NC      | $757390.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| White Cap Supply Holdings LLC                                    | White Cap Supply Holdings LLC, 1st Lien Term Loan C                               | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |      183815 | PA      | $181762.01    | 0.02%             | 2029-10-19      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Trust                                 | IndyMac INDX Mortgage Loan Trust, Series 2005-AR10, Class A1                      | CUSIP: 45660LKW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      516459 | PA      | $413452.61    | 0.04%             | 2035-06-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Precision Drilling Corp.                                         | Precision Drilling Corp.                                                          | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |       30000 | PA      | $28809.39     | 0.00%             | 2029-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 4305, Class SK                                               | CUSIP: 3137B8A72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      665909 | PA      | $88578.40     | 0.01%             | 2044-02-15      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| MKS, Inc.                                                        | MKS, Inc.                                                                         | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |     2215000 | PA      | $2024715.33   | 0.18%             | 2030-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-149480.58   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Altice France Holding SA                                         | Altice France Holding SA                                                          | CUSIP: N/A<br>LEI: 5299000JVHXKJPOE6H40       | Long             | DBT              | CORP              | LU        |      300000 | PA      | $123920.86    | 0.01%             | 2028-02-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                                    | Novelis Corp.                                                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |       23000 | PA      | $23718.38     | 0.00%             | 2030-01-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                     | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAM3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      100000 | PA      | $97239.00     | 0.01%             | 2026-02-21      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                           | Velocity Commercial Capital Loan Trust, Series 2018-2, Class A                    | CUSIP: 92259BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      494298 | PA      | $480793.04    | 0.04%             | 2048-10-26      | Variable      | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                                      | Wayfair LLC                                                                       | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |      177000 | PA      | $172386.00    | 0.01%             | 2029-10-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Crown European Holdings SACA                                     | Crown European Holdings SACA                                                      | CUSIP: N/A<br>LEI: 85OKW2SW05RZFQS1W718       | Long             | DBT              | CORP              | FR        |      113000 | PA      | $132636.17    | 0.01%             | 2030-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Jazz Investments I Ltd.                                          | Jazz Investments I Ltd.                                                           | CUSIP: 472145AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     1515000 | PA      | $1615747.50   | 0.14%             | 2030-09-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Greenko Power II Ltd.                                            | Greenko Power II Ltd.                                                             | CUSIP: 39530MAA6<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |      678855 | PA      | $635408.28    | 0.06%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                  | Citigroup, Inc., Series X                                                         | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     2521000 | PA      | $2469773.99   | 0.21%             | 2026-02-18      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Verisure Holding AB                                              | Verisure Holding AB                                                               | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |      350000 | PA      | $393942.11    | 0.03%             | 2027-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                   | BNP Paribas SA                                                                    | CUSIP: 09659T2D2<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     1965000 | PA      | $1953703.39   | 0.17%             | 2035-11-19      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                         | Bausch Health Cos., Inc.                                                          | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      140000 | PA      | $91356.53     | 0.01%             | 2029-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                             | BANK, Series 2018-BN13, Class C                                                   | CUSIP: 06539LBG4<br>LEI: 549300664283JRAXM588 | Long             | ABS-MBS          | CORP              | US        |      509000 | PA      | $431383.40    | 0.04%             | 2061-08-15      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1520, Class X1 | CUSIP: 3137FYTY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     8226319 | PA      | $282014.67    | 0.02%             | 2036-02-25      | Variable      | 0.47%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                         | Electricite de France SA                                                          | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |      400000 | PA      | $426721.20    | 0.04%             | 2030-06-15      | Variable      | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                   | Community Health Systems, Inc.                                                    | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |       55000 | PA      | $42487.99     | 0.00%             | 2030-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| MPT Operating Partnership LP                                     | MPT Operating Partnership LP                                                      | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       55000 | PA      | $56377.42     | 0.00%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                       | Upstart Pass-Through Trust, Series 2021-ST4, Class A                              | CUSIP: 91534HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       95918 | PA      | $95017.05     | 0.01%             | 2027-07-20      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                           | Cleveland-Cliffs, Inc.                                                            | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      185000 | PA      | $165352.83    | 0.01%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                    | Enel Finance International NV                                                     | CUSIP: 29278GAP3<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      316000 | PA      | $273575.32    | 0.02%             | 2031-07-12      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Rolls-Royce plc                                                  | Rolls-Royce plc                                                                   | CUSIP: N/A<br>LEI: X57JK1U580XATGR67572       | Long             | DBT              | CORP              | GB        |      110000 | PA      | $126092.29    | 0.01%             | 2026-02-16      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Itron, Inc.                                                      | Itron, Inc.                                                                       | CUSIP: 465741AP1<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |      660000 | PA      | $724070.03    | 0.06%             | 2030-07-15      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Element Solutions, Inc.                                          | Element Solutions, Inc.                                                           | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |      226000 | PA      | $216993.49    | 0.02%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                            | Westlake Automobile Receivables Trust, Series 2024-3A, Class D                    | CUSIP: 96043CAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2100000 | PA      | $2101786.26   | 0.18%             | 2030-04-15      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA, Other                                                                       | CUSIP: 3140LLCB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1600000 | PA      | $1608035.49   | 0.14%             | 2028-07-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                   | BNP Paribas SA                                                                    | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     1430000 | PA      | $1514670.30   | 0.13%             | 2028-08-14      | Variable      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                          | Uber Technologies, Inc., Series 2028                                              | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     1075000 | PA      | $1431900.00   | 0.12%             | 2028-12-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                | HSBC Holdings plc                                                                 | CUSIP: 404280CL1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      845000 | PA      | $794362.60    | 0.07%             | 2028-09-22      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| Flora Food Management BV                                         | Flora Food Management BV                                                          | CUSIP: N/A<br>LEI: 2549002VGA888UKFKS25       | Long             | DBT              | CORP              | NL        |      219000 | PA      | $255697.34    | 0.02%             | 2029-07-02      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Paraguay                                             | Republic of Paraguay                                                              | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |      820000 | PA      | $709300.00    | 0.06%             | 2048-03-13      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                                         | COLT Mortgage Loan Trust, Series 2023-2, Class A1                                 | CUSIP: 12598UAA4<br>LEI: 213800IHRVKO9R6JZ883 | Long             | ABS-MBS          | CORP              | US        |      547415 | PA      | $550938.14    | 0.05%             | 2068-07-25      | Variable      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Euro-Bund                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         -73 | NC      | $2024.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagship Credit Auto Trust                                       | Flagship Credit Auto Trust, Series 2022-3, Class C                                | CUSIP: 33845PAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2025000 | PA      | $2015406.77   | 0.18%             | 2028-07-17      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                            | Republic of Indonesia                                                             | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        | 25832000000 | PA      | $1607958.75   | 0.14%             | 2033-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                          | Lendingpoint Asset Securitization Trust, Series 2021-B, Class C                   | CUSIP: 52607HAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      297707 | PA      | $291055.65    | 0.03%             | 2029-02-15      | Fixed         | 3.21%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 38 Ltd.                       | Neuberger Berman Loan Advisers CLO Ltd., Series 2020-38A, Class CR2               | CUSIP: 64133RAY2<br>LEI: 549300SM4FYZ8US63U33 | Long             | ABS-CBDO         | CORP              | KY        |     1100000 | PA      | $1097474.40   | 0.10%             | 2036-10-20      | Floating      | 6.15%                 | 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        |      261101 | PA      | $260447.84    | 0.02%             | 2031-11-19      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                             | Charter Communications Operating LLC                                              | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2082000 | PA      | $1340214.19   | 0.12%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                                           | Standard Chartered plc                                                            | CUSIP: 853254BS8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      338000 | PA      | $330057.00    | 0.03%             | 2031-04-01      | Variable      | 4.64%                 | Yes           |                  2 | On Loan: No      |
| Lottomatica Group Spa                                            | Lottomatica Group Spa                                                             | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | DBT              | CORP              | IT        |      149000 | PA      | $173294.48    | 0.02%             | 2031-01-31      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-78628.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd.                                           | Palmer Square CLO Ltd., Series 2021-2A, Class BR                                  | CUSIP: 69701XAN4<br>LEI: 254900HTQ89UZTKY6247 | Long             | ABS-CBDO         | CORP              | KY        |     3300000 | PA      | $3310325.70   | 0.29%             | 2038-02-15      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Kinetik Holdings LP                                              | Kinetik Holdings LP                                                               | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |       25000 | PA      | $24851.44     | 0.00%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Icon Parent, Inc.                                                | Icon Parent, Inc., 1st Lien Term Loan                                             | CUSIP: 45115DAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      825000 | PA      | $823902.75    | 0.07%             | 2031-11-13      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                            | Mex Bonos Desarr Fix Rt                                                           | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |   120760000 | PA      | $5721966.92   | 0.50%             | 2035-05-24      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Gray Oak Pipeline LLC                                            | Gray Oak Pipeline LLC                                                             | CUSIP: 38937LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      280000 | PA      | $276498.97    | 0.02%             | 2025-10-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Crown Castle, Inc.                                               | Crown Castle, Inc.                                                                | CUSIP: 22822VBB6<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |      740000 | PA      | $739836.76    | 0.06%             | 2028-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                                      | Acadia Healthcare Co., Inc.                                                       | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |       30000 | PA      | $29561.28     | 0.00%             | 2028-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Southern California Edison Co.                                   | Southern California Edison Co., Series 13-A                                       | CUSIP: 842400FW8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      214000 | PA      | $154688.41    | 0.01%             | 2043-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP                                     | Antero Midstream Partners LP                                                      | CUSIP: 03690AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       25000 | PA      | $24978.24     | 0.00%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                  | Sinclair Television Group, Inc.                                                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |       68000 | PA      | $68036.04     | 0.01%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                             | GNMA, Series 2021-3                                                               | CUSIP: 38380RQC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     7862606 | PA      | $501642.89    | 0.04%             | 2062-09-16      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences, Inc.                                            | Gilead Sciences, Inc.                                                             | CUSIP: 375558CA9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     1122000 | PA      | $1075864.41   | 0.09%             | 2053-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                     | UBS Group AG                                                                      | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      818000 | PA      | $933901.60    | 0.08%             | 2033-11-13      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Magnetite XL Ltd.                                                | Magnetite Ltd., Series 2024-40A, Class B1                                         | CUSIP: 55955RAE9<br>LEI: 5299008V4F49IY3SSP69 | Long             | ABS-CBDO         | CORP              | KY        |     2300000 | PA      | $2308546.80   | 0.20%             | 2037-07-15      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA, REMIC, Series 2006-24, Class QS                                             | CUSIP: 31395BR88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      193781 | PA      | $18239.91     | 0.00%             | 2036-04-25      | Floating      | 2.76%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XVI Ltd.                                            | Symphony CLO Ltd., Series 2015-16A, Class B1RR                                    | CUSIP: 87165VAZ2<br>LEI: 5493004PWOYFPAFQVT02 | Long             | ABS-CBDO         | CORP              | KY        |      976000 | PA      | $976781.78    | 0.08%             | 2031-10-15      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                       | iHeartCommunications, Inc.                                                        | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      170000 | PA      | $83141.90     | 0.01%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                 | Altice France SA                                                                  | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $253143.99    | 0.02%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                                | GLS Auto Receivables Issuer Trust, Series 2022-3A, Class D                        | CUSIP: 38014QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      160000 | PA      | $161983.02    | 0.01%             | 2028-06-15      | Fixed         | 6.42%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                              | Starwood Mortgage Residential Trust, Series 2020-1, Class A1                      | CUSIP: 85573AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       36350 | PA      | $34588.04     | 0.00%             | 2050-02-25      | Variable      | 2.27%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                        | Republic of Turkiye (The)                                                         | CUSIP: N/A<br>LEI: 5493000PCHOG3B6S3Q85       | Long             | DBT              | NUSS              | TR        |    53328069 | PA      | $1202173.02   | 0.10%             | 2029-09-12      | Fixed         | 30.00%                | No            |                  2 | On Loan: No      |
| Hungary                                                          | Hungary Government Bond                                                           | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     1233000 | PA      | $1165678.20   | 0.10%             | 2036-03-26      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                                           | Marlette Funding Trust, Series 2021-2A, Class D                                   | CUSIP: 57108TAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      141852 | PA      | $139748.42    | 0.01%             | 2031-09-15      | Fixed         | 2.16%                 | Yes           |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                       | Prudential Financial, Inc.                                                        | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |      720000 | PA      | $730970.13    | 0.06%             | 2054-03-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Enel SpA                                                         | Enel SpA                                                                          | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | DBT              | CORP              | IT        |     1800000 | PA      | $2005505.57   | 0.17%             | 2026-12-10      | Variable      | 2.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                             | GNMA II, Single Family, 30 Year                                                   | CUSIP: 21H052660<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    38360000 | PA      | $38082788.77  | 3.31%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                              | Newell Brands, Inc.                                                               | CUSIP: 651229AW6<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       11000 | PA      | $11077.68     | 0.00%             | 2026-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Leslie's Poolmart, Inc.                                          | Leslie's Poolmart, Inc., 1st Lien Term Loan B                                     | CUSIP: 52706YAJ2<br>LEI: 549300MZRH1GJYUMRM83 | Long             | LON              | CORP              | US        |      302248 | PA      | $224576.26    | 0.02%             | 2028-03-09      | Variable      | 7.19%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                          | SS&C Technologies, Inc., 1st Lien Term Loan B-8                                   | CUSIP: N/A<br>LEI: 549300KY09TR3J12JU49       | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2031-05-09      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                           | Residential Asset Securitization Trust, Series 2005-A8CB, Class A11               | CUSIP: 45660LSZ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      187898 | PA      | $110389.52    | 0.01%             | 2035-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                       | FHLMC Gold Pools, Other                                                           | CUSIP: 3132XGXW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      870000 | PA      | $876327.37    | 0.08%             | 2028-06-01      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1518, Class X1 | CUSIP: 3137FXQX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     5060601 | PA      | $301439.24    | 0.03%             | 2035-10-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| PPL Capital Funding, Inc.                                        | PPL Capital Funding, Inc., Series A                                               | CUSIP: 69352PAC7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |      661000 | PA      | $656327.07    | 0.06%             | 2067-03-30      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $16944.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INEOS Finance plc                                                | INEOS Finance plc                                                                 | CUSIP: N/A<br>LEI: 2138002D68XDR4LZCG32       | Long             | DBT              | CORP              | GB        |      123000 | PA      | $141341.86    | 0.01%             | 2029-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| SBA Small Business Investment Cos.                               | SBA Small Business Investment Cos., Series 2023-10A, Class 1                      | CUSIP: 83162CS79<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2487775 | PA      | $2519861.42   | 0.22%             | 2033-03-10      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Claire's Stores, Inc.                                            | Claire's Stores, Inc.                                                             | CUSIP: N/A<br>LEI: 549300N5HNYXI6JY7625       | Long             | EC               | CORP              | US        |        1013 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $33333.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Stellantis Finance US, Inc.                                      | Stellantis Finance US, Inc.                                                       | CUSIP: 85855CAK6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |      431000 | PA      | $432008.05    | 0.04%             | 2030-03-18      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                               | Republic of Poland                                                                | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     1276000 | PA      | $1154301.50   | 0.10%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NRM FNT1 Excess LLC                                              | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A                                    | CUSIP: 62956YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2968687 | PA      | $3000773.06   | 0.26%             | 2031-11-25      | Variable      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| Accelerated LLC                                                  | Accelerated LLC, Series 2021-1H, Class A                                          | CUSIP: 00439KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       89239 | PA      | $82392.58     | 0.01%             | 2040-10-20      | Fixed         | 1.35%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K121, Class X3   | CUSIP: 3137F83T8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     5100000 | PA      | $633295.56    | 0.06%             | 2048-11-25      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-48379.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                        | HCA, Inc.                                                                         | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     1570000 | PA      | $1582382.73   | 0.14%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Valeo SE                                                         | Valeo SE                                                                          | CUSIP: N/A<br>LEI: 5493006IH2N2WMIBB742       | Long             | DBT              | CORP              | FR        |      200000 | PA      | $225270.98    | 0.02%             | 2030-04-11      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Synaptics, Inc.                                                  | Synaptics, Inc.                                                                   | CUSIP: 87157DAH2<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |     1204000 | PA      | $1093834.00   | 0.10%             | 2031-12-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                                       | LABL, Inc., 1st Lien Term Loan B                                                  | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |      298800 | PA      | $265531.56    | 0.02%             | 2028-10-30      | Variable      | 9.43%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                          | Hyundai Capital America                                                           | CUSIP: 44891ACV7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1008349.65   | 0.09%             | 2031-01-08      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                                    | AIB Group plc                                                                     | CUSIP: 00135TAD6<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |      335000 | PA      | $352372.40    | 0.03%             | 2029-09-13      | Variable      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| EDP SA                                                           | EDP SA                                                                            | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |      900000 | PA      | $1018542.93   | 0.09%             | 2080-07-20      | Variable      | 1.70%                 | Yes           |                  2 | On Loan: No      |
| Banc of America Alternative Loan Trust                           | Banc of America Alternative Loan Trust, Series 2006-2, Class 7A1                  | CUSIP: 05948K3Q0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       20696 | PA      | $15903.00     | 0.00%             | 2021-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                 | Boeing Co. (The)                                                                  | CUSIP: 097023CB9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      375000 | PA      | $258222.74    | 0.02%             | 2048-11-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                          | BPCE SA                                                                           | CUSIP: 05578QAF0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     1060000 | PA      | $909533.41    | 0.08%             | 2032-10-19      | Variable      | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corp.                                                    | Comcast Corp.                                                                     | CUSIP: 20030NDL2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     1900000 | PA      | $1112674.14   | 0.10%             | 2051-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| PetSmart, Inc.                                                   | PetSmart, Inc.                                                                    | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      300000 | PA      | $292043.04    | 0.03%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                               | Nationstar Mortgage Holdings, Inc.                                                | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       75000 | PA      | $74677.00     | 0.01%             | 2030-12-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                            | NextEra Energy Capital Holdings, Inc.                                             | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      190000 | PA      | $191353.37    | 0.02%             | 2055-08-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux Sarl                                         | JBS USA Holding Lux Sarl                                                          | CUSIP: 47214BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1175000 | PA      | $1262412.95   | 0.11%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K127, Class X3   | CUSIP: 3137FXZ68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     5100000 | PA      | $619475.58    | 0.05%             | 2049-03-25      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Enpro, Inc.                                                      | Enpro, Inc.                                                                       | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |       23000 | PA      | $23171.06     | 0.00%             | 2033-06-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                                            | Range Resources Corp.                                                             | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |      340000 | PA      | $349261.94    | 0.03%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                           | Mauser Packaging Solutions Holding Co.                                            | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |      150000 | PA      | $147763.53    | 0.01%             | 2027-04-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                            | Mex Bonos Desarr Fix Rt                                                           | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |   129670000 | PA      | $6322164.61   | 0.55%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Intelsat Jackson Holdings SA                                     | Intelsat Jackson Holdings SA                                                      | CUSIP: 45824TBC8<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | DBT              | CORP              | LU        |      515000 | PA      | $506445.13    | 0.04%             | 2030-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                  | Live Nation Entertainment, Inc.                                                   | CUSIP: 538034BA6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      965000 | PA      | $1384292.50   | 0.12%             | 2029-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Terex Corp.                                                      | Terex Corp.                                                                       | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |       33000 | PA      | $31799.10     | 0.00%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Synaptics, Inc.                                                  | Synaptics, Inc.                                                                   | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |       95000 | PA      | $88305.90     | 0.01%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Versuni Group BV                                                 | Versuni Group BV                                                                  | CUSIP: N/A<br>LEI: 549300NZZFLYK83VVT71       | Long             | DBT              | CORP              | NL        |      100000 | PA      | $110051.67    | 0.01%             | 2028-06-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA, REMIC, Series 2016-74, Class GS                                             | CUSIP: 3136ATE34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      914350 | PA      | $116356.01    | 0.01%             | 2046-10-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd.                                                    | Voya CLO Ltd., Series 2022-1A, Class BR                                           | CUSIP: 92918UAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3830000 | PA      | $3833332.10   | 0.33%             | 2035-04-20      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Spectrum Brands, Inc.                                            | Spectrum Brands, Inc.                                                             | CUSIP: 84762LAY1<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |     1417000 | PA      | $1297972.00   | 0.11%             | 2029-06-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                              | Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1                   | CUSIP: 20755AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      917252 | PA      | $938087.03    | 0.08%             | 2043-01-25      | Floating      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| eDreams ODIGEO SA                                                | eDreams ODIGEO SA                                                                 | CUSIP: N/A<br>LEI: 959800Y8LQ5MR2YZ4N96       | Long             | DBT              | CORP              | ES        |      183000 | PA      | $209873.54    | 0.02%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                     | Oracle Corp.                                                                      | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     1550000 | PA      | $1374711.34   | 0.12%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                       | Apidos CLO, Series 2020-34A, Class A1R                                            | CUSIP: 03768WAL9<br>LEI: 5493001VH1Y9SEPJKZ47 | Long             | ABS-CBDO         | CORP              | KY        |      300000 | PA      | $300607.20    | 0.03%             | 2035-01-20      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Birkenstock Financing SARL                                       | Birkenstock Financing SARL                                                        | CUSIP: N/A<br>LEI: 5299004DSXRFOZZ5UG09       | Long             | DBT              | CORP              | LU        |      200000 | PA      | $230206.36    | 0.02%             | 2029-04-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA, REMIC, Series 2012-149, Class MI                                            | CUSIP: 3136AA3F0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      190360 | PA      | $3970.94      | 0.00%             | 2028-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Rocket Software, Inc.                                            | Rocket Software, Inc., 1st Lien Term Loan                                         | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |      495000 | PA      | $495341.55    | 0.04%             | 2028-11-28      | Variable      | 8.58%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                       | Avis Budget Car Rental LLC                                                        | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      162000 | PA      | $164771.82    | 0.01%             | 2030-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| RAC Bond Co. plc                                                 | RAC Bond Co. plc                                                                  | CUSIP: N/A<br>LEI: 2138008FCM2SUNLC7B21       | Long             | DBT              | CORP              | GB        |      140000 | PA      | $184239.52    | 0.02%             | 2027-11-04      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                                           | Encompass Health Corp.                                                            | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |      160000 | PA      | $152560.02    | 0.01%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Agrifarma SpA                                                    | Agrifarma SpA                                                                     | CUSIP: N/A<br>LEI: 815600F89DA538E88804       | Long             | DBT              | CORP              | IT        |      400000 | PA      | $455330.71    | 0.04%             | 2028-10-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     2860000 | PA      | $2925354.66   | 0.25%             | 2029-07-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| ASK Chemicals Deutschland Holding GmbH                           | ASK Chemicals Deutschland Holding GmbH                                            | CUSIP: N/A<br>LEI: 529900793W6Y4S5VIK84       | Long             | DBT              | CORP              | DE        |      144000 | PA      | $160234.70    | 0.01%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                                       | Alibaba Group Holding Ltd.                                                        | CUSIP: 01609WBF8<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |     1470000 | PA      | $1865430.00   | 0.16%             | 2031-06-01      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                       | AerCap Ireland Capital DAC                                                        | CUSIP: 00774MAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     1030000 | PA      | $1009133.95   | 0.09%             | 2026-01-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                              | Societe Generale SA                                                               | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     2350000 | PA      | $2362826.30   | 0.21%             | 2029-11-21      | Variable      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                             | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      541000 | PA      | $549573.77    | 0.05%             | 2030-05-01      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                | Wells Fargo & Co.                                                                 | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     2798000 | PA      | $2833810.23   | 0.25%             | 2034-07-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| Imola Merger Corp.                                               | Imola Merger Corp.                                                                | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      270000 | PA      | $258711.11    | 0.02%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                                    | Enel Finance International NV                                                     | CUSIP: 29278GAX6<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |      580000 | PA      | $573290.19    | 0.05%             | 2032-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                            | Dominion Energy, Inc., Series B                                                   | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      140000 | PA      | $147115.50    | 0.01%             | 2054-06-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Enphase Energy, Inc.                                             | Enphase Energy, Inc.                                                              | CUSIP: 29355AAK3<br>LEI: 5493008U7KIGMI59Z314 | Long             | DBT              | CORP              | US        |     1220000 | PA      | $1007505.13   | 0.09%             | 2028-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                         | PNC Financial Services Group, Inc. (The)                                          | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      255000 | PA      | $260133.19    | 0.02%             | 2035-01-22      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                                       | Mars, Inc.                                                                        | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      213000 | PA      | $208959.88    | 0.02%             | 2045-05-01      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | U.S. Treasury 10 Year Note                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         140 | NC      | $195554.38    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EMRLD Borrower LP                                                | EMRLD Borrower LP                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      140000 | PA      | $166684.31    | 0.01%             | 2030-12-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                             | FREMF Mortgage Trust, Series 2019-KC03, Class B                                   | CUSIP: 30297UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1500000 | PA      | $1474710.90   | 0.13%             | 2026-01-25      | Variable      | 4.33%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                             | LHOME Mortgage Trust, Series 2024-RTL2, Class A1                                  | CUSIP: 50205JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1025000 | PA      | $1035106.81   | 0.09%             | 2029-03-25      | Variable      | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                             | Owens-Brockway Glass Container, Inc.                                              | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |       80000 | PA      | $80040.24     | 0.01%             | 2027-05-13      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                     | Pacific Gas and Electric Co.                                                      | CUSIP: 694308KJ5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     1430000 | PA      | $1454174.87   | 0.13%             | 2033-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                 | Boeing Co. (The)                                                                  | CUSIP: 097023CR4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      784000 | PA      | $519733.58    | 0.05%             | 2059-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                                   | Rite Aid Corp.                                                                    | CUSIP: 767ESCAA4<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |       50000 | PA      | $0.00         | 0.00%             | 2025-07-01      | Fixed         | 7.50%                 | No            |                  3 | On Loan: No      |
| Acushnet Co.                                                     | Acushnet Co.                                                                      | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |      215000 | PA      | $222784.51    | 0.02%             | 2028-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Claire's Stores, Inc.                                            | Claire's Stores, Inc., 1st Lien Term Loan B                                       | CUSIP: 17958DAL1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      836034 | PA      | $532277.53    | 0.05%             | 2026-12-18      | Variable      | 10.73%                | No            |                  2 | On Loan: No      |
| American Express Co.                                             | American Express Co.                                                              | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      450000 | PA      | $459482.03    | 0.04%             | 2036-04-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XXI Ltd.                                            | Symphony CLO Ltd., Series 2019-21A, Class CR2                                     | CUSIP: 87166RGJ0<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |     1250000 | PA      | $1237252.50   | 0.11%             | 2032-07-15      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                 | NRG Energy, Inc.                                                                  | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |       60000 | PA      | $59293.55     | 0.01%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| PMT Loan Trust                                                   | PMT Loan Trust, Series 2025-INV5, Class A2                                        | CUSIP: 729907AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1700000 | PA      | $1705976.52   | 0.15%             | 2056-05-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                              | Sirius XM Radio LLC                                                               | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |      545000 | PA      | $517168.81    | 0.04%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                        | HCA, Inc.                                                                         | CUSIP: 404119DC0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       35000 | PA      | $34173.93     | 0.00%             | 2055-03-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                     | Drive Auto Receivables Trust, Series 2024-2, Class D                              | CUSIP: 26207AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      537000 | PA      | $535325.20    | 0.05%             | 2032-05-17      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Coherent Corp.                                                   | Coherent Corp.                                                                    | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |      601000 | PA      | $582347.12    | 0.05%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Herens Midco SARL                                                | Herens Midco SARL                                                                 | CUSIP: N/A<br>LEI: 222100BJH5XPZD1JHF79       | Long             | DBT              | CORP              | LU        |      100000 | PA      | $85783.25     | 0.01%             | 2029-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      159000 | PA      | $136905.59    | 0.01%             | 2032-10-20      | Variable      | 2.51%                 | No            |                  2 | On Loan: No      |
| Rexel SA                                                         | Rexel SA                                                                          | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | DBT              | CORP              | FR        |      260000 | PA      | $283777.34    | 0.02%             | 2028-12-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 38 Ltd.                       | Neuberger Berman Loan Advisers CLO Ltd., Series 2020-38A, Class BR2               | CUSIP: 64133RAW6<br>LEI: 549300SM4FYZ8US63U33 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $1994650.00   | 0.17%             | 2036-10-20      | Floating      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| NNN REIT, Inc.                                                   | NNN REIT, Inc.                                                                    | CUSIP: 637417AT3<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |      280000 | PA      | $280335.07    | 0.02%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| H World Group Ltd.                                               | H World Group Ltd.                                                                | CUSIP: 44332NAB2<br>LEI: 549300Y5ML31FVN83730 | Long             | DBT              | CORP              | KY        |     1191000 | PA      | $1289257.50   | 0.11%             | 2026-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-24200.99    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Grifols SA                                                       | Grifols SA                                                                        | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |      130000 | PA      | $141308.67    | 0.01%             | 2028-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-6454.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                | EMRLD Borrower LP                                                                 | CUSIP: 26873CAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       22000 | PA      | $22512.62     | 0.00%             | 2031-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                        | HCA, Inc.                                                                         | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      630000 | PA      | $639031.67    | 0.06%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                            | WR Grace Holdings LLC                                                             | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |      210000 | PA      | $185034.21    | 0.02%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Sempra                                                           | Sempra                                                                            | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      680000 | PA      | $662973.82    | 0.06%             | 2054-10-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| MetLife, Inc.                                                    | MetLife, Inc.                                                                     | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     1340000 | PA      | $1357776.44   | 0.12%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                                   | Enbridge, Inc.                                                                    | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      123000 | PA      | $133469.64    | 0.01%             | 2084-01-15      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| KBC Group NV                                                     | KBC Group NV                                                                      | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | DBT              | CORP              | BE        |     1400000 | PA      | $1746987.47   | 0.15%             | 2028-09-05      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MetLife, Inc.                                                    | MetLife, Inc.                                                                     | CUSIP: 59156RBS6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |      380000 | PA      | $445478.56    | 0.04%             | 2038-04-08      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Veolia Environnement SA                                          | Veolia Environnement SA                                                           | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | DBT              | CORP              | FR        |      300000 | PA      | $363658.52    | 0.03%             | 2028-11-22      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                        | Vistra Operations Co. LLC                                                         | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      240000 | PA      | $239084.78    | 0.02%             | 2034-12-30      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XLIX Ltd.                                   | Madison Park Funding Ltd., Series 2021-49A, Class B1R                             | CUSIP: 55820VAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1650000 | PA      | $1645574.70   | 0.14%             | 2034-10-19      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust                                | Affirm Asset Securitization Trust, Series 2024-B, Class A                         | CUSIP: 00835AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3290000 | PA      | $3283909.55   | 0.29%             | 2029-09-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                     | Scotts Miracle-Gro Co. (The)                                                      | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |      555000 | PA      | $499527.69    | 0.04%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                     | Fibercop SpA                                                                      | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |      210000 | PA      | $232197.25    | 0.02%             | 2027-10-12      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| San Diego Gas & Electric Co.                                     | San Diego Gas & Electric Co., Series UUU                                          | CUSIP: 797440BY9<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |      200000 | PA      | $130013.74    | 0.01%             | 2050-04-15      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                                           | Oportun Issuance Trust, Series 2021-B, Class A                                    | CUSIP: 68377GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1015798 | PA      | $989141.11    | 0.09%             | 2031-05-08      | Fixed         | 1.47%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                     | Pacific Gas and Electric Co.                                                      | CUSIP: 694308HP5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      360000 | PA      | $354219.38    | 0.03%             | 2026-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| KREF Ltd.                                                        | KREF Ltd., Series 2021-FL2, Class A                                               | CUSIP: 48275RAA5<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |     1140585 | PA      | $1135429.19   | 0.10%             | 2039-02-15      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                          | BPCE SA                                                                           | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     2210000 | PA      | $2393895.54   | 0.21%             | 2034-10-19      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                          | BPCE SA                                                                           | CUSIP: 05583JAK8<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $288825.40    | 0.03%             | 2027-10-19      | Variable      | 2.04%                 | Yes           |                  2 | On Loan: No      |
| Telefonica Europe BV                                             | Telefonica Europe BV                                                              | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |     1000000 | PA      | $1204133.37   | 0.10%             | 2030-02-03      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia SpA                                               | Telecom Italia SpA                                                                | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | DBT              | CORP              | IT        |      380000 | PA      | $485944.21    | 0.04%             | 2028-07-31      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley ABS Capital I, Inc. Trust                         | Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-HE7, Class M2               | CUSIP: 61744CGE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        2185 | PA      | $3004.94      | 0.00%             | 2034-08-25      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Euro-BTP                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         118 | NC      | $178805.61    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Santander Drive Auto Receivables Trust                           | Santander Drive Auto Receivables Trust, Series 2023-4, Class B                    | CUSIP: 802927AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      894000 | PA      | $903945.21    | 0.08%             | 2028-12-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Vistra Corp.                                                     | Vistra Corp.                                                                      | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |      115000 | PA      | $116653.13    | 0.01%             | 2026-12-15      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                                   | Rite Aid Corp.                                                                    | CUSIP: 767754CR3<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |       15496 | PA      | $0.00         | 0.00%             | 2031-08-30      | Variable      | 11.32%                | Yes           |                  3 | On Loan: No      |
| AES Corp. (The)                                                  | AES Corp. (The)                                                                   | CUSIP: 00130HCC7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |      768000 | PA      | $716737.97    | 0.06%             | 2030-07-15      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $36803.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ball Corp.                                                       | Ball Corp.                                                                        | CUSIP: N/A<br>LEI: 0BGI85ALH27ZJP15DY16       | Long             | DBT              | CORP              | US        |      100000 | PA      | $115446.88    | 0.01%             | 2032-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chevron USA, Inc.                                                | Chevron USA, Inc.                                                                 | CUSIP: 166756AH9<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |      200000 | PA      | $110582.00    | 0.01%             | 2050-08-12      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Coinbase Global, Inc.                                            | Coinbase Global, Inc.                                                             | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      195000 | PA      | $181342.20    | 0.02%             | 2028-10-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $4880.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                                     | Upstart Securitization Trust, Series 2022-4, Class A                              | CUSIP: 91678YAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       93570 | PA      | $93567.43     | 0.01%             | 2032-08-20      | Fixed         | 5.98%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     1070000 | PA      | $1063024.09   | 0.09%             | 2035-07-19      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Terex Corp.                                                      | Terex Corp.                                                                       | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |       78000 | PA      | $76704.73     | 0.01%             | 2032-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Co.                                                   | Ford Motor Co.                                                                    | CUSIP: 345370CZ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |      795000 | PA      | $781087.50    | 0.07%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                                      | Saks Global Enterprises LLC                                                       | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $31325.00     | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                      | Caesars Entertainment, Inc.                                                       | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |       30000 | PA      | $30241.35     | 0.00%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Enbridge, Inc.                                                   | Enbridge, Inc., Series NC5                                                        | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     3034000 | PA      | $3180478.49   | 0.28%             | 2084-01-15      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | U.S. Treasury Ultra Bond                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -328 | NC      | $-1094430.71  | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Santander UK Group Holdings plc                                  | Santander UK Group Holdings plc                                                   | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |      940000 | PA      | $948565.98    | 0.08%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                | Hertz Corp. (The)                                                                 | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |      280000 | PA      | $247265.96    | 0.02%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| ITC Holdings Corp.                                               | ITC Holdings Corp.                                                                | CUSIP: 465685AQ8<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |     1855000 | PA      | $1704799.11   | 0.15%             | 2030-05-14      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                                    | AIB Group plc                                                                     | CUSIP: 00135TAE4<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |      200000 | PA      | $203015.26    | 0.02%             | 2035-03-28      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| TriMas Corp.                                                     | TriMas Corp.                                                                      | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |      115000 | PA      | $108239.45    | 0.01%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| FirstEnergy Transmission LLC                                     | FirstEnergy Transmission LLC                                                      | CUSIP: 33767BAC3<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |      663000 | PA      | $556497.11    | 0.05%             | 2049-04-01      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                                         | Wynn Resorts Finance LLC                                                          | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $148356.39    | 0.01%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| RingCentral, Inc.                                                | RingCentral, Inc.                                                                 | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |      193000 | PA      | $203850.27    | 0.02%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                         | Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class C                 | CUSIP: 05377RJM7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |      359000 | PA      | $360252.34    | 0.03%             | 2030-12-20      | Fixed         | 6.11%                 | Yes           |                  2 | On Loan: No      |
| NCR Atleos Corp.                                                 | NCR Atleos Corp., 1st Lien Term Loan B                                            | CUSIP: 63001PAF8<br>LEI: 9845005FC3S0VA714741 | Long             | LON              | CORP              | US        |      107041 | PA      | $107510.15    | 0.01%             | 2029-03-27      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd.                                                     | OCP CLO Ltd., Series 2022-25A, Class B1R                                          | CUSIP: 67115CAQ7<br>LEI: 254900V271655KJK1382 | Long             | ABS-CBDO         | CORP              | KY        |     1100000 | PA      | $1104166.80   | 0.10%             | 2037-07-20      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                | EMRLD Borrower LP, 1st Lien Term Loan B                                           | CUSIP: 26872NAC3<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |       74062 | PA      | $73642.57     | 0.01%             | 2030-05-31      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 2936, Class AS                                               | CUSIP: 31395LYX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      104383 | PA      | $5905.21      | 0.00%             | 2035-02-15      | Floating      | 1.65%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                         | Lloyds Banking Group plc                                                          | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     1360000 | PA      | $1378975.64   | 0.12%             | 2027-08-07      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                                      | Cheniere Energy Partners LP                                                       | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     2255000 | PA      | $2263041.40   | 0.20%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Vodafone Group plc                                               | Vodafone Group plc                                                                | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |      600000 | PA      | $691331.00    | 0.06%             | 2078-10-03      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                              | Societe Generale SA                                                               | CUSIP: 83368RCF7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      900000 | PA      | $925789.81    | 0.08%             | 2033-04-13      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Avient Corp.                                                     | Avient Corp.                                                                      | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |       15000 | PA      | $15457.50     | 0.00%             | 2030-08-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                 | NRG Energy, Inc.                                                                  | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      105000 | PA      | $98091.60     | 0.01%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Eni SpA                                                          | Eni SpA                                                                           | CUSIP: 26874RAQ1<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |      310000 | PA      | $310430.35    | 0.03%             | 2035-05-19      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                                   | Anywhere Real Estate Group LLC                                                    | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $147566.48    | 0.01%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2019-5, Class A1                                 | CUSIP: 03464KAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      378898 | PA      | $373065.22    | 0.03%             | 2049-10-25      | Variable      | 2.59%                 | Yes           |                  2 | On Loan: No      |
| CARS-DB5 LP                                                      | CARS-DB5 LP, Series 2021-1A, Class A2                                             | CUSIP: 12510HAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      887671 | PA      | $740159.73    | 0.06%             | 2051-08-15      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                                         | PRPM LLC, Series 2024-5, Class A1                                                 | CUSIP: 69381KAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      220545 | PA      | $220165.93    | 0.02%             | 2029-09-25      | Variable      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Czech Republic                                                   | Czech Republic                                                                    | CUSIP: N/A<br>LEI: 3157007EFDLQABN47912       | Long             | DBT              | NUSS              | CZ        |   119190000 | PA      | $5145770.19   | 0.45%             | 2035-05-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                         | Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class B                 | CUSIP: 05377RJL9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |      384000 | PA      | $389109.24    | 0.03%             | 2030-12-20      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| iHeartMedia, Inc.                                                | iHeartMedia, Inc., Class A                                                        | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       12666 | NS      | $16592.46     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                             | FNMA, REMIC, Series 2005-69, Class AS                                             | CUSIP: 31394EM88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       49680 | PA      | $5353.43      | 0.00%             | 2035-08-25      | Floating      | 2.26%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                         | Electricite de France SA                                                          | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | NUSS              | FR        |      400000 | PA      | $500115.48    | 0.04%             | 2028-09-06      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                              | Buckeye Partners LP                                                               | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |       31000 | PA      | $31998.60     | 0.00%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Vital Energy, Inc.                                               | Vital Energy, Inc.                                                                | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |       60000 | PA      | $48667.64     | 0.00%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| EDP SA                                                           | EDP SA, Series NC5.                                                               | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |     1500000 | PA      | $1649950.78   | 0.14%             | 2082-03-14      | Variable      | 1.50%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                                     | CaixaBank SA                                                                      | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |     1800000 | PA      | $2259779.40   | 0.20%             | 2034-07-19      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                          | BPCE SA                                                                           | CUSIP: 05571ABA2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      590000 | PA      | $612461.19    | 0.05%             | 2036-01-14      | Variable      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Finance US, Inc.                                      | Stellantis Finance US, Inc.                                                       | CUSIP: 85855CAL4<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |      620000 | PA      | $612962.65    | 0.05%             | 2035-03-18      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                                    | Staples, Inc.                                                                     | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |      370000 | PA      | $334954.16    | 0.03%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                        | OBX Trust, Series 2025-NQM2, Class A1                                             | CUSIP: 67120VAA3<br>LEI: 2549006BC0G3YEF5SL09 | Long             | ABS-MBS          | CORP              | US        |     1621207 | PA      | $1628098.78   | 0.14%             | 2064-11-25      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Southern Co. Gas Capital Corp.                                   | Southern Co. Gas Capital Corp., Series 20-A                                       | CUSIP: 8426EPAD0<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |      482000 | PA      | $409784.13    | 0.04%             | 2031-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                         | Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class C                 | CUSIP: 05377RDW1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |     1375500 | PA      | $1370428.12   | 0.12%             | 2026-08-20      | Fixed         | 3.02%                 | Yes           |                  2 | On Loan: No      |
| BHMS                                                             | BHMS, Series 2018-ATLS, Class A                                                   | CUSIP: 05549GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3075000 | PA      | $3075242.31   | 0.27%             | 2035-07-15      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                             | GNMA, Series 2025-38                                                              | CUSIP: 38381L8C9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    28746519 | PA      | $1132710.58   | 0.10%             | 2062-01-16      | Variable      | 0.64%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The), Series X                                         | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     1195000 | PA      | $1244463.44   | 0.11%             | 2029-05-10      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                                      | INEOS Quattro Finance 2 plc                                                       | CUSIP: N/A<br>LEI: 213800V48W4Y5MT5Q131       | Long             | DBT              | CORP              | GB        |      185000 | PA      | $200016.89    | 0.02%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                             | Columbia Pipelines Operating Co. LLC                                              | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      655000 | PA      | $674196.20    | 0.06%             | 2033-11-15      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K120, Class X1   | CUSIP: 3137F72R5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     4412722 | PA      | $193274.58    | 0.02%             | 2030-10-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                                | NatWest Group plc                                                                 | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      756000 | PA      | $753557.21    | 0.07%             | 2025-12-29      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Masterbrand, Inc.                                                | Masterbrand, Inc.                                                                 | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |      313000 | PA      | $311238.28    | 0.03%             | 2032-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                                | Genesis Energy LP                                                                 | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       29000 | PA      | $29425.02     | 0.00%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CD&R Smokey Buyer, Inc.                                          | CD&R Smokey Buyer, Inc.                                                           | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      131000 | PA      | $108730.00    | 0.01%             | 2029-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                | Lebanese Republic                                                                 | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |     1280000 | PA      | $221440.00    | 0.02%             | 2020-03-09      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Africa Finance Corp.                                             | Africa Finance Corp.                                                              | CUSIP: N/A<br>LEI: 213800LXFHRRXIJRXW97       | Long             | DBT              | NUSS              | US        |     1130000 | PA      | $1024469.30   | 0.09%             | 2029-10-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                             | Meta Platforms, Inc.                                                              | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     1095000 | PA      | $1039488.93   | 0.09%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                | Wells Fargo & Co.                                                                 | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      740000 | PA      | $760537.22    | 0.07%             | 2029-09-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| Lune Holdings SARL                                               | Lune Holdings SARL                                                                | CUSIP: N/A<br>LEI: 54930003WQ56T0558M33       | Long             | DBT              | CORP              | LU        |      244000 | PA      | $170266.50    | 0.01%             | 2028-11-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                            | United Mexican States                                                             | CUSIP: 91087BAN0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1378000 | PA      | $771680.00    | 0.07%             | 2061-05-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 18-R Ltd.                            | Octagon Investment Partners Ltd., Series 2018-18A, Class A1A                      | CUSIP: 67576FAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      410708 | PA      | $410691.12    | 0.04%             | 2031-04-16      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2004-24CB, Class 1A1                               | CUSIP: 12667FVN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       75988 | PA      | $78344.42     | 0.01%             | 2034-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3, Inc.                                               | Wand NewCo 3, Inc.                                                                | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |       83000 | PA      | $86345.07     | 0.01%             | 2032-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                               | Credit Agricole SA                                                                | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |      302000 | PA      | $295017.63    | 0.03%             | 2027-01-26      | Variable      | 1.25%                 | Yes           |                  2 | On Loan: No      |
| JBS USA Holding Lux SARL                                         | JBS USA Holding Lux SARL                                                          | CUSIP: 46590XAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      397000 | PA      | $298799.63    | 0.03%             | 2052-02-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Alarm.com Holdings, Inc.                                         | Alarm.com Holdings, Inc.                                                          | CUSIP: 011642AC9<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |     1215000 | PA      | $1184483.67   | 0.10%             | 2029-06-01      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                              | Newell Brands, Inc.                                                               | CUSIP: 651229AY2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       30000 | PA      | $24392.37     | 0.00%             | 2046-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                             | Meta Platforms, Inc.                                                              | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |      399000 | PA      | $329971.80    | 0.03%             | 2052-08-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                                         | PRPM LLC, Series 2024-2, Class A1                                                 | CUSIP: 74448BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      666602 | PA      | $666705.89    | 0.06%             | 2029-03-25      | Variable      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd.                                                | CIFC Funding Ltd., Series 2022-2A, Class BR                                       | CUSIP: 12567MAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1400000 | PA      | $1390960.20   | 0.12%             | 2035-04-19      | Floating      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-15739.65    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ams-OSRAM AG                                                     | ams-OSRAM AG                                                                      | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |      300000 | PA      | $312880.20    | 0.03%             | 2029-03-30      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| BAT Capital Corp.                                                | BAT Capital Corp.                                                                 | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     1690000 | PA      | $1827496.91   | 0.16%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.                        | Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class A2RR             | CUSIP: 14311NAY0<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |      400000 | PA      | $400909.20    | 0.03%             | 2032-07-20      | Floating      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Punch Finance plc                                                | Punch Finance plc                                                                 | CUSIP: N/A<br>LEI: 2138006IJRIU1Q5DN388       | Long             | DBT              | CORP              | GB        |      115000 | PA      | $156491.64    | 0.01%             | 2030-12-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                      | Caesars Entertainment, Inc.                                                       | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |       61000 | PA      | $61089.61     | 0.01%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Xerox Corp.                                                      | Xerox Corp.                                                                       | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |       45000 | PA      | $46242.99     | 0.00%             | 2030-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Go Daddy Operating Co. LLC                                       | Go Daddy Operating Co. LLC                                                        | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       95000 | PA      | $94437.73     | 0.01%             | 2027-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                     | Ardagh Packaging Finance plc                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IE        |      100000 | PA      | $60630.75     | 0.01%             | 2027-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Dropbox, Inc.                                                    | Dropbox, Inc.                                                                     | CUSIP: 26210CAD6<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |     1103000 | PA      | $1123957.00   | 0.10%             | 2028-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                   | Community Health Systems, Inc.                                                    | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      210000 | PA      | $201764.28    | 0.02%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                            | United Mexican States                                                             | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |      638000 | PA      | $726967.05    | 0.06%             | 2032-05-25      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Amber Finco plc                                                  | Amber Finco plc                                                                   | CUSIP: N/A<br>LEI: 9845004C0870D380O790       | Long             | DBT              | CORP              | GB        |      250000 | PA      | $296979.79    | 0.03%             | 2029-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                                      | Wayfair LLC                                                                       | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |       93000 | PA      | $91116.89     | 0.01%             | 2030-09-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                        | Republic of Cote d'Ivoire                                                         | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |      560000 | PA      | $556032.40    | 0.05%             | 2028-03-03      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                   | Morgan Stanley Capital I Trust, Series 2019-L2, Class C                           | CUSIP: 61768HBB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      978000 | PA      | $834643.78    | 0.07%             | 2052-03-15      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Interface, Inc.                                                  | Interface, Inc.                                                                   | CUSIP: 458665AS5<br>LEI: 549300VXZWQOIDFPU355 | Long             | DBT              | CORP              | US        |       35000 | PA      | $34529.22     | 0.00%             | 2028-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                         | PNC Financial Services Group, Inc. (The), Series T                                | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     1278000 | PA      | $1216487.30   | 0.11%             | 2026-09-15      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Baytex Energy Corp.                                              | Baytex Energy Corp.                                                               | CUSIP: 07317QAK1<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |       50000 | PA      | $45387.89     | 0.00%             | 2032-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                                         | AthenaHealth Group, Inc., 1st Lien Term Loan                                      | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |      572200 | PA      | $569442.33    | 0.05%             | 2029-02-15      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 4018, Class HI                                               | CUSIP: 3137AMW94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      503651 | PA      | $19013.90     | 0.00%             | 2041-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                             | GNMA, Series 2021-107, Class XI                                                   | CUSIP: 38382UFA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     4510744 | PA      | $685662.88    | 0.06%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Veolia Environnement SA                                          | Veolia Environnement SA                                                           | CUSIP: N/A<br>LEI: 969500LENY69X51OOT31       | Long             | DBT              | CORP              | FR        |      900000 | PA      | $1000388.39   | 0.09%             | 2026-06-01      | Variable      | 1.62%                 | Yes           |                  2 | On Loan: No      |
| FHF Trust                                                        | FHF Trust, Series 2022-2A, Class A                                                | CUSIP: 31568EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      335049 | PA      | $336764.62    | 0.03%             | 2027-12-15      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |
| Novelis Sheet Ingot GmbH                                         | Novelis Sheet Ingot GmbH                                                          | CUSIP: N/A<br>LEI: 9845005E95899E77AY49       | Long             | DBT              | CORP              | DE        |      270000 | PA      | $297747.08    | 0.03%             | 2029-04-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                                     | KazMunayGas National Co. JSC                                                      | CUSIP: N/A<br>LEI: 2138001H1M69RFJCSH88       | Long             | DBT              | CORP              | KZ        |      998000 | PA      | $837322.00    | 0.07%             | 2047-04-19      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| UniCredit SpA                                                    | UniCredit SpA                                                                     | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | DBT              | CORP              | IT        |      500000 | PA      | $561709.95    | 0.05%             | 2032-01-15      | Variable      | 2.73%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                  | Palmer Square Loan Funding Ltd., Series 2024-1A, Class B                          | CUSIP: 69703NAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $751470.00    | 0.07%             | 2032-10-15      | Floating      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Belden, Inc.                                                     | Belden, Inc.                                                                      | CUSIP: N/A<br>LEI: 68BKYO1JC791TTJHUE82       | Long             | DBT              | CORP              | US        |      530000 | PA      | $602068.33    | 0.05%             | 2028-03-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-12601.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                     | American Credit Acceptance Receivables Trust, Series 2025-1, Class D              | CUSIP: 02528DAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3914000 | PA      | $3924052.33   | 0.34%             | 2031-08-12      | Fixed         | 5.54%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                                     | UBS Group AG                                                                      | CUSIP: 225401BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1455000 | PA      | $1777122.16   | 0.15%             | 2033-11-15      | Variable      | 9.02%                 | Yes           |                  2 | On Loan: No      |
| MIWD Holdco II LLC                                               | MIWD Holdco II LLC                                                                | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       35000 | PA      | $32267.89     | 0.00%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                                        | MGM Resorts International                                                         | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |       25000 | PA      | $25049.30     | 0.00%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                | Enterprise Products Operating LLC                                                 | CUSIP: 29379VCH4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |      700000 | PA      | $653150.31    | 0.06%             | 2055-02-16      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PetSmart LLC                                                     | PetSmart LLC, 1st Lien Term Loan                                                  | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      298450 | PA      | $297020.04    | 0.03%             | 2028-02-11      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| Trinity Industries, Inc.                                         | Trinity Industries, Inc.                                                          | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |      130000 | PA      | $135092.10    | 0.01%             | 2028-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                       | Verus Securitization Trust, Series 2020-1, Class A1                               | CUSIP: 92536PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       61876 | PA      | $60577.85     | 0.01%             | 2060-01-25      | Variable      | 3.42%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                          | American Airlines, Inc.                                                           | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       21667 | PA      | $21630.10     | 0.00%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                             | Charter Communications Operating LLC                                              | CUSIP: 161175BZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1730000 | PA      | $1215834.62   | 0.11%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Herens Midco SARL                                                | Herens Midco SARL                                                                 | CUSIP: N/A<br>LEI: 222100BJH5XPZD1JHF79       | Long             | DBT              | CORP              | LU        |      138000 | PA      | $118380.88    | 0.01%             | 2029-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                                    | SM Energy Co.                                                                     | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |      245000 | PA      | $245262.89    | 0.02%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                        | HCA, Inc.                                                                         | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      160000 | PA      | $158404.35    | 0.01%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                           | OCP SA                                                                            | CUSIP: 67091TAH8<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |      503000 | PA      | $502899.40    | 0.04%             | 2030-04-30      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Lorca Telecom Bondco SA                                          | Lorca Telecom Bondco SA                                                           | CUSIP: N/A<br>LEI: 9598004HFBAS82YM7X35       | Long             | DBT              | CORP              | ES        |      400000 | PA      | $454180.00    | 0.04%             | 2027-09-18      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                           | Arab Republic of Egypt                                                            | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     1180000 | PA      | $1059418.75   | 0.09%             | 2032-05-29      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Eni SpA                                                          | Eni SpA                                                                           | CUSIP: 26874RAJ7<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |      910000 | PA      | $893728.57    | 0.08%             | 2029-05-09      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                  | Citigroup, Inc.                                                                   | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1557000 | PA      | $1560585.24   | 0.14%             | 2026-09-29      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                           | Republic of Paraguay                                                              | CUSIP: 699149AL4<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      208000 | PA      | $185770.00    | 0.02%             | 2033-06-28      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                            | NextEra Energy Capital Holdings, Inc.                                             | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      545000 | PA      | $552489.39    | 0.05%             | 2054-09-01      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| RB Global Holdings, Inc.                                         | RB Global Holdings, Inc.                                                          | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |      120000 | PA      | $125616.30    | 0.01%             | 2031-03-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                | Wells Fargo & Co.                                                                 | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     1045000 | PA      | $1060561.34   | 0.09%             | 2031-01-24      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                                     | AbbVie, Inc.                                                                      | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     3295000 | PA      | $2639856.17   | 0.23%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                | HSBC Holdings plc                                                                 | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     2565000 | PA      | $2591456.59   | 0.23%             | 2028-08-11      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                        | MGM Resorts International                                                         | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |      234000 | PA      | $235112.44    | 0.02%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                          | GFL Environmental, Inc.                                                           | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |       85000 | PA      | $81711.68     | 0.01%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Crown Finance US, Inc.                                           | Crown Finance US, Inc., 1st Lien Term Loan                                        | CUSIP: 22834KAU5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      299250 | PA      | $299357.73    | 0.03%             | 2031-12-02      | Variable      | 9.58%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K124, Class X1   | CUSIP: 3137F9YZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     8553284 | PA      | $279996.04    | 0.02%             | 2030-12-25      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                     | Drive Auto Receivables Trust, Series 2025-1, Class D                              | CUSIP: 262102AF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      680000 | PA      | $680359.92    | 0.06%             | 2032-09-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| CSMC Mortgage-Backed Trust                                       | CSMC Mortgage-Backed Trust, Series 2007-2, Class 3A13                             | CUSIP: 126384CG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      224804 | PA      | $99841.39     | 0.01%             | 2037-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | U.S. Treasury 10 Year Ultra Note                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -380 | NC      | $-684412.46   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co.                                         | Bristol-Myers Squibb Co.                                                          | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     1310000 | PA      | $1320022.50   | 0.11%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SBA Small Business Investment Cos.                               | SBA Small Business Investment Cos., Series 2024-10A, Class 1                      | CUSIP: 831641FX8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1981404 | PA      | $2000075.45   | 0.17%             | 2034-03-10      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $2454.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                             | Charter Communications Operating LLC                                              | CUSIP: 161175CD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      765000 | PA      | $699433.14    | 0.06%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                     | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      835000 | PA      | $864381.40    | 0.08%             | 2028-05-04      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                     | American Credit Acceptance Receivables Trust, Series 2025-2, Class C              | CUSIP: 024938AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1000000 | PA      | $1001829.50   | 0.09%             | 2031-03-12      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO XXII Ltd.                                   | Neuberger Berman CLO Ltd., Series 2016-22A, Class BR2                             | CUSIP: 64131BAQ6<br>LEI: 549300FFV1EYI8ON7P41 | Long             | ABS-CBDO         | CORP              | KY        |      480000 | PA      | $480760.32    | 0.04%             | 2038-04-15      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| OCP Aegis CLO Ltd.                                               | OCP Aegis CLO Ltd., Series 2025-41A, Class B1                                     | CUSIP: 675953AE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3300000 | PA      | $3310325.70   | 0.29%             | 2037-04-21      | Floating      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| CWABS, Inc., Asset-Backed Certificates                           | CWABS, Inc. Asset-Backed Certificates, Series 2004-1, Class M2                    | CUSIP: 126671Z33<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       12868 | PA      | $13624.68     | 0.00%             | 2034-03-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| PRET LLC                                                         | PRET LLC, Series 2021-RN4, Class A2                                               | CUSIP: 69359QAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2628471 | PA      | $2623873.78   | 0.23%             | 2051-10-25      | Variable      | 9.19%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                | EMRLD Borrower LP                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      143000 | PA      | $170256.12    | 0.01%             | 2030-12-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                       | AerCap Ireland Capital DAC                                                        | CUSIP: 00774MBC8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      750000 | PA      | $770697.77    | 0.07%             | 2028-06-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                                             | AmeriGas Partners LP                                                              | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $60602.85     | 0.01%             | 2030-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $13714.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                             | CUSIP: 06051GMB2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     1590000 | PA      | $1557964.49   | 0.14%             | 2035-08-15      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                             | Charter Communications Operating LLC                                              | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      958000 | PA      | $804749.56    | 0.07%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                              | Intesa Sanpaolo SpA                                                               | CUSIP: 46115HBS5<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     1485000 | PA      | $1170304.59   | 0.10%             | 2042-06-01      | Variable      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                            | Republic of Indonesia                                                             | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        | 36907000000 | PA      | $2251445.72   | 0.20%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                  | Danske Bank A/S                                                                   | CUSIP: 23636AAZ4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |      482000 | PA      | $477439.54    | 0.04%             | 2026-09-11      | Variable      | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Synopsys, Inc.                                                   | Synopsys, Inc.                                                                    | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |      281000 | PA      | $277738.83    | 0.02%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                               | Nationstar Mortgage Holdings, Inc.                                                | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       75000 | PA      | $74836.32     | 0.01%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | NDIRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    11048111 | PA      | $58205.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Greenbrier Cos., Inc. (The)                                      | Greenbrier Cos., Inc. (The)                                                       | CUSIP: 393657AM3<br>LEI: 5493001GAGGFR30BP390 | Long             | DBT              | CORP              | US        |     1045000 | PA      | $1100176.00   | 0.10%             | 2028-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Jersey Central Power & Light Co.                                 | Jersey Central Power & Light Co.                                                  | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |     5248000 | PA      | $4539979.72   | 0.39%             | 2032-03-01      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                               | Istanbul Metropolitan Municipality                                                | CUSIP: N/A<br>LEI: 213800T1VDQSNKA2MD76       | Long             | DBT              | NUSS              | TR        |      530000 | PA      | $528521.30    | 0.05%             | 2025-12-09      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                          | SS&C Technologies, Inc.                                                           | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |       75000 | PA      | $74916.36     | 0.01%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                                   | Pagaya AI Debt Selection Trust, Series 2021-HG1, Class B                          | CUSIP: 69547PAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      113662 | PA      | $111539.50    | 0.01%             | 2029-01-16      | Fixed         | 1.82%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2020-1, Class A1                                 | CUSIP: 03464RAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       99542 | PA      | $96519.40     | 0.01%             | 2059-12-25      | Variable      | 2.47%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                                | Clarios Global LP                                                                 | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       48000 | PA      | $48888.48     | 0.00%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley ABS Capital I, Inc. Trust                         | Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-NC7, Class M3               | CUSIP: 61744CFR2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       58593 | PA      | $62020.40     | 0.01%             | 2034-07-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| ZF Europe Finance BV                                             | ZF Europe Finance BV                                                              | CUSIP: N/A<br>LEI: 549300RI533US2G6G542       | Long             | DBT              | CORP              | NL        |      200000 | PA      | $224082.19    | 0.02%             | 2026-02-23      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                   | Morgan Stanley Capital I Trust, Series 2015-MS1, Class B                          | CUSIP: 61765DAX6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      147000 | PA      | $140880.05    | 0.01%             | 2048-05-15      | Variable      | 4.01%                 | No            |                  2 | On Loan: No      |
| Buttermilk Park CLO Ltd.                                         | Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R                               | CUSIP: 124166AU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      391608 | PA      | $391493.26    | 0.03%             | 2031-10-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Iliad Holding SASU                                               | Iliad Holding SASU                                                                | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |      560000 | PA      | $647081.15    | 0.06%             | 2028-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                           | Velocity Commercial Capital Loan Trust, Series 2022-4, Class A                    | CUSIP: 92259KAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1991337 | PA      | $1981077.22   | 0.17%             | 2052-08-25      | Variable      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                              | Herc Holdings, Inc.                                                               | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |       70000 | PA      | $69490.68     | 0.01%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                | Credit Acceptance Auto Loan Trust, Series 2022-1A, Class C                        | CUSIP: 22534LAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      404000 | PA      | $404459.99    | 0.04%             | 2032-10-15      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     1560000 | PA      | $1423109.25   | 0.12%             | 2031-01-22      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                     | Fibercop SpA                                                                      | CUSIP: N/A<br>LEI: 8156007022402E114A31       | Long             | DBT              | CORP              | IT        |      330000 | PA      | $444243.67    | 0.04%             | 2033-01-24      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LL ABS Trust                                                     | LL ABS Trust, Series 2021-1A, Class C                                             | CUSIP: 53934QAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      190054 | PA      | $189010.56    | 0.02%             | 2029-05-15      | Fixed         | 3.54%                 | Yes           |                  2 | On Loan: No      |
| Gap, Inc. (The)                                                  | Gap, Inc. (The)                                                                   | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |       50000 | PA      | $45658.98     | 0.00%             | 2029-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA ACES, Series 2019-M1, Class A2                                               | CUSIP: 3136B3XY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      996425 | PA      | $975478.88    | 0.08%             | 2028-09-25      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                          | Hyundai Capital America                                                           | CUSIP: 44891ABS5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      430000 | PA      | $420880.71    | 0.04%             | 2026-01-08      | Fixed         | 1.30%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K739, Class X1   | CUSIP: 3137F64R5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    17073632 | PA      | $336372.75    | 0.03%             | 2027-09-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| APi Group DE, Inc.                                               | APi Group DE, Inc.                                                                | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |       40000 | PA      | $37837.74     | 0.00%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                              | Take-Two Interactive Software, Inc.                                               | CUSIP: 874054AN9<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |      352000 | PA      | $357282.29    | 0.03%             | 2034-06-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                            | Heathrow Funding Ltd.                                                             | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |      500000 | PA      | $648794.84    | 0.06%             | 2041-05-13      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Topgolf Callaway Brands Corp.                                    | Topgolf Callaway Brands Corp.                                                     | CUSIP: 131193AE4<br>LEI: 5493005UB0KFRKBPCU72 | Long             | DBT              | CORP              | US        |      730000 | PA      | $704085.00    | 0.06%             | 2026-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Lorca Telecom Bondco SA                                          | Lorca Telecom Bondco SA                                                           | CUSIP: N/A<br>LEI: 9598004HFBAS82YM7X35       | Long             | DBT              | CORP              | ES        |      100000 | PA      | $113545.00    | 0.01%             | 2027-09-18      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                         | Lumen Technologies, Inc.                                                          | CUSIP: 550241AH6<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |      102920 | PA      | $99960.76     | 0.01%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| California Resources Corp.                                       | California Resources Corp.                                                        | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |        6000 | PA      | $5994.86      | 0.00%             | 2026-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                   | BNP Paribas SA                                                                    | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | DBT              | CORP              | FR        |     1000000 | PA      | $1233382.56   | 0.11%             | 2030-06-11      | Variable      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                             | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     2700000 | PA      | $2340882.77   | 0.20%             | 2032-10-20      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| Scripps Escrow, Inc.                                             | Scripps Escrow, Inc.                                                              | CUSIP: 81104PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $76307.66     | 0.01%             | 2027-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                              | Newell Brands, Inc.                                                               | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       50000 | PA      | $51727.44     | 0.00%             | 2028-06-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                       | Verus Securitization Trust, Series 2022-4, Class A1                               | CUSIP: 92538NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      290739 | PA      | $289043.81    | 0.03%             | 2067-04-25      | Variable      | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Medtronic Global Holdings SCA                                    | Medtronic Global Holdings SCA                                                     | CUSIP: 58507LAP4<br>LEI: 549300JXMTTP8GKYIX14 | Long             | DBT              | CORP              | LU        |      200000 | PA      | $170817.55    | 0.01%             | 2039-07-02      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $62843.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Virgin Media Vendor Financing Notes III DAC                      | Virgin Media Vendor Financing Notes III DAC                                       | CUSIP: N/A<br>LEI: 635400SSKC2QCGEPIQ43       | Long             | DBT              | CORP              | IE        |      400000 | PA      | $511206.15    | 0.04%             | 2028-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                       | JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class C              | CUSIP: 46644UBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      266000 | PA      | $205584.48    | 0.02%             | 2048-07-15      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                           | Lendmark Funding Trust, Series 2021-1A, Class A                                   | CUSIP: 52607MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      270000 | PA      | $257454.34    | 0.02%             | 2031-11-20      | Fixed         | 1.90%                 | Yes           |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                                         | Energizer Holdings, Inc.                                                          | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |      410000 | PA      | $395350.86    | 0.03%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA, REMIC, Series 2010-68, Class SJ                                             | CUSIP: 31398TJQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      170264 | PA      | $17792.44     | 0.00%             | 2040-07-25      | Floating      | 2.11%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                              | Medline Borrower LP                                                               | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       49000 | PA      | $49860.63     | 0.00%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Global Payments, Inc.                                            | Global Payments, Inc.                                                             | CUSIP: 37940XAD4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      400000 | PA      | $362449.20    | 0.03%             | 2030-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                            | Westlake Automobile Receivables Trust, Series 2023-3A, Class D                    | CUSIP: 96041CAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1265000 | PA      | $1294311.69   | 0.11%             | 2029-03-15      | Fixed         | 6.47%                 | Yes           |                  2 | On Loan: No      |
| RR 12 Ltd.                                                       | RR Ltd., Series 2020-12A, Class A2R3                                              | CUSIP: 74989HAQ5<br>LEI: 549300RLLUH00ZYECJ34 | Long             | ABS-CBDO         | CORP              | KY        |     1916000 | PA      | $1918417.99   | 0.17%             | 2036-01-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings Escrow, Inc.                                       | Herc Holdings Escrow, Inc.                                                        | CUSIP: 42703NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       59000 | PA      | $60783.31     | 0.01%             | 2030-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Magnetite XXII Ltd.                                              | Magnetite Ltd., Series 2019-22A, Class CRR                                        | CUSIP: 55954HBA9<br>LEI: 5493000081NBXWGGSW23 | Long             | ABS-CBDO         | CORP              | KY        |      570000 | PA      | $570174.42    | 0.05%             | 2036-07-15      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Snap, Inc.                                                       | Snap, Inc.                                                                        | CUSIP: 83304AAK2<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |      285000 | PA      | $237547.50    | 0.02%             | 2030-05-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO Ltd.                                                 | Elmwood CLO Ltd., Series 2021-3A, Class BR                                        | CUSIP: 29002VAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1355000 | PA      | $1357001.34   | 0.12%             | 2034-04-20      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley ABS Capital I, Inc. Trust                         | Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-HE8, Class M2               | CUSIP: 61744CHB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       70921 | PA      | $73281.13     | 0.01%             | 2034-09-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                          | GSR Mortgage Loan Trust, Series 2004-15F, Class 1A2                               | CUSIP: 36242DQU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      362832 | PA      | $237578.18    | 0.02%             | 2034-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wabash National Corp.                                            | Wabash National Corp.                                                             | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |      375000 | PA      | $320024.89    | 0.03%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes                           | NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A                 | CUSIP: 65246QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      430054 | PA      | $413911.66    | 0.04%             | 2026-11-25      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                | HSBC Holdings plc                                                                 | CUSIP: 404280EL9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     1020000 | PA      | $1010771.64   | 0.09%             | 2035-11-18      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                               | General Motors Financial Co., Inc.                                                | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      762000 | PA      | $649990.53    | 0.06%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                        | Ford Motor Credit Co. LLC                                                         | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     1085000 | PA      | $966257.80    | 0.08%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                                      | Adient Global Holdings Ltd.                                                       | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |       74000 | PA      | $73417.32     | 0.01%             | 2033-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ZF Finance GmbH                                                  | ZF Finance GmbH                                                                   | CUSIP: N/A<br>LEI: 5493001N9T6QDCCXB426       | Long             | DBT              | CORP              | DE        |      100000 | PA      | $107682.24    | 0.01%             | 2028-09-21      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                | Exxon Mobil Corp.                                                                 | CUSIP: 30231GAY8<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |      670000 | PA      | $513060.45    | 0.04%             | 2039-08-16      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                             | GNMA, Series 2021-9, Class MI                                                     | CUSIP: 38382MF61<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    12867877 | PA      | $1916254.70   | 0.17%             | 2051-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Punch Finance plc                                                | Punch Finance plc                                                                 | CUSIP: N/A<br>LEI: 2138006IJRIU1Q5DN388       | Long             | DBT              | CORP              | GB        |      200000 | PA      | $269470.00    | 0.02%             | 2026-06-30      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                                  | Madison IAQ LLC, 1st Lien Term Loan                                               | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |      238414 | PA      | $238091.99    | 0.02%             | 2028-06-21      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                               | General Motors Financial Co., Inc.                                                | CUSIP: 37045XEY8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      540000 | PA      | $542218.63    | 0.05%             | 2031-06-18      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Republic of Costa Rica                                           | Republic of Costa Rica                                                            | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      325000 | PA      | $332150.00    | 0.03%             | 2054-11-13      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                          | RHP Hotel Properties LP                                                           | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       85000 | PA      | $82063.13     | 0.01%             | 2029-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Microchip Technology, Inc.                                       | Microchip Technology, Inc.                                                        | CUSIP: 595017AF1<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |      305000 | PA      | $498446.82    | 0.04%             | 2027-02-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Edison International                                             | Edison International                                                              | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |      752000 | PA      | $742920.43    | 0.06%             | 2053-06-15      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                        | Vistra Operations Co. LLC                                                         | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      555000 | PA      | $562862.13    | 0.05%             | 2034-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Park River Holdings, Inc.                                        | Park River Holdings, Inc., 1st Lien Term Loan                                     | CUSIP: 70082HAC0<br>LEI: 254900PGY077KWCROT75 | Long             | LON              | CORP              | US        |      301347 | PA      | $289395.58    | 0.03%             | 2027-12-28      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| VCAT LLC                                                         | VCAT LLC, Series 2025-NPL3, Class A1                                              | CUSIP: 92243QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      643072 | PA      | $640374.35    | 0.06%             | 2055-02-25      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Conduent Business Services LLC                                   | Conduent Business Services LLC                                                    | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      125000 | PA      | $114896.54    | 0.01%             | 2029-11-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                              | Exeter Automobile Receivables Trust, Series 2024-3A, Class D                      | CUSIP: 30165AAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      750000 | PA      | $759139.73    | 0.07%             | 2030-09-16      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Paprec Holding SA                                                | Paprec Holding SA                                                                 | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |      164000 | PA      | $185009.00    | 0.02%             | 2028-07-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                            | NextEra Energy Capital Holdings, Inc.                                             | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     1642000 | PA      | $1644041.01   | 0.14%             | 2055-08-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     1320000 | PA      | $1339501.06   | 0.12%             | 2031-01-15      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2004-28CB, Class 3A1                               | CUSIP: 12667FYS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      313529 | PA      | $276323.34    | 0.02%             | 2035-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Azelis Finance NV                                                | Azelis Finance NV                                                                 | CUSIP: N/A<br>LEI: 699400J0P7A5VXKGK641       | Long             | DBT              | CORP              | BE        |      300000 | PA      | $351705.64    | 0.03%             | 2028-03-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                     | Oracle Corp.                                                                      | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      124000 | PA      | $124573.32    | 0.01%             | 2035-08-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of Ireland Group plc                                        | Bank of Ireland Group plc                                                         | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | DBT              | CORP              | IE        |     1400000 | PA      | $1598690.89   | 0.14%             | 2025-09-01      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                 | Deutsche Bank AG                                                                  | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     1970000 | PA      | $1922470.28   | 0.17%             | 2035-09-11      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                       | Avis Budget Car Rental LLC                                                        | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      410000 | PA      | $404523.38    | 0.04%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Renault SA                                                       | Renault SA                                                                        | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | DBT              | CORP              | FR        |      800000 | PA      | $901683.55    | 0.08%             | 2027-06-02      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-45210.56    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NMG Parent LLC                                                   | NMG Parent LLC, Escrow                                                            | CUSIP: 629ESC039<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         229 | NS      | $5885.30      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K136, Class X1   | CUSIP: 3137H4SK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    20705256 | PA      | $379160.87    | 0.03%             | 2031-12-25      | Variable      | 0.39%                 | No            |                  2 | On Loan: No      |
| INEOS Finance plc                                                | INEOS Finance plc                                                                 | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $196488.68    | 0.02%             | 2029-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                  | Palmer Square Loan Funding Ltd., Series 2024-1A, Class A2                         | CUSIP: 69703NAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1193000 | PA      | $1194789.50   | 0.10%             | 2032-10-15      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| LSF12 Crown US Commercial Bidco LLC                              | LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan                           | CUSIP: 50221UAC5<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |      360000 | PA      | $353476.80    | 0.03%             | 2031-12-02      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                 | Gray Media, Inc.                                                                  | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      145000 | PA      | $143997.30    | 0.01%             | 2027-05-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                 | Multi-Family Connecticut Avenue Securities Trust, Series 2020-01, Class M10       | CUSIP: 62548QAD3<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |     4100703 | PA      | $4160274.99   | 0.36%             | 2050-03-25      | Floating      | 8.19%                 | 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        |       15000 | PA      | $15180.60     | 0.00%             | 2031-02-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                          | Level 3 Financing, Inc.                                                           | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      185000 | PA      | $209866.89    | 0.02%             | 2029-11-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| INEOS Styrolution Ludwigshafen GmbH                              | INEOS Styrolution Ludwigshafen GmbH                                               | CUSIP: N/A<br>LEI: 5299003M4PGUGL48LS74       | Long             | DBT              | CORP              | DE        |      300000 | PA      | $330095.75    | 0.03%             | 2027-01-16      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                | HSBC Holdings plc                                                                 | CUSIP: 404280CC1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      666000 | PA      | $642207.56    | 0.06%             | 2030-05-22      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| Iliad Holding SASU                                               | Iliad Holding SASU                                                                | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |      344000 | PA      | $397492.70    | 0.03%             | 2028-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                             | Charter Communications Operating LLC                                              | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      410000 | PA      | $360001.23    | 0.03%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Banc of America Mortgage Trust                                   | Banc of America Mortgage Trust, Series 2004-A, Class 2A2                          | CUSIP: 05948XT27<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       77501 | PA      | $76429.77     | 0.01%             | 2034-02-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| Escrow Rite Aid                                                  | Escrow Rite Aid                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       14602 | PA      | $0.00         | 0.00%             | 2049-12-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Cencora, Inc.                                                    | Cencora, Inc.                                                                     | CUSIP: 03073EAT2<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     3548000 | PA      | $3165398.08   | 0.28%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                                       | Builders FirstSource, Inc.                                                        | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |       33000 | PA      | $33187.77     | 0.00%             | 2035-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                     | Tallgrass Energy Partners LP                                                      | CUSIP: 87470LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       65000 | PA      | $61947.00     | 0.01%             | 2031-09-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Transocean, Inc.                                                 | Transocean, Inc.                                                                  | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |       35000 | PA      | $31562.71     | 0.00%             | 2029-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Somnigroup International, Inc.                                   | Somnigroup International, Inc.                                                    | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |      135000 | PA      | $127151.56    | 0.01%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Advanced Energy Industries, Inc.                                 | Advanced Energy Industries, Inc.                                                  | CUSIP: 007973AE0<br>LEI: 549300756XI3QLFT2U27 | Long             | DBT              | CORP              | US        |     1047000 | PA      | $1174105.80   | 0.10%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Euro-Buxl 30 Year Bond                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         -44 | NC      | $-162416.03   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Gas and Electric Co.                                     | Pacific Gas and Electric Co.                                                      | CUSIP: 694308HA8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     1215000 | PA      | $856610.06    | 0.07%             | 2042-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Iliad Holding SASU                                               | Iliad Holding SASU                                                                | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |      164000 | PA      | $198152.34    | 0.02%             | 2031-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                                 | CSC Holdings LLC                                                                  | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      700000 | PA      | $638411.97    | 0.06%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Griffon Corp.                                                    | Griffon Corp.                                                                     | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |      425000 | PA      | $422436.91    | 0.04%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                           | Truist Financial Corp.                                                            | CUSIP: 89788MAK8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      245000 | PA      | $256128.04    | 0.02%             | 2033-10-28      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| PRET LLC                                                         | PRET LLC, Series 2024-NPL5, Class A1                                              | CUSIP: 74143QAA3<br>LEI: 254900YWXIBNNDQF0Y67 | Long             | ABS-O            | CORP              | US        |      416556 | PA      | $416039.68    | 0.04%             | 2054-09-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $67489.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TRTX Issuer Ltd.                                                 | TRTX Issuer Ltd., Series 2025-FL6, Class A                                        | CUSIP: 897764AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1200000 | PA      | $1197999.60   | 0.10%             | 2042-09-18      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                | Wells Fargo & Co.                                                                 | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     1410000 | PA      | $1382923.22   | 0.12%             | 2028-03-24      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Altar Bidco, Inc.                                                | Altar Bidco, Inc., 2nd Lien Term Loan                                             | CUSIP: 02090CAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      190000 | PA      | $177650.00    | 0.02%             | 2030-02-01      | Variable      | 9.75%                 | No            |                  2 | On Loan: No      |
| Serta Simmons Bedding LLC                                        | Serta Simmons Bedding LLC, 1st Lien Term Loan                                     | CUSIP: 81753HAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       42387 | PA      | $38405.98     | 0.00%             | 2028-06-29      | Variable      | 11.91%                | No            |                  2 | On Loan: No      |
| N/A                                                              | Euro-Schatz                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         154 | NC      | $78100.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy, Inc.                                         | Diamondback Energy, Inc.                                                          | CUSIP: 25278XBA6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     1545000 | PA      | $1384746.10   | 0.12%             | 2054-04-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                                         | PRPM LLC, Series 2025-RPL2, Class A1                                              | CUSIP: 69392MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1584047 | PA      | $1522964.89   | 0.13%             | 2055-04-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                                    | Staples, Inc.                                                                     | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |       20145 | PA      | $12967.60     | 0.00%             | 2030-01-15      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                 | CCO Holdings LLC                                                                  | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $63710.05     | 0.01%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                              | Societe Generale SA                                                               | CUSIP: 83371GAA9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     1000000 | PA      | $1087617.00   | 0.09%             | 2028-11-14      | Variable      | 10.00%                | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA, REMIC, Series 2003-130, Class NS                                            | CUSIP: 31393UVP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      280266 | PA      | $23702.13     | 0.00%             | 2034-01-25      | Floating      | 2.56%                 | No            |                  2 | On Loan: No      |
| Alfa Desarrollo SpA                                              | Alfa Desarrollo SpA                                                               | CUSIP: 01538TAA3<br>LEI: 2549006BJAN34R520038 | Long             | DBT              | CORP              | CL        |      929751 | PA      | $672033.65    | 0.06%             | 2051-09-27      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                     | Drive Auto Receivables Trust, Series 2024-2, Class C                              | CUSIP: 26207AAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      513000 | PA      | $510209.74    | 0.04%             | 2032-05-17      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Monitchem HoldCo 3 SA                                            | Monitchem HoldCo 3 SA                                                             | CUSIP: N/A<br>LEI: 222100SJHJ1CNJMSW162       | Long             | DBT              | CORP              | LU        |      100000 | PA      | $114357.68    | 0.01%             | 2028-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                             | BBCMS Mortgage Trust, Series 2022-C15, Class AS                                   | CUSIP: 05552FBE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1960000 | PA      | $1715271.26   | 0.15%             | 2055-04-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Grifols SA                                                       | Grifols SA                                                                        | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |      100000 | PA      | $108698.98    | 0.01%             | 2028-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                        | Republic of Turkiye (The)                                                         | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      726000 | PA      | $725092.50    | 0.06%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                            | Dominion Energy, Inc., Series A                                                   | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     1370000 | PA      | $1419212.47   | 0.12%             | 2055-02-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Antero Resources Corp.                                           | Antero Resources Corp.                                                            | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |      175000 | PA      | $179130.18    | 0.02%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                                       | Outfront Media Capital LLC                                                        | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $28144.66     | 0.00%             | 2030-03-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA, REMIC, Series 2016-39, Class LS                                             | CUSIP: 3136ASU38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1928410 | PA      | $217755.64    | 0.02%             | 2046-07-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $31458.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC                              | Ascent Resources Utica Holdings LLC                                               | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       25000 | PA      | $25144.33     | 0.00%             | 2032-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                    | Bridgecrest Lending Auto Securitization Trust, Series 2025-1, Class D             | CUSIP: 10806HAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      975000 | PA      | $984976.69    | 0.09%             | 2030-11-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Galaxy XV CLO Ltd.                                               | Galaxy CLO Ltd., Series 2013-15A, Class ARR                                       | CUSIP: 36318WAK6<br>LEI: 549300MJK1HWQWCLYA68 | Long             | ABS-CBDO         | CORP              | KY        |        6350 | PA      | $6349.07      | 0.00%             | 2030-10-15      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Magnetite XXII Ltd.                                              | Magnetite Ltd., Series 2019-22A, Class BRR                                        | CUSIP: 55954HAY8<br>LEI: 5493000081NBXWGGSW23 | Long             | ABS-CBDO         | CORP              | KY        |      933000 | PA      | $933863.03    | 0.08%             | 2036-07-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                                       | Garda World Security Corp.                                                        | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |       50000 | PA      | $49783.87     | 0.00%             | 2032-08-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                     | Tallgrass Energy Partners LP                                                      | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       15000 | PA      | $15256.55     | 0.00%             | 2029-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| RCO VIII Mortgage LLC                                            | RCO Mortgage LLC, Series 2025-3, Class A1                                         | CUSIP: 74939GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1400000 | PA      | $1406574.40   | 0.12%             | 2030-05-25      | Variable      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                             | NOVA Chemicals Corp.                                                              | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |       70000 | PA      | $66922.42     | 0.01%             | 2029-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Mundys SpA                                                       | Mundys SpA                                                                        | CUSIP: N/A<br>LEI: 8156008DEC771409C487       | Long             | DBT              | CORP              | IT        |      370000 | PA      | $404631.01    | 0.04%             | 2028-02-12      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Accelerated LLC                                                  | Accelerated LLC, Series 2021-1H, Class B                                          | CUSIP: 00439KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      118357 | PA      | $109595.05    | 0.01%             | 2040-10-20      | Fixed         | 1.90%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                         | Bausch Health Cos., Inc.                                                          | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      380000 | PA      | $310175.00    | 0.03%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Endo Finance Holdings, Inc.                                      | Endo Finance Holdings, Inc.                                                       | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       16000 | PA      | $16561.30     | 0.00%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                  | Citigroup, Inc., Series EE                                                        | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      710000 | PA      | $702381.06    | 0.06%             | 2030-02-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 4120, Class UI                                               | CUSIP: 3137AVHL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      220358 | PA      | $5086.57      | 0.00%             | 2027-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                                      | Cheniere Energy Partners LP                                                       | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     2380000 | PA      | $2330058.03   | 0.20%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Petco Health & Wellness Co., Inc.                                | Petco Health & Wellness Co., Inc., 1st Lien Term Loan                             | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |      345000 | PA      | $318938.70    | 0.03%             | 2028-03-03      | Variable      | 7.81%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide, Inc.                             | Anheuser-Busch InBev Worldwide, Inc.                                              | CUSIP: 03523TBW7<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |      126000 | PA      | $125865.59    | 0.01%             | 2059-01-23      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Weekley Homes LLC                                                | Weekley Homes LLC                                                                 | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      125000 | PA      | $120139.80    | 0.01%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                                   | DISH DBS Corp.                                                                    | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $76164.93     | 0.01%             | 2028-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                               | United Airlines Pass-Through Trust, Series 2013-1, Class A                        | CUSIP: 909319AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      715293 | PA      | $713734.39    | 0.06%             | 2025-08-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                                     | DNB Bank ASA                                                                      | CUSIP: 23329PAF7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |      701000 | PA      | $693467.94    | 0.06%             | 2026-09-16      | Variable      | 1.13%                 | Yes           |                  2 | On Loan: No      |
| TK Elevator Midco GmbH                                           | TK Elevator Midco GmbH                                                            | CUSIP: N/A<br>LEI: 254900K869UN2ZWVB351       | Long             | DBT              | CORP              | DE        |      130000 | PA      | $147423.99    | 0.01%             | 2027-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                                    | Organon & Co.                                                                     | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      310000 | PA      | $291190.84    | 0.03%             | 2028-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K125, Class X1   | CUSIP: 3137F9ZA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    18204799 | PA      | $476561.58    | 0.04%             | 2031-01-25      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                                 | CCO Holdings LLC                                                                  | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       65000 | PA      | $64102.06     | 0.01%             | 2029-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| WP Carey, Inc.                                                   | WP Carey, Inc.                                                                    | CUSIP: 92936UAG4<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |      180000 | PA      | $156142.63    | 0.01%             | 2031-02-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 42 Ltd.                       | Neuberger Berman Loan Advisers CLO Ltd., Series 2021-42A, Class CR                | CUSIP: 64133WAS4<br>LEI: 549300LGCRX4YI1JNS93 | Long             | ABS-CBDO         | CORP              | KY        |     1900000 | PA      | $1895717.40   | 0.16%             | 2036-07-16      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 4073, Class IQ                                               | CUSIP: 3137ARXB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      438037 | PA      | $59063.22     | 0.01%             | 2042-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP                                     | Antero Midstream Partners LP                                                      | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      130000 | PA      | $128677.09    | 0.01%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                     | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      270000 | PA      | $270035.10    | 0.02%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                        | HCA, Inc.                                                                         | CUSIP: 404119BX6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     1570000 | PA      | $1528706.60   | 0.13%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                           | Truist Financial Corp.                                                            | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      859000 | PA      | $880027.75    | 0.08%             | 2034-06-08      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                     | Drive Auto Receivables Trust, Series 2024-1, Class C                              | CUSIP: 26208WAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2572000 | PA      | $2602348.83   | 0.23%             | 2031-11-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                | EMRLD Borrower LP                                                                 | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      350000 | PA      | $353539.76    | 0.03%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 34 Ltd.                       | Neuberger Berman Loan Advisers CLO Ltd., Series 2019-34A, Class BR                | CUSIP: 64132YAS1<br>LEI: 5493009EGZQAPYYVLD80 | Long             | ABS-CBDO         | CORP              | KY        |     1060000 | PA      | $1062144.38   | 0.09%             | 2035-01-20      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                               | Vodafone Group plc                                                                | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | DBT              | CORP              | GB        |      200000 | PA      | $213748.46    | 0.02%             | 2080-08-27      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Shift4 Payments LLC                                              | Shift4 Payments LLC                                                               | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      166000 | PA      | $169369.25    | 0.01%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PG&E Corp.                                                       | PG&E Corp.                                                                        | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |       20000 | PA      | $19514.14     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                               | Cinemark USA, Inc.                                                                | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |       25000 | PA      | $24663.38     | 0.00%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                                      | Adient Global Holdings Ltd.                                                       | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |      260000 | PA      | $265374.98    | 0.02%             | 2031-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                      | Hashemite Kingdom of Jordan                                                       | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |      949000 | PA      | $887343.47    | 0.08%             | 2030-07-07      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| ON Semiconductor Corp.                                           | ON Semiconductor Corp.                                                            | CUSIP: 682189AS4<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |     1647000 | PA      | $1776783.60   | 0.15%             | 2027-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                              | Exeter Automobile Receivables Trust, Series 2022-4A, Class E                      | CUSIP: 30166BAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1553000 | PA      | $1583451.22   | 0.14%             | 2030-03-15      | Fixed         | 8.23%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                             | Republic of Colombia                                                              | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      748000 | PA      | $612163.20    | 0.05%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                                 | CCO Holdings LLC                                                                  | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      360000 | PA      | $337554.29    | 0.03%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                | Credit Acceptance Auto Loan Trust, Series 2024-1A, Class A                        | CUSIP: 22537GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      753000 | PA      | $761627.12    | 0.07%             | 2034-03-15      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | OIS                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    35429000 | PA      | $-396556.38   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                  | Citigroup, Inc., Series W                                                         | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      550000 | PA      | $544370.86    | 0.05%             | 2025-12-10      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NGG Finance plc                                                  | NGG Finance plc                                                                   | CUSIP: N/A<br>LEI: 549300MLDJ2T68G21W86       | Long             | DBT              | CORP              | GB        |      518000 | PA      | $572227.43    | 0.05%             | 2082-09-05      | Variable      | 2.12%                 | Yes           |                  2 | On Loan: No      |
| GCAT Trust                                                       | GCAT Trust, Series 2021-NQM4, Class A1                                            | CUSIP: 36168HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1510353 | PA      | $1254212.47   | 0.11%             | 2066-08-25      | Variable      | 1.09%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                            | NextEra Energy Capital Holdings, Inc.                                             | CUSIP: 65339KDL1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     1590000 | PA      | $1589019.26   | 0.14%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                        | Vistra Operations Co. LLC                                                         | CUSIP: 92840VAE2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     1550000 | PA      | $1510496.44   | 0.13%             | 2029-07-15      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                             | FREMF Mortgage Trust, Series 2018-KF45, Class B                                   | CUSIP: 30296TAG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       93003 | PA      | $92852.14     | 0.01%             | 2025-03-25      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 50 Ltd.                       | Neuberger Berman Loan Advisers CLO Ltd., Series 2022-50A, Class CR                | CUSIP: 64134VAU0<br>LEI: 549300UMYON6L2REF246 | Long             | ABS-CBDO         | CORP              | JE        |      649123 | PA      | $648951.63    | 0.06%             | 2036-07-23      | Floating      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                    | Cheplapharm Arzneimittel GmbH                                                     | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |      210000 | PA      | $237925.09    | 0.02%             | 2027-02-11      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                          | Romania Government Bond                                                           | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |      495000 | PA      | $411629.73    | 0.04%             | 2049-04-03      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Glencore Funding LLC                                             | Glencore Funding LLC                                                              | CUSIP: 378272CA4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     1280000 | PA      | $1283450.78   | 0.11%             | 2035-04-01      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners 43 Ltd.                              | Octagon Investment Partners Ltd., Series 2019-1A, Class BR                        | CUSIP: 67573LAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2039000 | PA      | $2044448.21   | 0.18%             | 2032-10-25      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                     | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAX9<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     1970000 | PA      | $1960603.10   | 0.17%             | 2030-01-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Piedmont Natural Gas Co., Inc.                                   | Piedmont Natural Gas Co., Inc.                                                    | CUSIP: 720186AM7<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |      240000 | PA      | $154671.76    | 0.01%             | 2050-06-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP                                     | Antero Midstream Partners LP                                                      | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $109575.82    | 0.01%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2005-21CB, Class A17                               | CUSIP: 12667GKS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      576802 | PA      | $442791.27    | 0.04%             | 2035-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK                                                             | BANK, Series 2019-BN20, Class XA                                                  | CUSIP: 06540AAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3657023 | PA      | $108664.79    | 0.01%             | 2062-09-15      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| GNMA                                                             | GNMA, Series 2012-89                                                              | CUSIP: 38378BXV6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     2237218 | PA      | $22.37        | 0.00%             | 2053-12-16      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                 | Gray Media, Inc.                                                                  | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      150000 | PA      | $108562.50    | 0.01%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                  | Republic Finance Issuance Trust, Series 2024-B, Class A                           | CUSIP: 76042GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1866000 | PA      | $1883173.17   | 0.16%             | 2037-11-20      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| VistaJet Malta Finance plc                                       | VistaJet Malta Finance plc                                                        | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $49255.08     | 0.00%             | 2028-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                              | New Residential Mortgage Loan Trust, Series 2020-NQM1, Class A1                   | CUSIP: 64830VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      443427 | PA      | $416509.40    | 0.04%             | 2060-01-26      | Variable      | 2.46%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                              | Rocket Mortgage LLC                                                               | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $164133.21    | 0.01%             | 2033-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Altice France Holding SA                                         | Altice France Holding SA                                                          | CUSIP: N/A<br>LEI: 5299000JVHXKJPOE6H40       | Long             | DBT              | CORP              | LU        |      141000 | PA      | $57635.44     | 0.01%             | 2027-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                               | Banco Santander SA                                                                | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | DBT              | CORP              | ES        |      200000 | PA      | $238160.64    | 0.02%             | 2029-11-20      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                               | Banco Bilbao Vizcaya Argentaria SA                                                | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |     2200000 | PA      | $2414634.20   | 0.21%             | 2029-03-19      | Variable      | 9.38%                 | No            |                  2 | On Loan: No      |
| Entegris, Inc.                                                   | Entegris, Inc.                                                                    | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |       60000 | PA      | $57928.04     | 0.01%             | 2028-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| HUB International Ltd.                                           | HUB International Ltd., 1st Lien Term Loan                                        | CUSIP: 44332EAZ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      643769 | PA      | $643530.54    | 0.06%             | 2030-06-20      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                                  | Gulfport Energy Operating Corp.                                                   | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |       41000 | PA      | $41592.68     | 0.00%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                          | RHP Hotel Properties LP                                                           | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       32000 | PA      | $32544.46     | 0.00%             | 2033-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                 | OneMain Financial Issuance Trust, Series 2023-2A, Class A2                        | CUSIP: 68269HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2738000 | PA      | $2786624.42   | 0.24%             | 2036-09-15      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                             | Charter Communications Operating LLC                                              | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1038000 | PA      | $685149.57    | 0.06%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SBA Small Business Investment Cos.                               | SBA Small Business Investment Cos., Series 2023-10B, Class 1                      | CUSIP: 831641FW0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1075707 | PA      | $1109404.11   | 0.10%             | 2033-09-10      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Shutterfly Finance LLC                                           | Shutterfly Finance LLC                                                            | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       85675 | PA      | $75480.10     | 0.01%             | 2027-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Alpek SAB de CV                                                  | Alpek SAB de CV                                                                   | CUSIP: N/A<br>LEI: 549300PWKJTP62D4IQ66       | Long             | DBT              | CORP              | MX        |     1180000 | PA      | $1010006.25   | 0.09%             | 2031-02-25      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Trust LLC                                          | SCF Equipment Trust LLC, Series 2025-1A, Class E                                  | CUSIP: 78437DAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1434000 | PA      | $1464571.73   | 0.13%             | 2035-11-20      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-28738.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                                     | UBS Group AG                                                                      | CUSIP: 225401AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     2840000 | PA      | $2810199.17   | 0.24%             | 2028-01-09      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                                  | Santander UK Group Holdings plc                                                   | CUSIP: 80281LAT2<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |     2100000 | PA      | $2180369.54   | 0.19%             | 2029-01-10      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Rossini Sarl                                                     | Rossini Sarl                                                                      | CUSIP: N/A<br>LEI: 549300EC5JCCW6F83R11       | Long             | DBT              | CORP              | LU        |      300000 | PA      | $359782.77    | 0.03%             | 2029-12-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                          | Civitas Resources, Inc.                                                           | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |       65000 | PA      | $63550.88     | 0.01%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K759, Class X3   | CUSIP: 3137HJZV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      437736 | PA      | $122413.88    | 0.01%             | 2057-02-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                                 | CCO Holdings LLC                                                                  | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2370000 | PA      | $2345549.90   | 0.20%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                            | Countrywide Asset-Backed Certificates, Series 2002-4, Class M1                    | CUSIP: 126671SL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      231944 | PA      | $238911.70    | 0.02%             | 2032-12-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                            | WR Grace Holdings LLC                                                             | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |       65000 | PA      | $64087.27     | 0.01%             | 2027-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                         | Avis Budget Rental Car Funding AESOP LLC, Series 2023-1A, Class C                 | CUSIP: 05377RGG3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |      635000 | PA      | $642725.09    | 0.06%             | 2029-04-20      | Fixed         | 6.23%                 | Yes           |                  2 | On Loan: No      |
| Berry Global, Inc.                                               | Berry Global, Inc.                                                                | CUSIP: 08576BAB8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     1760000 | PA      | $1826941.81   | 0.16%             | 2031-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Euro-Bund                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          10 | NC      | $6314.79      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Operating LLC                                  | Permian Resources Operating LLC                                                   | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |       75000 | PA      | $76934.63     | 0.01%             | 2032-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | CDI                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    31128000 | PA      | $-524110.99   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Chemours Co. (The)                                               | Chemours Co. (The)                                                                | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |      170000 | PA      | $152218.99    | 0.01%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Accenture Capital, Inc.                                          | Accenture Capital, Inc.                                                           | CUSIP: 00440KAC7<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |      380000 | PA      | $373120.86    | 0.03%             | 2031-10-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hungary                                                          | Hungary Government Bond                                                           | CUSIP: 445545AT3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      639000 | PA      | $638520.75    | 0.06%             | 2052-09-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                            | Dominion Energy, Inc.                                                             | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     1247000 | PA      | $1248457.95   | 0.11%             | 2055-05-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-20172.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Loxam SAS                                                        | Loxam SAS                                                                         | CUSIP: N/A<br>LEI: 969500BNA2YRNE1R5K91       | Long             | DBT              | CORP              | FR        |      171000 | PA      | $195387.11    | 0.02%             | 2027-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Avantor Funding, Inc.                                            | Avantor Funding, Inc.                                                             | CUSIP: N/A<br>LEI: 5493003VM0XB4U8YD238       | Long             | DBT              | CORP              | US        |      400000 | PA      | $454057.37    | 0.04%             | 2028-07-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Harvest Commercial Capital Loan Trust                            | Harvest Commercial Capital Loan Trust, Series 2024-1, Class A                     | CUSIP: 417927AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2933058 | PA      | $3012610.85   | 0.26%             | 2056-10-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Mariner Finance issuance Trust                                   | Mariner Finance issuance Trust, Series 2024-BA, Class C                           | CUSIP: 56847GAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      342000 | PA      | $344089.93    | 0.03%             | 2038-11-20      | Fixed         | 5.73%                 | Yes           |                  2 | On Loan: No      |
| TK Elevator Midco GmbH                                           | TK Elevator Midco GmbH                                                            | CUSIP: N/A<br>LEI: 254900K869UN2ZWVB351       | Long             | DBT              | CORP              | DE        |       50000 | PA      | $56701.53     | 0.00%             | 2027-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                               | Istanbul Metropolitan Municipality                                                | CUSIP: N/A<br>LEI: 213800T1VDQSNKA2MD76       | Long             | DBT              | NUSS              | TR        |      480000 | PA      | $510720.00    | 0.04%             | 2028-12-06      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                             | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      440000 | PA      | $447115.36    | 0.04%             | 2029-04-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                   | Morgan Stanley Capital I Trust, Series 2021-L5, Class XA                          | CUSIP: 61691YAP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    10661180 | PA      | $533401.22    | 0.05%             | 2054-05-15      | Variable      | 1.28%                 | No            |                  2 | On Loan: No      |
| PRET LLC                                                         | PRET LLC, Series 2025-NPL4, Class A1                                              | CUSIP: 74136UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2000000 | PA      | $2003767.60   | 0.17%             | 2055-04-25      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                          | Romania Government Bond                                                           | CUSIP: 77586RAU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      260000 | PA      | $247912.60    | 0.02%             | 2034-01-30      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| eircom Finance DAC                                               | eircom Finance DAC                                                                | CUSIP: N/A<br>LEI: 254900NA4DUH50UERM85       | Long             | DBT              | CORP              | IE        |      260000 | PA      | $308506.49    | 0.03%             | 2029-12-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                             | GNMA II, Single Family, 30 Year                                                   | CUSIP: 21H052678<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     7140000 | PA      | $7081708.54   | 0.62%             | 2055-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Univision Communications, Inc.                                   | Univision Communications, Inc.                                                    | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      120000 | PA      | $120076.80    | 0.01%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                               | United Rentals North America, Inc.                                                | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |      215000 | PA      | $217925.94    | 0.02%             | 2034-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-19683.82    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                     | Ardagh Packaging Finance plc                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IE        |      410000 | PA      | $428291.74    | 0.04%             | 2026-08-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                         | Bristol-Myers Squibb Co.                                                          | CUSIP: 110122EL8<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      370000 | PA      | $349841.86    | 0.03%             | 2064-02-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                  | Citigroup, Inc.                                                                   | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1695000 | PA      | $1674133.91   | 0.15%             | 2030-09-19      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Republic of Poland                                               | Republic of Poland                                                                | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |    16880000 | PA      | $3638193.45   | 0.32%             | 2032-04-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                | Hertz Corp. (The)                                                                 | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |      163000 | PA      | $165971.98    | 0.01%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| Take-Two Interactive Software, Inc.                              | Take-Two Interactive Software, Inc.                                               | CUSIP: 874054AG4<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |      660000 | PA      | $649543.72    | 0.06%             | 2027-04-14      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Noble Finance II LLC                                             | Noble Finance II LLC                                                              | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       34000 | PA      | $33879.13     | 0.00%             | 2030-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Etsy, Inc.                                                       | Etsy, Inc.                                                                        | CUSIP: 29786AAJ5<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |      640000 | PA      | $634240.00    | 0.06%             | 2026-10-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Emera US Finance LP                                              | Emera US Finance LP                                                               | CUSIP: 29103DAT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1964000 | PA      | $1691114.69   | 0.15%             | 2031-06-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | NDIRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    25756403 | PA      | $-195245.76   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K147, Class X3   | CUSIP: 3137H8C74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     4600000 | PA      | $951381.20    | 0.08%             | 2050-06-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| TotalEnergies Capital International SA                           | TotalEnergies Capital International SA                                            | CUSIP: 89153VAV1<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |      310000 | PA      | $198744.19    | 0.02%             | 2050-05-29      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Volkswagen International Finance NV                              | Volkswagen International Finance NV                                               | CUSIP: N/A<br>LEI: 5299004PWNHKYTR23649       | Long             | DBT              | CORP              | NL        |      600000 | PA      | $677779.08    | 0.06%             | 2028-06-27      | Variable      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                         | Comstock Resources, Inc.                                                          | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |      330000 | PA      | $325256.61    | 0.03%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      448000 | PA      | $451701.38    | 0.04%             | 2030-02-10      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                           | Santander Drive Auto Receivables Trust, Series 2024-3, Class D                    | CUSIP: 80287LAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1470000 | PA      | $1497305.40   | 0.13%             | 2031-10-15      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| ZF Europe Finance BV                                             | ZF Europe Finance BV                                                              | CUSIP: N/A<br>LEI: 549300RI533US2G6G542       | Long             | DBT              | CORP              | NL        |      700000 | PA      | $756063.79    | 0.07%             | 2027-10-23      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                               | BMO Mortgage Trust, Series 2024-5C3, Class AS                                     | CUSIP: 09660QAW4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2030000 | PA      | $2098854.35   | 0.18%             | 2057-02-15      | Variable      | 6.29%                 | No            |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                          | Lendingpoint Asset Securitization Trust, Series 2022-A, Class D                   | CUSIP: 52605AAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      626621 | PA      | $384123.17    | 0.03%             | 2029-06-15      | Fixed         | 4.54%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                       | iHeartCommunications, Inc.                                                        | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      254000 | PA      | $210181.24    | 0.02%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| JBS USA Holding Lux Sarl                                         | JBS USA Holding Lux Sarl                                                          | CUSIP: 47214BAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      880000 | PA      | $970357.52    | 0.08%             | 2053-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                                     | Performance Food Group, Inc.                                                      | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |       20000 | PA      | $20160.92     | 0.00%             | 2032-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                                     | Pacific Gas and Electric Co.                                                      | CUSIP: 694308HD2<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      250000 | PA      | $196112.75    | 0.02%             | 2043-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Entergy Mississippi LLC                                          | Entergy Mississippi LLC                                                           | CUSIP: 29366WAG1<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |      112000 | PA      | $108292.64    | 0.01%             | 2055-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Arches Buyer, Inc.                                               | Arches Buyer, Inc.                                                                | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |      130000 | PA      | $122443.87    | 0.01%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-40306.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-32342.43    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RCI Banque SA                                                    | RCI Banque SA                                                                     | CUSIP: N/A<br>LEI: 96950001WI712W7PQG45       | Long             | DBT              | CORP              | FR        |      500000 | PA      | $569113.97    | 0.05%             | 2037-03-24      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                         | Duke Energy Progress LLC                                                          | CUSIP: 26442UAV6<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |       33000 | PA      | $31438.39     | 0.00%             | 2055-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                           | Cleveland-Cliffs, Inc.                                                            | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       47000 | PA      | $42264.07     | 0.00%             | 2031-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Altar Bidco, Inc.                                                | Altar Bidco, Inc., 1st Lien Term Loan B                                           | CUSIP: 02090CAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      513073 | PA      | $506146.42    | 0.04%             | 2029-02-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                         | WESCO Distribution, Inc.                                                          | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |      208000 | PA      | $212316.42    | 0.02%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Viridien                                                         | Viridien                                                                          | CUSIP: N/A<br>LEI: 969500FCVQ5SLAAUJV59       | Long             | DBT              | CORP              | FR        |      129000 | PA      | $139920.91    | 0.01%             | 2030-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Schaeffler AG                                                    | Schaeffler AG                                                                     | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | DBT              | CORP              | DE        |      300000 | PA      | $345744.53    | 0.03%             | 2031-04-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The), Series T                                         | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     1118000 | PA      | $1098821.05   | 0.10%             | 2026-05-10      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust               | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class C      | CUSIP: 61765LAY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      190000 | PA      | $184209.77    | 0.02%             | 2048-05-15      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| CoreCivic, Inc.                                                  | CoreCivic, Inc.                                                                   | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |      110000 | PA      | $116262.72    | 0.01%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                               | Chord Energy Corp.                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |       59000 | PA      | $58591.74     | 0.01%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                            | Republic of Guatemala                                                             | CUSIP: 401494AY5<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      976000 | PA      | $976976.00    | 0.08%             | 2031-08-06      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| TotalEnergies Capital SA                                         | TotalEnergies Capital SA                                                          | CUSIP: 89157XAE1<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $272477.70    | 0.02%             | 2054-09-10      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                            | Global Payments, Inc.                                                             | CUSIP: 37940XAH5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     1010000 | PA      | $877482.39    | 0.08%             | 2031-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                                   | Rite Aid Corp.                                                                    | CUSIP: 767ESCAC0<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |       98000 | PA      | $0.00         | 0.00%             | 2026-11-15      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| GNMA                                                             | GNMA, Series 2019-53, Class IA                                                    | CUSIP: 38380M4K4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     8967890 | PA      | $455639.68    | 0.04%             | 2061-06-16      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| Paysafe Finance plc                                              | Paysafe Finance plc                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      169000 | PA      | $182296.50    | 0.02%             | 2029-06-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                      | Crescent Energy Finance LLC                                                       | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |      140000 | PA      | $131990.10    | 0.01%             | 2032-04-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| SSB Equipment Co., Inc.                                          | SSB Equipment Co., Inc.                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       10319 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bausch Health Americas, Inc.                                     | Bausch Health Americas, Inc.                                                      | CUSIP: 91911XAV6<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |      310000 | PA      | $305412.00    | 0.03%             | 2026-04-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Comcast Corp.                                                    | Comcast Corp.                                                                     | CUSIP: 20030NEF4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     1410000 | PA      | $1276566.95   | 0.11%             | 2053-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     2540000 | PA      | $2243284.29   | 0.19%             | 2033-02-24      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust                  | Multi-Family Connecticut Avenue Securities Trust, Series 2025-01, Class M1        | CUSIP: 62549CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1500000.00   | 0.13%             | 2055-05-25      | Floating      | 6.71%                 | Yes           |                  3 | On Loan: No      |
| Exeter Automobile Receivables Trust                              | Exeter Automobile Receivables Trust, Series 2022-3A, Class D                      | CUSIP: 30166YAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2100000 | PA      | $2125968.18   | 0.18%             | 2028-09-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                          | Volkswagen Group of America Finance LLC                                           | CUSIP: 928668CS9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |      200000 | PA      | $197712.29    | 0.02%             | 2035-03-27      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| FirstEnergy Pennsylvania Electric Co.                            | FirstEnergy Pennsylvania Electric Co.                                             | CUSIP: 591894CE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      390000 | PA      | $396382.73    | 0.03%             | 2028-04-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Bertrand Franchise Finance SAS                                   | Bertrand Franchise Finance SAS                                                    | CUSIP: N/A<br>LEI: 969500HGPPEHSTNJFW57       | Long             | DBT              | CORP              | FR        |      200000 | PA      | $229170.83    | 0.02%             | 2030-07-18      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                              | Intesa Sanpaolo SpA                                                               | CUSIP: 46115HBZ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     3845000 | PA      | $4094773.97   | 0.36%             | 2033-06-20      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Entergy Corp.                                                    | Entergy Corp.                                                                     | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |      965000 | PA      | $986598.63    | 0.09%             | 2054-12-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Serta Simmons Bedding LLC                                        | Serta Simmons Bedding LLC                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       10319 | NS      | $108349.50    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| 1261229 BC Ltd.                                                  | 1261229 BC Ltd., 1st Lien Term Loan                                               | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |      100000 | PA      | $94764.00     | 0.01%             | 2030-10-08      | Variable      | 10.59%                | No            |                  2 | On Loan: No      |
| Fluor Corp.                                                      | Fluor Corp.                                                                       | CUSIP: 343412AJ1<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |      396000 | PA      | $458766.00    | 0.04%             | 2029-08-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                 | CSC Holdings LLC, 1st Lien Term Loan                                              | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |      398364 | PA      | $392886.98    | 0.03%             | 2028-01-18      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                      | Crescent Energy Finance LLC                                                       | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |      150000 | PA      | $154876.44    | 0.01%             | 2028-02-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                | HSBC Holdings plc                                                                 | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      715000 | PA      | $721016.95    | 0.06%             | 2030-06-05      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                             | Frontier Communications Holdings LLC                                              | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      305000 | PA      | $305795.14    | 0.03%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     2660000 | PA      | $2584756.93   | 0.22%             | 2027-05-04      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                          | Civitas Resources, Inc.                                                           | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |       32000 | PA      | $32047.62     | 0.00%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Leasing GmbH                                          | Volkswagen Leasing GmbH                                                           | CUSIP: N/A<br>LEI: 5299004GLEUX88BSNB74       | Long             | DBT              | CORP              | DE        |     1400000 | PA      | $1460930.58   | 0.13%             | 2029-01-12      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                            | OneMain Direct Auto Receivables Trust, Series 2025-1A, Class D                    | CUSIP: 682684AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      690000 | PA      | $694101.15    | 0.06%             | 2037-07-14      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Chariot Buyer LLC                                                | Chariot Buyer LLC, 1st Lien Term Loan                                             | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |      520892 | PA      | $518464.81    | 0.05%             | 2028-11-03      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                 | Gray Media, Inc.                                                                  | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |       95000 | PA      | $101034.50    | 0.01%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| COLT Trust                                                       | COLT Trust, Series 2021-RPL1, Class A1                                            | CUSIP: 12598PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1198982 | PA      | $1089750.25   | 0.09%             | 2061-09-25      | Variable      | 1.67%                 | Yes           |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                            | Clydesdale Acquisition Holdings, Inc.                                             | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |      180000 | PA      | $181904.07    | 0.02%             | 2032-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      737000 | PA      | $749037.75    | 0.07%             | 2036-04-17      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Nevada Power Co.                                                 | Nevada Power Co.                                                                  | CUSIP: 641423CH9<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |     1190000 | PA      | $1170745.76   | 0.10%             | 2055-05-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                               | Banco Santander SA                                                                | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     1000000 | PA      | $1149790.00   | 0.10%             | 2033-05-21      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                              | DT Auto Owner Trust, Series 2022-1A, Class E                                      | CUSIP: 23345YAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1000000 | PA      | $996173.90    | 0.09%             | 2029-03-15      | Fixed         | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                                     | Ecopetrol SA                                                                      | CUSIP: 279158AE9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |      550000 | PA      | $449900.00    | 0.04%             | 2043-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                     | MASTR Alternative Loan Trust, Series 2004-12, Class 3A1                           | CUSIP: 576434YF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      543652 | PA      | $542204.10    | 0.05%             | 2034-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                         | Cooperatieve Rabobank UA                                                          | CUSIP: 74977RDN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |     1720000 | PA      | $1691143.32   | 0.15%             | 2028-04-06      | Variable      | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Union Electric Co.                                               | Union Electric Co.                                                                | CUSIP: 906548CU4<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |      260000 | PA      | $191865.14    | 0.02%             | 2052-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                        | Vistra Operations Co. LLC                                                         | CUSIP: 92840VAG7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     1031000 | PA      | $1011709.33   | 0.09%             | 2027-01-30      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                            | Republic of Indonesia                                                             | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        | 59871000000 | PA      | $3652323.59   | 0.32%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                     | GS Mortgage Securities Trust, Series 2015-GC30, Class C                           | CUSIP: 36250GAW5<br>LEI: 549300L45M7638EL0H21 | Long             | ABS-MBS          | CORP              | US        |      190000 | PA      | $169198.80    | 0.01%             | 2050-05-10      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                     | American Credit Acceptance Receivables Trust, Series 2024-1, Class D              | CUSIP: 02531AAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2975000 | PA      | $2996205.21   | 0.26%             | 2030-05-13      | Fixed         | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Seagate HDD Cayman                                               | Seagate HDD Cayman                                                                | CUSIP: 81180WBN0<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |       21000 | PA      | $22383.17     | 0.00%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PRM5 Trust                                                       | PRM5 Trust, Series 2025-PRM5, Class A                                             | CUSIP: 693980AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      830000 | PA      | $821887.83    | 0.07%             | 2033-03-10      | Variable      | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Raven Acquisition Holdings LLC                                   | Raven Acquisition Holdings LLC                                                    | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       67000 | PA      | $66695.94     | 0.01%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-116495.02   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                | Credit Acceptance Auto Loan Trust, Series 2024-1A, Class C                        | CUSIP: 22537GAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      870000 | PA      | $895716.07    | 0.08%             | 2034-07-17      | Fixed         | 6.71%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                    | Notas do Tesouro Nacional                                                         | CUSIP: N/A<br>LEI: 254900ZFY40OYEADAP90       | Long             | DBT              | NUSS              | BR        |    45000000 | PA      | $7761810.78   | 0.67%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                   | Carnival Corp.                                                                    | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      139000 | PA      | $139343.25    | 0.01%             | 2033-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                     | American Credit Acceptance Receivables Trust, Series 2023-3, Class D              | CUSIP: 02530EAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2300000 | PA      | $2346139.84   | 0.20%             | 2029-10-12      | Fixed         | 6.82%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                     | Oracle Corp.                                                                      | CUSIP: 68389XDB8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      730000 | PA      | $707756.48    | 0.06%             | 2055-08-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                          | Uber Technologies, Inc.                                                           | CUSIP: 90353TAQ3<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      150000 | PA      | $136228.41    | 0.01%             | 2054-09-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MVW LLC                                                          | MVW LLC, Series 2021-1WA, Class D                                                 | CUSIP: 55389TAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      424364 | PA      | $402357.57    | 0.03%             | 2041-01-22      | Fixed         | 3.17%                 | Yes           |                  2 | On Loan: No      |
| Paprec Holding SA                                                | Paprec Holding SA                                                                 | CUSIP: N/A<br>LEI: 969500ASAFSVN9KVC873       | Long             | DBT              | CORP              | FR        |      240000 | PA      | $270744.87    | 0.02%             | 2028-07-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| GCAT Trust                                                       | GCAT Trust, Series 2021-NQM2, Class A1                                            | CUSIP: 36166XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2036684 | PA      | $1730220.06   | 0.15%             | 2066-05-25      | Variable      | 1.04%                 | Yes           |                  2 | On Loan: No      |
| Verisure Holding AB                                              | Verisure Holding AB                                                               | CUSIP: N/A<br>LEI: 549300VQQCWGISM3N408       | Long             | DBT              | CORP              | SE        |      192000 | PA      | $226827.37    | 0.02%             | 2030-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Sigma Holdco BV                                                  | Sigma Holdco BV                                                                   | CUSIP: N/A<br>LEI: 254900RAPCKVT00GAO59       | Long             | DBT              | CORP              | NL        |       27324 | PA      | $30912.31     | 0.00%             | 2026-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Topgolf Callaway Brands Corp.                                    | Topgolf Callaway Brands Corp., 1st Lien Term Loan                                 | CUSIP: 89071LAB6<br>LEI: 5493005UB0KFRKBPCU72 | Long             | LON              | CORP              | US        |      411990 | PA      | $401587.17    | 0.03%             | 2030-03-18      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                               | Energy Transfer LP                                                                | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     1270000 | PA      | $1331200.03   | 0.12%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                                 | Boeing Co. (The)                                                                  | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      415000 | PA      | $400473.39    | 0.03%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                             | FREMF Mortgage Trust, Series 2018-KF48, Class B                                   | CUSIP: 30308EAG0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      480434 | PA      | $453880.68    | 0.04%             | 2028-06-25      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                        | Ford Motor Credit Co. LLC                                                         | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      760000 | PA      | $748775.92    | 0.07%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BCPE Pequod Buyer, Inc.                                          | BCPE Pequod Buyer, Inc., 1st Lien Term Loan                                       | CUSIP: 05624AAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      800000 | PA      | $801600.00    | 0.07%             | 2031-11-25      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust              | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class C     | CUSIP: 46645UAZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      152000 | PA      | $130776.42    | 0.01%             | 2049-12-15      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| A10 Revolving Asset Financing I LLC                              | A10 Revolving Asset Financing I LLC, Series 2012-RAF1, Class B                    | CUSIP: 002122AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6000000 | PA      | $6000000.00   | 0.52%             | 2028-02-10      | Floating      | 10.85%                | Yes           |                  3 | On Loan: No      |
| American Credit Acceptance Receivables Trust                     | American Credit Acceptance Receivables Trust, Series 2024-2, Class D              | CUSIP: 02531BAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      542000 | PA      | $553801.02    | 0.05%             | 2030-04-12      | Fixed         | 6.53%                 | 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        |      265500 | PA      | $264711.47    | 0.02%             | 2031-03-28      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                                           | Oportun Issuance Trust, Series 2021-C, Class A                                    | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1432595 | PA      | $1396829.68   | 0.12%             | 2031-10-08      | Fixed         | 2.18%                 | Yes           |                  2 | On Loan: No      |
| Trident TPI Holdings, Inc.                                       | Trident TPI Holdings, Inc., 1st Lien Term Loan B-7                                | CUSIP: 00216EAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      336549 | PA      | $325149.70    | 0.03%             | 2028-09-15      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                       | JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class C              | CUSIP: 46644YBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      124000 | PA      | $99200.45     | 0.01%             | 2048-08-15      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                | Credit Acceptance Auto Loan Trust, Series 2024-3A, Class A                        | CUSIP: 22535LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1095000 | PA      | $1096137.60   | 0.10%             | 2034-09-15      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K070, Class X3   | CUSIP: 3137FCJN5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     2151623 | PA      | $100723.07    | 0.01%             | 2044-12-25      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                     | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     3565000 | PA      | $3629759.19   | 0.32%             | 2029-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Pass-Through Trust                                       | JetBlue Pass-Through Trust, Series 2019-1, Class A                                | CUSIP: 477143AJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      130191 | PA      | $118711.96    | 0.01%             | 2028-05-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Virgin Media Finance plc                                         | Virgin Media Finance plc                                                          | CUSIP: N/A<br>LEI: 2138001LVYC87DDHT482       | Long             | DBT              | CORP              | GB        |      135000 | PA      | $144855.03    | 0.01%             | 2030-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities LLC                                      | Business Jet Securities LLC, Series 2024-2A, Class C                              | CUSIP: 12326TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      835297 | PA      | $832316.13    | 0.07%             | 2039-09-15      | Fixed         | 7.97%                 | Yes           |                  3 | On Loan: No      |
| Ballyrock CLO Ltd.                                               | Ballyrock CLO Ltd., Series 2020-2A, Class A2R                                     | CUSIP: 05875DAL6<br>LEI: 254900Y6C4AXEAZ9T124 | Long             | ABS-CBDO         | CORP              | KY        |     2600000 | PA      | $2605353.40   | 0.23%             | 2031-10-20      | Floating      | 6.08%                 | Yes           |                  2 | On Loan: No      |
| Swiss Re Finance Luxembourg SA                                   | Swiss Re Finance Luxembourg SA                                                    | CUSIP: 87089NAA8<br>LEI: 549300CLQZ6TM98LW631 | Long             | DBT              | CORP              | LU        |      200000 | PA      | $197269.00    | 0.02%             | 2049-04-02      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                                   | Broadcom, Inc.                                                                    | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     3620000 | PA      | $3229156.78   | 0.28%             | 2033-04-15      | Fixed         | 3.42%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                                 | ABN AMRO Bank NV                                                                  | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | DBT              | CORP              | NL        |      400000 | PA      | $454634.18    | 0.04%             | 2025-09-22      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| SoFi Technologies, Inc.                                          | SoFi Technologies, Inc.                                                           | CUSIP: 83406FAC6<br>LEI: 549300SW81JCMVZDDY09 | Long             | DBT              | CORP              | US        |      550000 | PA      | $869099.55    | 0.08%             | 2029-03-15      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| ACC Trust                                                        | ACC Trust, Series 2021-1, Class D                                                 | CUSIP: 00091KAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      491267 | PA      | $210443.64    | 0.02%             | 2027-03-22      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Commerzbank AG                                                   | Commerzbank AG                                                                    | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | DBT              | CORP              | DE        |      200000 | PA      | $247811.96    | 0.02%             | 2031-10-09      | Variable      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                           | Lendmark Funding Trust, Series 2024-2A, Class A                                   | CUSIP: 52590AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      511000 | PA      | $506304.01    | 0.04%             | 2034-02-21      | Fixed         | 4.47%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                              | NuStar Logistics LP                                                               | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |       40000 | PA      | $40099.56     | 0.00%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MRCD MARK Mortgage Trust                                         | MRCD MARK Mortgage Trust, Series 2019-PARK, Class E                               | CUSIP: 55348UAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      230000 | PA      | $160379.00    | 0.01%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Matador Resources Co.                                            | Matador Resources Co.                                                             | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |      152000 | PA      | $146412.04    | 0.01%             | 2033-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                         | Lumen Technologies, Inc.                                                          | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |      224252 | PA      | $217804.76    | 0.02%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                     | BX Commercial Mortgage Trust, Series 2024-MF, Class A                             | CUSIP: 05612EAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1832891 | PA      | $1835182.02   | 0.16%             | 2039-02-15      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Japan 10 Year Bond                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | JP        |         -31 | NC      | $-45219.57    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Cooperatieve Rabobank UA                                         | Cooperatieve Rabobank UA                                                          | CUSIP: N/A<br>LEI: DG3RU1DBUFHT4ZF9WN62       | Long             | DBT              | CORP              | NL        |     1600000 | PA      | $1800240.53   | 0.16%             | 2027-06-29      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Alstom SA                                                        | Alstom SA                                                                         | CUSIP: N/A<br>LEI: 96950032TUYMW11FB530       | Long             | DBT              | CORP              | FR        |      300000 | PA      | $351471.28    | 0.03%             | 2029-05-29      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Huntington Bancshares, Inc.                                      | Huntington Bancshares, Inc.                                                       | CUSIP: 446150BD5<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     1164000 | PA      | $1171084.41   | 0.10%             | 2035-02-02      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                                            | Foundry JV Holdco LLC                                                             | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |      550000 | PA      | $557109.08    | 0.05%             | 2031-01-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                              | Petroleos Mexicanos                                                               | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |      419000 | PA      | $399638.01    | 0.03%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                        | Republic of Turkiye (The)                                                         | CUSIP: 900123DN7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1454000 | PA      | $1330511.78   | 0.12%             | 2035-01-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-107516.35   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                                           | Oportun Issuance Trust, Series 2021-B, Class B                                    | CUSIP: 68377GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      524709 | PA      | $511286.01    | 0.04%             | 2031-05-08      | Fixed         | 1.96%                 | Yes           |                  2 | On Loan: No      |
| Czech Republic                                                   | Czech Republic                                                                    | CUSIP: N/A<br>LEI: 3157007EFDLQABN47912       | Long             | DBT              | NUSS              | CZ        |    60550000 | PA      | $2935042.77   | 0.26%             | 2034-04-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Amber Finco plc                                                  | Amber Finco plc                                                                   | CUSIP: N/A<br>LEI: 9845004C0870D380O790       | Long             | DBT              | CORP              | GB        |      111000 | PA      | $131859.03    | 0.01%             | 2029-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                | Credit Acceptance Auto Loan Trust, Series 2024-1A, Class B                        | CUSIP: 22537GAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      663000 | PA      | $675106.71    | 0.06%             | 2034-05-15      | Fixed         | 6.03%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                         | U.S. Treasury Bonds                                                               | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       35000 | PA      | $27922.07     | 0.00%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                                     | DaVita, Inc.                                                                      | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |      221000 | PA      | $224501.07    | 0.02%             | 2032-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| American Express Co.                                             | American Express Co.                                                              | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      391000 | PA      | $378117.92    | 0.03%             | 2026-09-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| PG&E Corp.                                                       | PG&E Corp.                                                                        | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     1711000 | PA      | $1675437.04   | 0.15%             | 2055-03-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                   | Braskem Netherlands Finance BV                                                    | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |      570000 | PA      | $496185.00    | 0.04%             | 2033-02-13      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                           | Republic of Paraguay                                                              | CUSIP: 699149AH3<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      470000 | PA      | $394821.15    | 0.03%             | 2050-03-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Perrigo Finance Unlimited Co.                                    | Perrigo Finance Unlimited Co., Series USD                                         | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |       24000 | PA      | $23957.54     | 0.00%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                         | Republic of South Africa                                                          | CUSIP: N/A<br>LEI: 378900AAFB4F17004C49       | Long             | DBT              | NUSS              | ZA        |   112200000 | PA      | $5264187.53   | 0.46%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                    | Netflix, Inc.                                                                     | CUSIP: 64110LAS5<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |      808000 | PA      | $821242.57    | 0.07%             | 2028-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                               | Nationstar Mortgage Holdings, Inc.                                                | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      315000 | PA      | $328007.30    | 0.03%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                     | American Credit Acceptance Receivables Trust, Series 2023-2, Class C              | CUSIP: 02529YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1244014 | PA      | $1247189.03   | 0.11%             | 2029-08-13      | Fixed         | 5.96%                 | Yes           |                  2 | On Loan: No      |
| PPL Capital Funding, Inc.                                        | PPL Capital Funding, Inc.                                                         | CUSIP: 69352PAT0<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |      100000 | PA      | $98997.22     | 0.01%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                        | Republic of Cote d'Ivoire                                                         | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |     1320000 | PA      | $1226669.21   | 0.11%             | 2040-10-17      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                              | Societe Generale SA                                                               | CUSIP: 83370RAA6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      452000 | PA      | $403227.30    | 0.04%             | 2030-11-18      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                                  | TransDigm, Inc.                                                                   | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       31000 | PA      | $31505.21     | 0.00%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      288000 | PA      | $285834.02    | 0.02%             | 2028-04-20      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                             | FirstKey Homes Trust, Series 2022-SFR2, Class F1                                  | CUSIP: 33767PAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3000000 | PA      | $2870852.10   | 0.25%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                  | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      828211 | PA      | $814855.64    | 0.07%             | 2041-01-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                             | Infrastrutture Wireless Italiane SpA                                              | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | DBT              | CORP              | IT        |      240000 | PA      | $262179.61    | 0.02%             | 2028-10-21      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                                    | SM Energy Co.                                                                     | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |       31000 | PA      | $29760.26     | 0.00%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| SES SA                                                           | SES SA                                                                            | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | DBT              | CORP              | LU        |      300000 | PA      | $324593.06    | 0.03%             | 2054-09-12      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                                       | Outfront Media Capital LLC                                                        | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       39000 | PA      | $38496.48     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                            | OneMain Finance Corp.                                                             | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |       10000 | PA      | $8997.76      | 0.00%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | U.S. Treasury 5 Year Note                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -437 | NC      | $-301320.11   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak OP LLC                                                | Healthpeak OP LLC                                                                 | CUSIP: 42250PAE3<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |     1350000 | PA      | $1348208.46   | 0.12%             | 2032-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ziggo Bond Co. BV                                                | Ziggo Bond Co. BV                                                                 | CUSIP: N/A<br>LEI: 213800JYI4P7V5QDOG59       | Long             | DBT              | CORP              | NL        |      810000 | PA      | $791340.75    | 0.07%             | 2030-02-28      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 4178, Class BI                                               | CUSIP: 3137B05Q3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      498271 | PA      | $35820.72     | 0.00%             | 2033-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | NDIRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    17464635 | PA      | $-134546.30   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                           | Velocity Commercial Capital Loan Trust, Series 2019-1, Class A                    | CUSIP: 92257CAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      249220 | PA      | $237439.63    | 0.02%             | 2049-03-25      | Variable      | 3.76%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K088, Class X3   | CUSIP: 3137FL6H2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     6650000 | PA      | $502999.35    | 0.04%             | 2047-02-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                         | Venture Global LNG, Inc.                                                          | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |       26000 | PA      | $27797.80     | 0.00%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                                              | Stagwell Global LLC                                                               | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |      189000 | PA      | $177704.91    | 0.02%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                     | Royal Caribbean Cruises Ltd.                                                      | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |       25000 | PA      | $25337.50     | 0.00%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Texas Instruments, Inc.                                          | Texas Instruments, Inc.                                                           | CUSIP: 882508CC6<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |      140000 | PA      | $125185.97    | 0.01%             | 2053-03-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mariner Finance issuance Trust                                   | Mariner Finance issuance Trust, Series 2024-BA, Class A                           | CUSIP: 56847GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1000000 | PA      | $1000150.70   | 0.09%             | 2038-11-20      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                            | Westlake Automobile Receivables Trust, Series 2024-1A, Class D                    | CUSIP: 96043RAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      544000 | PA      | $552035.80    | 0.05%             | 2029-10-15      | Fixed         | 6.02%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1517, Class X1 | CUSIP: 3137FWHG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     3318432 | PA      | $308182.11    | 0.03%             | 2035-07-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Coterra Energy, Inc.                                             | Coterra Energy, Inc.                                                              | CUSIP: 127097AM5<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |      684000 | PA      | $663273.01    | 0.06%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ProGroup AG                                                      | ProGroup AG                                                                       | CUSIP: N/A<br>LEI: 529900YI5W5TQ8F2FP82       | Long             | DBT              | CORP              | DE        |      300000 | PA      | $339806.24    | 0.03%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $17053.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Kenya                                                | Republic of Kenya                                                                 | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      741000 | PA      | $675792.00    | 0.06%             | 2036-03-05      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                          | Quikrete Holdings, Inc., 1st Lien Term Loan B-2                                   | CUSIP: 74839XAK5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      485100 | PA      | $484391.75    | 0.04%             | 2029-03-19      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA                            | Banque Federative du Credit Mutuel SA                                             | CUSIP: 06675DCE0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |     1245000 | PA      | $1247374.91   | 0.11%             | 2027-07-13      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                             | CUSIP: 06051GJE0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      740000 | PA      | $515983.83    | 0.04%             | 2041-06-19      | Variable      | 2.68%                 | No            |                  2 | On Loan: No      |
| FNMA                                                             | FNMA UMBS, 30 Year                                                                | CUSIP: 3140XQF85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    13061847 | PA      | $13011648.13  | 1.13%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | U.S. Treasury 2 Year Note                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -1101 | NC      | $-328476.74   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| PLT VII Finance SARL                                             | PLT VII Finance SARL                                                              | CUSIP: N/A<br>LEI: 894500SKZV4JDP64R249       | Long             | DBT              | CORP              | LU        |      552000 | PA      | $647465.54    | 0.06%             | 2031-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                  | Citigroup, Inc.                                                                   | CUSIP: 172967PG0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1015000 | PA      | $1012396.91   | 0.09%             | 2035-02-13      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                               | Seagate HDD Cayman                                                                | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     1590000 | PA      | $2406805.53   | 0.21%             | 2028-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                              | Citigroup Commercial Mortgage Trust, Series 2017-C4, Class A4                     | CUSIP: 17326FAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1400000 | PA      | $1357944.42   | 0.12%             | 2050-10-12      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                | HSBC Holdings plc                                                                 | CUSIP: 404280DV8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      720000 | PA      | $757001.73    | 0.07%             | 2034-03-09      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                | HSBC Holdings plc                                                                 | CUSIP: 404280CN7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     1794000 | PA      | $1614452.35   | 0.14%             | 2030-12-17      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                                         | EquipmentShare.com, Inc.                                                          | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |       65000 | PA      | $68162.35     | 0.01%             | 2032-05-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     2330000 | PA      | $2271354.97   | 0.20%             | 2027-03-09      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                                 | Cooper-Standard Automotive, Inc.                                                  | CUSIP: 216762AJ3<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |      396143 | PA      | $335284.15    | 0.03%             | 2027-05-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      375000 | PA      | $362910.85    | 0.03%             | 2035-10-23      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                              | Newell Brands, Inc.                                                               | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |      295000 | PA      | $285173.17    | 0.02%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                                       | Builders FirstSource, Inc.                                                        | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      270000 | PA      | $244972.24    | 0.02%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Senegal                                              | Republic of Senegal                                                               | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |      224000 | PA      | $160581.12    | 0.01%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Southern California Edison Co.                                   | Southern California Edison Co.                                                    | CUSIP: 842400GT4<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |      484000 | PA      | $313518.45    | 0.03%             | 2050-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Republic of Guatemala                                            | Republic of Guatemala                                                             | CUSIP: 401494AZ2<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      613000 | PA      | $613000.00    | 0.05%             | 2037-02-06      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| WMG Acquisition Corp.                                            | WMG Acquisition Corp.                                                             | CUSIP: N/A<br>LEI: 549300NAS11NXI33CP80       | Long             | DBT              | CORP              | US        |      110000 | PA      | $115648.94    | 0.01%             | 2031-08-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LP                                   | Hertz Vehicle Financing LP, Series 2021-2A, Class C                               | CUSIP: 42806MAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1726000 | PA      | $1635209.64   | 0.14%             | 2027-12-27      | Fixed         | 2.52%                 | Yes           |                  2 | On Loan: No      |
| 888 Acquisitions Ltd.                                            | 888 Acquisitions Ltd.                                                             | CUSIP: N/A<br>LEI: 254900RFD0BP3JOPZU89       | Long             | DBT              | CORP              | GI        |      160000 | PA      | $182144.35    | 0.02%             | 2027-07-15      | Fixed         | 7.56%                 | Yes           |                  2 | On Loan: No      |
| WEC US Holdings, Inc.                                            | WEC US Holdings, Inc., 1st Lien Term Loan                                         | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |      246250 | PA      | $245671.31    | 0.02%             | 2031-01-27      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| Pinnacle Bidco plc                                               | Pinnacle Bidco plc                                                                | CUSIP: N/A<br>LEI: 2138006Z5V8OBL2A2Q06       | Long             | DBT              | CORP              | GB        |      164000 | PA      | $196455.56    | 0.02%             | 2028-10-11      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Theorem Funding Trust                                            | Theorem Funding Trust, Series 2022-2A, Class B                                    | CUSIP: 88339FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2000000 | PA      | $2030546.80   | 0.18%             | 2028-12-15      | Fixed         | 9.27%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                         | Venture Global LNG, Inc.                                                          | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |       23000 | PA      | $23538.20     | 0.00%             | 2028-06-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                     | Avolon Holdings Funding Ltd.                                                      | CUSIP: 05401AAG6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      460000 | PA      | $455170.00    | 0.04%             | 2026-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                             | CUSIP: 06051GKA6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      399000 | PA      | $342333.44    | 0.03%             | 2032-07-21      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                                | HSBC Holdings plc                                                                 | CUSIP: 404280CL1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     1730000 | PA      | $1626328.16   | 0.14%             | 2028-09-22      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| GNMA                                                             | GNMA II, 30 Year                                                                  | CUSIP: 36179XDD5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    35415571 | PA      | $32580118.37  | 2.83%             | 2052-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                    | Netflix, Inc.                                                                     | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     1351000 | PA      | $1399991.07   | 0.12%             | 2029-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $1555.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                           | Lendmark Funding Trust, Series 2025-1A, Class A                                   | CUSIP: 52604QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      700000 | PA      | $704906.02    | 0.06%             | 2034-09-20      | Fixed         | 4.94%                 | Yes           |                  3 | On Loan: No      |
| SS&C Technologies, Inc.                                          | SS&C Technologies, Inc.                                                           | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |      235000 | PA      | $241296.12    | 0.02%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                                 | Boeing Co. (The)                                                                  | CUSIP: 097023CP8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      120000 | PA      | $98760.06     | 0.01%             | 2035-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                               | Vail Resorts, Inc.                                                                | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |      123000 | PA      | $126001.08    | 0.01%             | 2032-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                               | Sultanate of Oman Government Bond                                                 | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |     1900000 | PA      | $1985747.00   | 0.17%             | 2031-01-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Kaixo Bondco Telecom SA                                          | Kaixo Bondco Telecom SA                                                           | CUSIP: N/A<br>LEI: 959800ULWB3MZHZ69055       | Long             | DBT              | CORP              | ES        |      335000 | PA      | $386081.39    | 0.03%             | 2029-09-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                                  | Madison IAQ LLC                                                                   | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |      105000 | PA      | $101567.60    | 0.01%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Snowflake, Inc.                                                  | Snowflake, Inc.                                                                   | CUSIP: 833445AA7<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |     1177000 | PA      | $1679579.00   | 0.15%             | 2027-10-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                              | Hilton Domestic Operating Co., Inc.                                               | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |       47000 | PA      | $47317.49     | 0.00%             | 2033-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $13240.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Poland                                               | Republic of Poland                                                                | CUSIP: N/A<br>LEI: 259400R9L8QEP0TPXS31       | Long             | DBT              | NUSS              | PL        |    27840522 | PA      | $6619990.57   | 0.58%             | 2036-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Telefonica Europe BV                                             | Telefonica Europe BV                                                              | CUSIP: N/A<br>LEI: 7245007FZS0M65WUGP67       | Long             | DBT              | CORP              | NL        |      300000 | PA      | $371714.54    | 0.03%             | 2031-06-07      | Variable      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp.                                            | JetBlue Airways Corp.                                                             | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      169000 | PA      | $167169.01    | 0.01%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                                                   | Broadcom, Inc.                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     1068000 | PA      | $884533.55    | 0.08%             | 2035-11-15      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                              | Expand Energy Corp.                                                               | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     1725000 | PA      | $1715627.71   | 0.15%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                     | American Credit Acceptance Receivables Trust, Series 2024-4, Class D              | CUSIP: 024945AG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      802000 | PA      | $800672.85    | 0.07%             | 2031-08-12      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Phoenix Newco, Inc.                                              | Phoenix Newco, Inc., 1st Lien Term Loan                                           | CUSIP: 71911KAE4<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |      250495 | PA      | $250436.97    | 0.02%             | 2028-11-15      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Commerzbank AG                                                   | Commerzbank AG                                                                    | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | DBT              | CORP              | DE        |      200000 | PA      | $227746.29    | 0.02%             | 2030-12-05      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                   | BNP Paribas SA                                                                    | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      400000 | PA      | $416097.20    | 0.04%             | 2029-08-16      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                               | Morgan Stanley Mortgage Loan Trust, Series 2004-9, Class 1A                       | CUSIP: 61748HFT3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       51293 | PA      | $50680.51     | 0.00%             | 2034-11-25      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $35261.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                         | PNC Financial Services Group, Inc. (The)                                          | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      510000 | PA      | $503638.95    | 0.04%             | 2032-10-21      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| Verisure Midholding AB                                           | Verisure Midholding AB                                                            | CUSIP: N/A<br>LEI: 549300496LYEZ55X1M49       | Long             | DBT              | CORP              | SE        |      480000 | PA      | $549103.62    | 0.05%             | 2029-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC                                         | NGL Energy Operating LLC                                                          | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      145000 | PA      | $141734.82    | 0.01%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                 | BP Capital Markets America, Inc.                                                  | CUSIP: 10373QBU3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     2050000 | PA      | $2012108.52   | 0.17%             | 2033-02-13      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                           | OCP SA                                                                            | CUSIP: N/A<br>LEI: 213800D26TAPVTCVWG40       | Long             | DBT              | NUSS              | MA        |      390000 | PA      | $364466.70    | 0.03%             | 2044-04-25      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                             | BANK, Series 2021-BN35, Class XB                                                  | CUSIP: 06540CBM8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    17700000 | PA      | $578375.82    | 0.05%             | 2064-06-15      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| NYMT Loan Trust                                                  | NYMT Loan Trust, Series 2024-BPL3, Class A1                                       | CUSIP: 67119RAA5<br>LEI: 254900Q6RDCV3HGA6340 | Long             | ABS-MBS          | CORP              | US        |      660000 | PA      | $654994.30    | 0.06%             | 2039-09-25      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                                        | Bank of Nova Scotia (The), Series 2                                               | CUSIP: 0641598N9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     2100000 | PA      | $1939847.28   | 0.17%             | 2081-10-27      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| Five9, Inc.                                                      | Five9, Inc.                                                                       | CUSIP: 338307AF8<br>LEI: 254900MXP6EWY0SFFR59 | Long             | DBT              | CORP              | US        |     1222000 | PA      | $1058863.00   | 0.09%             | 2029-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2004-28CB, Class 2A4                               | CUSIP: 12667FYL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      144600 | PA      | $132865.91    | 0.01%             | 2035-01-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                           | Cleveland-Cliffs, Inc.                                                            | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       19000 | PA      | $16388.40     | 0.00%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| DaVita, Inc.                                                     | DaVita, Inc.                                                                      | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |      185000 | PA      | $172871.57    | 0.02%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                                           | Shutterfly Finance LLC                                                            | CUSIP: 82568NAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       24549 | PA      | $24487.63     | 0.00%             | 2027-10-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 674 mbH                           | Techem Verwaltungsgesellschaft 674 mbH                                            | CUSIP: N/A<br>LEI: 549300W2QKB8BC676O97       | Long             | DBT              | CORP              | DE        |      219799 | PA      | $249572.31    | 0.02%             | 2026-07-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                        | Republic of Cote d'Ivoire                                                         | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |      560000 | PA      | $520405.12    | 0.05%             | 2040-10-17      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                                  | LendingPoint Pass-Through Trust, Series 2022-ST1, Class A                         | CUSIP: 52607NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       70547 | PA      | $69330.63     | 0.01%             | 2028-03-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                         | Svenska Handelsbanken AB                                                          | CUSIP: N/A<br>LEI: NHBDILHZTYCNBV5UYZ31       | Long             | DBT              | CORP              | SE        |     2400000 | PA      | $2178057.60   | 0.19%             | 2031-03-01      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                     | BX Commercial Mortgage Trust, Series 2021-VINO, Class A                           | CUSIP: 05608KAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      431397 | PA      | $431127.84    | 0.04%             | 2038-05-15      | Floating      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                             | GNMA, Series 2021-133                                                             | CUSIP: 38381DXB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    10298179 | PA      | $681657.06    | 0.06%             | 2063-07-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                       | iHeartCommunications, Inc.                                                        | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      150850 | PA      | $116173.66    | 0.01%             | 2030-08-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                              | Exeter Automobile Receivables Trust, Series 2022-4A, Class D                      | CUSIP: 30166BAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1050000 | PA      | $1056261.57   | 0.09%             | 2028-12-15      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| ACCO Brands Corp.                                                | ACCO Brands Corp.                                                                 | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |      325000 | PA      | $287086.57    | 0.02%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                             | Frontier Communications Holdings LLC                                              | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      145000 | PA      | $146983.89    | 0.01%             | 2029-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| RALI Trust                                                       | RALI Trust, Series 2006-QS4, Class A2                                             | CUSIP: 749228AB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       19922 | PA      | $16116.02     | 0.00%             | 2036-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                             | Columbia Pipelines Operating Co. LLC                                              | CUSIP: 19828TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2455000 | PA      | $2550732.31   | 0.22%             | 2030-08-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Trust                                            | Toorak Mortgage Trust, Series 2024-2, Class A1                                    | CUSIP: 89055KAA0<br>LEI: 254900ZRJRVK75Z6JJ57 | Long             | ABS-MBS          | CORP              | US        |     1400000 | PA      | $1394435.28   | 0.12%             | 2031-10-25      | Variable      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                                       | Edgewell Personal Care Co.                                                        | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |      130000 | PA      | $127810.16    | 0.01%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                                     | CaixaBank SA                                                                      | CUSIP: 12803RAH7<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |     1460000 | PA      | $1504645.41   | 0.13%             | 2035-06-15      | Variable      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K121, Class X1   | CUSIP: 3137F83S0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     6622980 | PA      | $284316.56    | 0.02%             | 2030-10-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $141982.72    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| IQVIA, Inc.                                                      | IQVIA, Inc.                                                                       | CUSIP: N/A<br>LEI: 549300PLWY28YB00C717       | Long             | DBT              | CORP              | US        |      550000 | PA      | $605712.62    | 0.05%             | 2028-01-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Q-Park Holding I BV                                              | Q-Park Holding I BV                                                               | CUSIP: N/A<br>LEI: 2549003839B7HE3NDP48       | Long             | DBT              | CORP              | NL        |      209000 | PA      | $244410.53    | 0.02%             | 2029-03-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                         | Benchmark Mortgage Trust, Series 2019-B11, Class C                                | CUSIP: 08162BBL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1679000 | PA      | $1287354.11   | 0.11%             | 2052-05-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                  | CoreWeave, Inc.                                                                   | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |      119000 | PA      | $118866.49    | 0.01%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Welltower OP LLC                                                 | Welltower OP LLC                                                                  | CUSIP: 95040QAR5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |      410000 | PA      | $384051.81    | 0.03%             | 2032-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | U.S. Treasury 10 Year Ultra Note                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          52 | NC      | $92978.23     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope LLC                                                    | CommScope LLC                                                                     | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |      200000 | PA      | $191506.22    | 0.02%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Heathrow Funding Ltd.                                            | Heathrow Funding Ltd.                                                             | CUSIP: N/A<br>LEI: 7TI96JO3DYEIQWZ7Z726       | Long             | DBT              | CORP              | JE        |     1400000 | PA      | $1423982.14   | 0.12%             | 2030-10-08      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                  | Republic Finance Issuance Trust, Series 2021-A, Class D                           | CUSIP: 76042UAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1500000 | PA      | $1441469.10   | 0.13%             | 2031-12-22      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| KeyCorp                                                          | KeyCorp                                                                           | CUSIP: 49326EEP4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |     2181000 | PA      | $2288740.05   | 0.20%             | 2035-03-06      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corp.                                                 | Fair Isaac Corp.                                                                  | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |       42000 | PA      | $41920.71     | 0.00%             | 2033-05-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                 | Goodyear Tire & Rubber Co. (The)                                                  | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |       30000 | PA      | $30029.04     | 0.00%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Phoenix PIB Dutch Finance BV                                     | Phoenix PIB Dutch Finance BV                                                      | CUSIP: N/A<br>LEI: 529900UUYBCBB7HMVI56       | Long             | DBT              | CORP              | NL        |      300000 | PA      | $354531.20    | 0.03%             | 2029-07-10      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Carlyle US CLO Ltd.                                              | Carlyle US CLO Ltd., Series 2021-7A, Class CR                                     | CUSIP: 14316WAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      700000 | PA      | $702282.70    | 0.06%             | 2040-04-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                                   | DISH DBS Corp.                                                                    | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      400000 | PA      | $343907.59    | 0.03%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Cheesecake Factory, Inc. (The)                                   | Cheesecake Factory, Inc. (The)                                                    | CUSIP: 163072AA9<br>LEI: 529900872XMLK10SY247 | Long             | DBT              | CORP              | US        |      296000 | PA      | $294590.01    | 0.03%             | 2026-06-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| PMT Issuer Trust-FMSR                                            | PMT Issuer Trust-FMSR, Series 2021-FT1, Class A                                   | CUSIP: 69346MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1940000 | PA      | $1945377.68   | 0.17%             | 2026-03-25      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                             | Clear Channel Outdoor Holdings, Inc.                                              | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      480000 | PA      | $438600.00    | 0.04%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                                           | Alternative Loan Trust, Series 2006-J3, Class 4A1                                 | CUSIP: 021469AL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        1965 | PA      | $1899.62      | 0.00%             | 2026-05-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cheesecake Factory, Inc. (The)                                   | Cheesecake Factory, Inc. (The)                                                    | CUSIP: 163072AB7<br>LEI: 529900872XMLK10SY247 | Long             | DBT              | CORP              | US        |      385000 | PA      | $392416.79    | 0.03%             | 2030-03-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                           | Tenet Healthcare Corp.                                                            | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       55000 | PA      | $55538.91     | 0.00%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                                   | Rite Aid Corp., Escrow                                                            | CUSIP: 767ESCAG1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |       42049 | PA      | $0.00         | 0.00%             | 2024-10-18      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| FNMA                                                             | FNMA, REMIC, Series 2005-67, Class SI                                             | CUSIP: 31394EH35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      227024 | PA      | $11709.09     | 0.00%             | 2035-08-25      | Floating      | 2.26%                 | No            |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                   | Community Health Systems, Inc.                                                    | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |       25000 | PA      | $21398.88     | 0.00%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Investment Loan Trust                           | Structured Asset Investment Loan Trust, Series 2004-8, Class M2                   | CUSIP: 86358EMA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       39862 | PA      | $33504.46     | 0.00%             | 2034-09-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                             | IHO Verwaltungs GmbH                                                              | CUSIP: N/A<br>LEI: 529900JL0HDVGZMUJF32       | Long             | DBT              | CORP              | DE        |      225000 | PA      | $268305.55    | 0.02%             | 2031-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Asset-Backed Securities Corp. Home Equity Loan Trust             | Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2004-HE7, Class M2   | CUSIP: 04541GMD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       26544 | PA      | $26502.37     | 0.00%             | 2034-10-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                             | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     1225000 | PA      | $1269135.84   | 0.11%             | 2029-09-15      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                  | Citigroup, Inc., Series CC                                                        | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1575000 | PA      | $1592663.63   | 0.14%             | 2029-08-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $109217.01    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dominican Republic                                               | Dominican Republic Government Bond                                                | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     1405000 | PA      | $1409917.50   | 0.12%             | 2037-03-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                         | PRET LLC, Series 2024-NPL9, Class A1                                              | CUSIP: 74143TAA7<br>LEI: 25490072TKR6YZ7BOH19 | Long             | ABS-MBS          | CORP              | US        |     1014417 | PA      | $1013370.41   | 0.09%             | 2054-12-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| New Century Home Equity Loan Trust                               | New Century Home Equity Loan Trust, Series 2004-4, Class M2                       | CUSIP: 64352VJK8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       15921 | PA      | $19094.54     | 0.00%             | 2035-02-25      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Elastic NV                                                       | Elastic NV                                                                        | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |      215000 | PA      | $201598.93    | 0.02%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                            | NextEra Energy Capital Holdings, Inc.                                             | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      520000 | PA      | $531677.64    | 0.05%             | 2054-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| TDA CAM 4 FTA                                                    | TDA CAM 4 FTA, Series 4, Class A                                                  | CUSIP: N/A<br>LEI: 95980020140005711149       | Long             | ABS-MBS          | CORP              | ES        |       23438 | PA      | $26593.85     | 0.00%             | 2039-06-26      | Floating      | 2.46%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | NDIRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    12909601 | PA      | $-141838.07   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LP                                   | Hertz Vehicle Financing LP, Series 2021-2A, Class A                               | CUSIP: 42806MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2000000 | PA      | $1912202.00   | 0.17%             | 2027-12-27      | Fixed         | 1.68%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                                 | Bombardier, Inc.                                                                  | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |       24000 | PA      | $24545.16     | 0.00%             | 2032-06-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Perrigo Finance Unlimited Co.                                    | Perrigo Finance Unlimited Co.                                                     | CUSIP: N/A<br>LEI: 549300E86RB6YCTMRM83       | Long             | DBT              | CORP              | IE        |      145000 | PA      | $169979.70    | 0.01%             | 2032-09-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                | Credit Acceptance Auto Loan Trust, Series 2024-3A, Class C                        | CUSIP: 22535LAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      560000 | PA      | $563814.22    | 0.05%             | 2035-01-16      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Magnetite Ltd.                                                   | Magnetite Ltd., Series 2016-17A, Class BR2                                        | CUSIP: 55954EBA6<br>LEI: 5493003SVWF9GG13MZ22 | Long             | ABS-CBDO         | CORP              | KY        |     1932000 | PA      | $1942390.30   | 0.17%             | 2037-04-20      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                               | Morgan Stanley Mortgage Loan Trust, Series 2004-4, Class 2A                       | CUSIP: 61748HDQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      106764 | PA      | $103793.37    | 0.01%             | 2034-09-25      | Variable      | 6.21%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $48126.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Box, Inc.                                                        | Box, Inc.                                                                         | CUSIP: 10316TAB0<br>LEI: 549300KQUCPD8687YS68 | Long             | DBT              | CORP              | US        |      832000 | PA      | $1221376.00   | 0.11%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                                            | OneMain Finance Corp.                                                             | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      115000 | PA      | $111420.63    | 0.01%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FHLMC MSCR Trust                                                 | FHLMC, Series 2023-MN7, Class M1                                                  | CUSIP: 35563QAA5<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-MBS          | USGSE             | US        |     1341282 | PA      | $1371450.10   | 0.12%             | 2043-09-25      | Floating      | 7.92%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 4687, Class SG                                               | CUSIP: 3137BY4V9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     2089281 | PA      | $240332.70    | 0.02%             | 2047-01-15      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                       | Verus Securitization Trust, Series 2019-INV3, Class A1                            | CUSIP: 92537MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      380808 | PA      | $376546.73    | 0.03%             | 2059-11-25      | Variable      | 3.69%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 4043, Class PI                                               | CUSIP: 3137APSV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      511793 | PA      | $8749.05      | 0.00%             | 2027-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-35105.79    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co.                                           | MidAmerican Energy Co.                                                            | CUSIP: 595620AP0<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |      350000 | PA      | $282124.33    | 0.02%             | 2046-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                                  | 1261229 BC Ltd.                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      337000 | PA      | $333635.70    | 0.03%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                    | Six Flags Entertainment Corp.                                                     | CUSIP: 150190AK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      195000 | PA      | $196618.11    | 0.02%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                | Wells Fargo & Co.                                                                 | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     1395000 | PA      | $1411295.64   | 0.12%             | 2036-04-23      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 4086, Class AI                                               | CUSIP: 3137ARQE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      155715 | PA      | $2891.27      | 0.00%             | 2027-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                            | Lehman Mortgage Trust, Series 2005-2, Class 2A5                                   | CUSIP: 52520MBW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      205846 | PA      | $114942.11    | 0.01%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Trust LLC                                          | SCF Equipment Trust LLC, Series 2025-1A, Class D                                  | CUSIP: 78437DAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1038000 | PA      | $1057690.86   | 0.09%             | 2035-11-20      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      725000 | PA      | $735566.88    | 0.06%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                          | GFL Environmental, Inc.                                                           | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |       75000 | PA      | $73172.04     | 0.01%             | 2029-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Grupo Antolin-Irausa SA                                          | Grupo Antolin-Irausa SA                                                           | CUSIP: N/A<br>LEI: 213800OILC5Q9AR63B63       | Long             | DBT              | CORP              | ES        |      102000 | PA      | $83879.67     | 0.01%             | 2030-01-30      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                                     | CaixaBank SA                                                                      | CUSIP: 12803RAC8<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |     1310000 | PA      | $1418937.82   | 0.12%             | 2034-09-13      | Variable      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| EC Finance plc                                                   | EC Finance plc                                                                    | CUSIP: N/A<br>LEI: 213800NKPB53RHYDQE45       | Long             | DBT              | CORP              | GB        |      270000 | PA      | $302739.36    | 0.03%             | 2026-10-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| AbbVie, Inc.                                                     | AbbVie, Inc.                                                                      | CUSIP: 00287YAS8<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      417000 | PA      | $366104.12    | 0.03%             | 2045-05-14      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners LP                                      | Cheniere Energy Partners LP                                                       | CUSIP: 16411QAQ4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     1625000 | PA      | $1662692.87   | 0.14%             | 2033-06-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Sunrise HoldCo IV BV                                             | Sunrise HoldCo IV BV                                                              | CUSIP: N/A<br>LEI: 213800G1DU7LKI6ZCD69       | Long             | DBT              | CORP              | NL        |      225000 | PA      | $253050.00    | 0.02%             | 2029-06-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| RCO X Mortgage LLC                                               | RCO X Mortgage LLC, Series 2025-1, Class A1                                       | CUSIP: 75523XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1831562 | PA      | $1820839.14   | 0.16%             | 2030-01-25      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                     | Ardagh Packaging Finance plc                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IE        |      200000 | PA      | $208922.80    | 0.02%             | 2026-08-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Accelerated LLC                                                  | Accelerated LLC, Series 2021-1H, Class C                                          | CUSIP: 00439KAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      518990 | PA      | $478718.48    | 0.04%             | 2040-10-20      | Fixed         | 2.35%                 | Yes           |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                                    | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A                          | CUSIP: 811304AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1705000 | PA      | $1692745.31   | 0.15%             | 2039-05-15      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund VII LLC                          | Bayview Opportunity Master Fund LLC, Series 2024-CAR1, Class C                    | CUSIP: 07336QAC6<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |      142082 | PA      | $142661.83    | 0.01%             | 2031-12-26      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Renaissance Home Equity Loan Trust                               | Renaissance Home Equity Loan Trust, Series 2005-1, Class AF6                      | CUSIP: 759950FG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       34861 | PA      | $34694.40     | 0.00%             | 2035-05-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                    | Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class D             | CUSIP: 10806EAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      900000 | PA      | $894595.86    | 0.08%             | 2030-08-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Forvia SE                                                        | Forvia SE                                                                         | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |      450000 | PA      | $514618.58    | 0.04%             | 2030-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| United States Steel Corp.                                        | United States Steel Corp.                                                         | CUSIP: 912909AU2<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |       21000 | PA      | $21183.06     | 0.00%             | 2029-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                                                  | MYT Holding LLC, Series A                                                         | CUSIP: 55406N202<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      298145 | NS      | $380134.88    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| GCAT Trust                                                       | GCAT Trust, Series 2020-NQM1, Class A1                                            | CUSIP: 36167FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      218903 | PA      | $214074.40    | 0.02%             | 2060-01-25      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                                | Clarios Global LP                                                                 | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      165000 | PA      | $165712.64    | 0.01%             | 2027-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Amer Sports Co.                                                  | Amer Sports Co.                                                                   | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |      115000 | PA      | $118739.80    | 0.01%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Ohio, Inc.                                           | Duke Energy Ohio, Inc.                                                            | CUSIP: 26442EAK6<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |       44000 | PA      | $41793.90     | 0.00%             | 2053-04-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Neon Maple US Debt Mergersub, Inc.                               | Neon Maple US Debt Mergersub, Inc., 1st Lien Term Loan B-1                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      300000 | PA      | $299397.00    | 0.03%             | 2031-11-17      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                           | Tenet Healthcare Corp.                                                            | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      361000 | PA      | $371848.77    | 0.03%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                  | Hertz Vehicle Financing LLC, Series 2023-1A, Class C                              | CUSIP: 42806MBU2<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |      876000 | PA      | $881138.70    | 0.08%             | 2027-06-25      | Fixed         | 6.91%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC, REMIC, Series 4612, Class QI                                               | CUSIP: 3137BRSR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     1797934 | PA      | $185209.19    | 0.02%             | 2044-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US Auto Funding                                                  | US Auto Funding, Series 2021-1A, Class C                                          | CUSIP: 90355EAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      947922 | PA      | $884501.43    | 0.08%             | 2026-05-15      | Fixed         | 2.20%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                             | NOVA Chemicals Corp.                                                              | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |      248000 | PA      | $247608.76    | 0.02%             | 2027-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                                       | Progress Residential Trust, Series 2021-SFR9, Class A                             | CUSIP: 74333QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3223377 | PA      | $2982052.24   | 0.26%             | 2040-11-17      | Fixed         | 2.01%                 | Yes           |                  2 | On Loan: No      |
| Transocean Titan Financing Ltd.                                  | Transocean Titan Financing Ltd.                                                   | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       27143 | PA      | $27563.63     | 0.00%             | 2028-02-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Marriott International, Inc.                                     | Marriott International, Inc.                                                      | CUSIP: 571903BS1<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |      500000 | PA      | $493234.94    | 0.04%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                               | T-Mobile USA, Inc.                                                                | CUSIP: 87264ABS3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      177000 | PA      | $164649.31    | 0.01%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley ABS Capital I, Inc. Trust                         | Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-NC1, Class M3               | CUSIP: 61744CMM5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      347410 | PA      | $347421.99    | 0.03%             | 2035-01-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Boxer Parent Co., Inc.                                           | Boxer Parent Co., Inc., 1st Lien Term Loan                                        | CUSIP: 05988HAQ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      490000 | PA      | $486246.60    | 0.04%             | 2031-07-30      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                                     | Rockies Express Pipeline LLC                                                      | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |       46000 | PA      | $47377.56     | 0.00%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| US Bancorp                                                       | US Bancorp                                                                        | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      285000 | PA      | $290338.33    | 0.03%             | 2035-01-23      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                              | Newell Brands, Inc.                                                               | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       25000 | PA      | $23067.20     | 0.00%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                               | T-Mobile USA, Inc.                                                                | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     2586000 | PA      | $2217265.91   | 0.19%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     1525000 | PA      | $1323951.40   | 0.12%             | 2032-10-21      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Certificates Trust                    | WaMu Mortgage Pass-Through Certificates Trust, Series 2003-S3, Class 3A2          | CUSIP: 929227Y91<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       68944 | PA      | $69273.49     | 0.01%             | 2033-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Guara Norte SARL                                                 | Guara Norte SARL                                                                  | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |      710798 | PA      | $662997.30    | 0.06%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                     | Oracle Corp.                                                                      | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |        5000 | PA      | $3397.36      | 0.00%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                   | BNP Paribas SA                                                                    | CUSIP: 09659W3A0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      830000 | PA      | $850161.74    | 0.07%             | 2033-01-13      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Anglo American Capital plc                                       | Anglo American Capital plc                                                        | CUSIP: 034863BD1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |     2640000 | PA      | $2626641.60   | 0.23%             | 2033-05-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                                    | Citigroup Mortgage Loan Trust, Series 2005-9, Class 2A2                           | CUSIP: 17307GM62<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |         745 | PA      | $523.80       | 0.00%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                                        | HCA, Inc.                                                                         | CUSIP: 404119BZ1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      950000 | PA      | $821638.60    | 0.07%             | 2049-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                  | Goldman Sachs Group, Inc. (The)                                                   | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     1270000 | PA      | $1226887.17   | 0.11%             | 2028-02-24      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                                       | AT&T, Inc.                                                                        | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      860000 | PA      | $571456.57    | 0.05%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                                       | Sensata Technologies, Inc.                                                        | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |      290000 | PA      | $257501.93    | 0.02%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| KKR Financial CLO Ltd.                                           | KKR Financial CLO Ltd., Series 2013-1A, Class A2R2                                | CUSIP: 48249VAY7<br>LEI: 549300ZUUB37M3VWNC17 | Long             | ABS-CBDO         | CORP              | KY        |      536193 | PA      | $536229.46    | 0.05%             | 2029-04-15      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                        | Duke Energy Carolinas LLC                                                         | CUSIP: 26442CBL7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |      111000 | PA      | $103423.34    | 0.01%             | 2054-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Standard Industries, Inc.                                        | Standard Industries, Inc.                                                         | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $88374.65     | 0.01%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                           | Oportun Issuance Trust, Series 2022-2, Class D                                    | CUSIP: 68377HAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      623569 | PA      | $630910.32    | 0.05%             | 2029-10-09      | Fixed         | 11.34%                | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                               | T-Mobile USA, Inc.                                                                | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     1460000 | PA      | $1392373.38   | 0.12%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                    | SM Energy Co.                                                                     | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |       34000 | PA      | $33316.06     | 0.00%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | NDIRS                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    21895405 | PA      | $-195674.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| NCR Atleos Corp.                                                 | NCR Atleos Corp.                                                                  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |       57000 | PA      | $62262.24     | 0.01%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                                         | AthenaHealth Group, Inc.                                                          | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |      170000 | PA      | $163798.83    | 0.01%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                                         | PRPM LLC, Series 2024-1, Class A1                                                 | CUSIP: 693972AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      402754 | PA      | $402945.85    | 0.04%             | 2029-02-25      | Variable      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                            | United Mexican States                                                             | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      672000 | PA      | $664272.00    | 0.06%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                                       | Baxter International, Inc.                                                        | CUSIP: 071813CS6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |     1980000 | PA      | $1697940.66   | 0.15%             | 2032-02-01      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                                       | AerCap Ireland Capital DAC                                                        | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      835000 | PA      | $741445.00    | 0.06%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $4810.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Veeco Instruments, Inc.                                          | Veeco Instruments, Inc.                                                           | CUSIP: 922417AJ9<br>LEI: 5493004201F72ADDZW04 | Long             | DBT              | CORP              | US        |     1103000 | PA      | $1146955.08   | 0.10%             | 2029-06-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                                    | Enel Finance International NV                                                     | CUSIP: 29278GAF5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |     1135000 | PA      | $1100882.23   | 0.10%             | 2028-04-06      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                           | Truist Financial Corp.                                                            | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |      195000 | PA      | $198142.57    | 0.02%             | 2035-01-24      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                | CD Mortgage Trust, Series 2016-CD2, Class C                                       | CUSIP: 12515ABJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       95000 | PA      | $55808.69     | 0.00%             | 2049-11-10      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                            | Bank of America Corp.                                                             | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      519000 | PA      | $523101.94    | 0.05%             | 2036-01-24      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                          | Quikrete Holdings, Inc., 1st Lien Term Loan B-3                                   | CUSIP: 74839XAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      100000 | PA      | $99500.00     | 0.01%             | 2032-02-10      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                                         | EquipmentShare.com, Inc.                                                          | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |       25000 | PA      | $25685.55     | 0.00%             | 2033-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| KBC Group NV                                                     | KBC Group NV                                                                      | CUSIP: 48241FAB0<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |      440000 | PA      | $451985.92    | 0.04%             | 2029-01-19      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara        | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                         | CUSIP: 71568QAM9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | NUSS              | ID        |      366000 | PA      | $267611.88    | 0.02%             | 2050-02-05      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Microchip Technology, Inc.                                       | Microchip Technology, Inc.                                                        | CUSIP: 595017BF0<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |      700000 | PA      | $667800.00    | 0.06%             | 2030-06-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                           | Freeport-McMoRan, Inc.                                                            | CUSIP: 35671DCF0<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     1163000 | PA      | $1125976.59   | 0.10%             | 2030-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pinnacle Bidco plc                                               | Pinnacle Bidco plc                                                                | CUSIP: N/A<br>LEI: 2138006Z5V8OBL2A2Q06       | Long             | DBT              | CORP              | GB        |      100000 | PA      | $119789.98    | 0.01%             | 2028-10-11      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                                   | Morgan Stanley                                                                    | CUSIP: 61744YAK4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     2210000 | PA      | $2160736.98   | 0.19%             | 2028-07-22      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| Cloverie plc for Zurich Insurance Co. Ltd.                       | Cloverie plc for Zurich Insurance Co. Ltd.                                        | CUSIP: N/A<br>LEI: 5493002N598MXOKUEF55       | Long             | DBT              | CORP              | IE        |     1770000 | PA      | $1770702.69   | 0.15%             | 2046-06-24      | Variable      | 5.62%                 | 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        |      517048 | PA      | $363226.47    | 0.03%             | 2028-05-17      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.                        | Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class BRR              | CUSIP: 14311NBA1<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |      425000 | PA      | $426569.95    | 0.04%             | 2032-07-20      | Floating      | 6.72%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Euro-Schatz                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          -1 | NC      | $-826.99      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries, Inc.                                           | Chart Industries, Inc.                                                            | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |      130000 | PA      | $135694.13    | 0.01%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Indiana LLC                                          | Duke Energy Indiana LLC                                                           | CUSIP: 26443TAD8<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |      125000 | PA      | $115334.11    | 0.01%             | 2053-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                                  | Santander UK Group Holdings plc                                                   | CUSIP: 80281LAQ8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |     1400000 | PA      | $1352560.34   | 0.12%             | 2027-06-14      | Variable      | 1.67%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                    | UniCredit SpA                                                                     | CUSIP: 904678AY5<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |     2114000 | PA      | $1889370.12   | 0.16%             | 2032-06-03      | Variable      | 3.13%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                    | Cheplapharm Arzneimittel GmbH                                                     | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |      160000 | PA      | $183488.72    | 0.02%             | 2030-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Box, Inc.                                                        | Box, Inc.                                                                         | CUSIP: 10316TAC8<br>LEI: 549300KQUCPD8687YS68 | Long             | DBT              | CORP              | US        |      170000 | PA      | $181475.00    | 0.02%             | 2029-09-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Marvell Technology, Inc.                                         | Marvell Technology, Inc.                                                          | CUSIP: 573874AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      730000 | PA      | $652738.75    | 0.06%             | 2031-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| GNMA                                                             | GNMA, Series 2014-181, Class SL                                                   | CUSIP: 38379HNC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1342331 | PA      | $126232.69    | 0.01%             | 2044-12-20      | Floating      | 1.16%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes                           | NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A                 | CUSIP: 62955MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      449047 | PA      | $435492.25    | 0.04%             | 2026-07-25      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                                        | HCA, Inc.                                                                         | CUSIP: 404119BV0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |       66000 | PA      | $59728.56     | 0.01%             | 2047-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                        | Vistra Operations Co. LLC                                                         | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      252000 | PA      | $262166.18    | 0.02%             | 2032-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                              | Medline Borrower LP                                                               | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |       70000 | PA      | $68407.81     | 0.01%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                    | Six Flags Entertainment Corp.                                                     | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |      155000 | PA      | $154654.44    | 0.01%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                           | Truist Financial Corp.                                                            | CUSIP: 89788MAM4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     1047000 | PA      | $1026470.50   | 0.09%             | 2034-01-26      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| ATI, Inc.                                                        | ATI, Inc.                                                                         | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |      250000 | PA      | $241251.58    | 0.02%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Birkenstock Financing SARL                                       | Birkenstock Financing SARL                                                        | CUSIP: N/A<br>LEI: 5299004DSXRFOZZ5UG09       | Long             | DBT              | CORP              | LU        |      200000 | PA      | $230206.36    | 0.02%             | 2029-04-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                             | GNMA, Series 2024-161                                                             | CUSIP: 38381LA77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    13297186 | PA      | $749694.01    | 0.07%             | 2064-06-16      | Variable      | 0.74%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                         | Angel Oak Mortgage Trust, Series 2021-3, Class A2                                 | CUSIP: 03465EAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1734124 | PA      | $1490748.12   | 0.13%             | 2066-05-25      | Variable      | 1.30%                 | Yes           |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                 | Amazon.com, Inc.                                                                  | CUSIP: 023135BU9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |      350000 | PA      | $196265.02    | 0.02%             | 2060-06-03      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                          | American Airlines, Inc.                                                           | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $196395.53    | 0.02%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                                         | EquipmentShare.com, Inc.                                                          | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |       65000 | PA      | $67478.78     | 0.01%             | 2028-05-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                                    | Calpine Corp.                                                                     | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |      235000 | PA      | $227914.21    | 0.02%             | 2031-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ams-OSRAM AG                                                     | ams-OSRAM AG                                                                      | CUSIP: N/A<br>LEI: 5299001JPPT2QFTV5D76       | Long             | DBT              | CORP              | AT        |      500000 | PA      | $523726.31    | 0.05%             | 2027-11-03      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| LCM 31 Ltd.                                                      | LCM Ltd., Series 31A, Class AR                                                    | CUSIP: 50201QAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4100000 | PA      | $4103685.90   | 0.36%             | 2034-07-20      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                         | Benchmark Mortgage Trust, Series 2019-B10, Class A4                               | CUSIP: 08162VAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1485000 | PA      | $1427155.09   | 0.12%             | 2062-03-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                     | American Credit Acceptance Receivables Trust, Series 2023-4, Class D              | CUSIP: 02530CAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1400000 | PA      | $1452526.04   | 0.13%             | 2030-09-12      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                             | FNMA, REMIC, Series 2017-6, Class SB                                              | CUSIP: 3136AVDL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1223941 | PA      | $128717.74    | 0.01%             | 2047-02-25      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| Claire's Stores, Inc.                                            | Claire's Stores, Inc.                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        1074 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Global Infrastructure Solutions, Inc.                            | Global Infrastructure Solutions, Inc.                                             | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |       15000 | PA      | $14639.98     | 0.00%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Cirsa Finance International SARL                                 | Cirsa Finance International SARL                                                  | CUSIP: N/A<br>LEI: 254900KUJN6DHWH2K029       | Long             | DBT              | CORP              | LU        |      500000 | PA      | $567584.20    | 0.05%             | 2027-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co.                                         | Bristol-Myers Squibb Co.                                                          | CUSIP: 110122EK0<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     2292000 | PA      | $2176531.88   | 0.19%             | 2054-02-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                  | Hertz Vehicle Financing LLC, Series 2023-1A, Class A                              | CUSIP: 42806MBS7<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |     1200000 | PA      | $1205976.96   | 0.10%             | 2027-06-25      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                                | GLS Auto Receivables Issuer Trust, Series 2022-2A, Class D                        | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1800000 | PA      | $1817170.38   | 0.16%             | 2028-04-17      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                             | Charter Communications Operating LLC                                              | CUSIP: 161175CK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      375000 | PA      | $309116.81    | 0.03%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp.                                           | ON Semiconductor Corp.                                                            | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |       43000 | PA      | $41068.81     | 0.00%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd.                                        | Madison Park Funding Ltd., Series 2021-52A, Class B                               | CUSIP: 55822BAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1140000 | PA      | $1144178.10   | 0.10%             | 2035-01-22      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-4675.90     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INEOS Finance plc                                                | INEOS Finance plc                                                                 | CUSIP: N/A<br>LEI: 2138002D68XDR4LZCG32       | Long             | DBT              | CORP              | GB        |      150000 | PA      | $174983.70    | 0.02%             | 2028-05-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Seagate HDD Cayman                                               | Seagate HDD Cayman                                                                | CUSIP: 81180WBP5<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |      110000 | PA      | $117455.14    | 0.01%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Duquesne Light Holdings, Inc.                                    | Duquesne Light Holdings, Inc.                                                     | CUSIP: 266233AJ4<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |      540000 | PA      | $460485.52    | 0.04%             | 2032-01-07      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| Wachovia Bank Commercial Mortgage Trust                          | Wachovia Bank Commercial Mortgage Trust, Series 2005-C21, Class F                 | CUSIP: 92976BAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      672422 | PA      | $23595.28     | 0.00%             | 2044-10-15      | Variable      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Techem Verwaltungsgesellschaft 674 mbH                           | Techem Verwaltungsgesellschaft 674 mbH                                            | CUSIP: N/A<br>LEI: 549300W2QKB8BC676O97       | Long             | DBT              | CORP              | DE        |      246175 | PA      | $279520.98    | 0.02%             | 2026-07-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                  | Hertz Vehicle Financing LLC, Series 2023-3A, Class A                              | CUSIP: 42806MCA5<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |     1400000 | PA      | $1420735.68   | 0.12%             | 2028-02-25      | Fixed         | 5.94%                 | Yes           |                  2 | On Loan: No      |
| Dryden 68 CLO Ltd.                                               | Dryden CLO Ltd., Series 2019-68A, Class ARR                                       | CUSIP: 26252QAS1<br>LEI: 254900MX6QAMC9XBAB53 | Long             | ABS-CBDO         | CORP              | KY        |     4400000 | PA      | $4398702.00   | 0.38%             | 2035-07-15      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                             | GNMA, Series 2021-78, Class IB                                                    | CUSIP: 38382QK90<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     4171770 | PA      | $651301.31    | 0.06%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                         | Avis Budget Rental Car Funding AESOP LLC, Series 2023-8A, Class C                 | CUSIP: 05377RHP2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |     1200000 | PA      | $1256195.40   | 0.11%             | 2030-02-20      | Fixed         | 7.34%                 | Yes           |                  2 | On Loan: No      |
| Oportun Funding Trust                                            | Oportun Funding Trust, Series 2024-3, Class B                                     | CUSIP: 68377NAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      329000 | PA      | $328741.41    | 0.03%             | 2029-08-15      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                               | Credit Agricole SA                                                                | CUSIP: 22535WAN7<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |     1085000 | PA      | $1102274.77   | 0.10%             | 2036-01-09      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Wayfair, Inc.                                                    | Wayfair, Inc.                                                                     | CUSIP: 94419LAP6<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |      825000 | PA      | $861712.50    | 0.07%             | 2027-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Entergy Texas, Inc.                                              | Entergy Texas, Inc.                                                               | CUSIP: 29365TAK0<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |      385000 | PA      | $327797.81    | 0.03%             | 2031-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                              | Long Gilt                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |          -4 | NC      | $-6445.78     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm, Inc.                                                  | TransDigm, Inc.                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       32000 | PA      | $32688.16     | 0.00%             | 2032-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                                         | BX Trust, Series 2022-LBA6, Class A                                               | CUSIP: 12433EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3400000 | PA      | $3392562.50   | 0.29%             | 2039-01-15      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                              | Forward Foreign Currency Contract                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $13775.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                              | Long Gilt                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |         186 | NC      | $308321.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilcorp Energy I LP                                              | Hilcorp Energy I LP                                                               | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $38211.51     | 0.00%             | 2029-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                             | GNMA II, Single Family, 30 Year                                                   | CUSIP: 21H050672<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    51987000 | PA      | $50396672.44  | 4.38%             | 2055-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                    | UniCredit SpA                                                                     | CUSIP: 904678AW9<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |      720000 | PA      | $699178.44    | 0.06%             | 2027-06-03      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Huntington Bank Auto Credit-Linked Notes                         | Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class B1                 | CUSIP: 44644NAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1279787 | PA      | $1287016.02   | 0.11%             | 2032-10-20      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                                 | Bombardier, Inc.                                                                  | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |       30000 | PA      | $30420.33     | 0.00%             | 2033-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Synopsys, Inc.                                                   | Synopsys, Inc.                                                                    | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |      580000 | PA      | $553709.99    | 0.05%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                      | Caesars Entertainment, Inc.                                                       | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |      140000 | PA      | $143658.20    | 0.01%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Mid-State Capital Corp. Trust                                    | Mid-State Capital Corp. Trust, Series 2006-1, Class M2                            | CUSIP: 59548PAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1022420 | PA      | $1033494.06   | 0.09%             | 2040-10-15      | Fixed         | 6.74%                 | Yes           |                  2 | On Loan: No      |
| FREMF                                                            | FREMF, Series 2018-KF46, Class B                                                  | CUSIP: 302955AC3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       80097 | PA      | $76928.61     | 0.01%             | 2028-03-25      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| UKG, Inc.                                                        | UKG, Inc., 1st Lien Term Loan                                                     | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |      219938 | PA      | $220289.40    | 0.02%             | 2031-02-10      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                            | FHLMC STACR REMIC Trust, Series 2022-DNA3, Class M1B                              | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |      580000 | PA      | $597514.49    | 0.05%             | 2042-04-25      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| CT Investment GmbH                                               | CT Investment GmbH                                                                | CUSIP: N/A<br>LEI: 529900VYBTC7HKBCNB72       | Long             | DBT              | CORP              | DE        |      133000 | PA      | $155922.83    | 0.01%             | 2030-04-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                                    | AIB Group plc                                                                     | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | DBT              | CORP              | IE        |     1900000 | PA      | $2161281.39   | 0.19%             | 2025-06-23      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                                     | Oriental Republic of Uruguay                                                      | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      135698 | PA      | $121897.51    | 0.01%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Generali                                                         | Generali                                                                          | CUSIP: N/A<br>LEI: 549300X5UKJVE386ZB61       | Long             | DBT              | CORP              | IT        |      400000 | PA      | $477504.41    | 0.04%             | 2047-10-27      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Ventas Realty LP                                                 | Ventas Realty LP                                                                  | CUSIP: 92277GBA4<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |      740000 | PA      | $711566.94    | 0.06%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                   | Carnival Corp.                                                                    | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      445000 | PA      | $446172.90    | 0.04%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                         | Bausch Health Cos., Inc.                                                          | CUSIP: 071734AH0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |       60000 | PA      | $47508.00     | 0.00%             | 2028-01-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                          | Civitas Resources, Inc.                                                           | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |      315000 | PA      | $317364.08    | 0.03%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                               | Dominican Republic Government Bond                                                | CUSIP: 25714PEG9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      790000 | PA      | $665575.00    | 0.06%             | 2041-01-21      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Commonbond Student Loan Trust                                    | Commonbond Student Loan Trust, Series 2018-AGS, Class B                           | CUSIP: 20269DAC9<br>LEI: 5493005PJR3MYTKJFJ48 | Long             | ABS-O            | CORP              | US        |      188635 | PA      | $170741.92    | 0.01%             | 2044-02-25      | Fixed         | 3.58%                 | Yes           |                  2 | On Loan: No      |
| CFAMC III Co. Ltd.                                               | CFAMC III Co. Ltd.                                                                | CUSIP: N/A<br>LEI: 5493006V07LYI3HE6G83       | Long             | DBT              | CORP              | VG        |      880000 | PA      | $857780.00    | 0.07%             | 2027-11-07      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                                       | Garda World Security Corp.                                                        | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |       43000 | PA      | $43144.09     | 0.00%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| United Arab Emirates Government Bond                             | United Arab Emirates Government Bond                                              | CUSIP: 38381CAB8<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |     1180000 | PA      | $737500.00    | 0.06%             | 2050-07-28      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                                              | Baytex Energy Corp.                                                               | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |      150000 | PA      | $145342.67    | 0.01%             | 2030-04-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                     | Royal Caribbean Cruises Ltd.                                                      | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |       52000 | PA      | $52186.65     | 0.00%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LP                                   | Hertz Vehicle Financing LP, Series 2021-2A, Class B                               | CUSIP: 42806MAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1393000 | PA      | $1325713.64   | 0.12%             | 2027-12-27      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Silgan Holdings, Inc.                                            | Silgan Holdings, Inc.                                                             | CUSIP: N/A<br>LEI: KAF673KJXD92C8KSLU49       | Long             | DBT              | CORP              | US        |      400000 | PA      | $439415.52    | 0.04%             | 2028-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer