# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-25-180648
**Filing Date:** 2025-7
**Character Count:** 269102
**Document Hash:** ca98dcc693725859d4eb2b3c5c03c6c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180648.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180648

**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:** 251154599

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**JPMorgan Emerging Markets Debt Fund**

**Schedule of Portfolio Investments as of 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 Emerging Markets 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>|
| **Foreign Government Securities — 76.2%** | **Foreign Government Securities — 76.2%** | **Foreign Government Securities — 76.2%** |
| **Angola — 1.1%** | **Angola — 1.1%** | **Angola — 1.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/12/2025 (a) | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/9/2028 (a) | &nbsp;&nbsp; 1292 | &nbsp;&nbsp; 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/26/2029 (a) | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/14/2032 (b) | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/14/2032 (a) | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 11/26/2049 (a) | &nbsp;&nbsp; 4502 | &nbsp;&nbsp; 3230 |
|  |  | &nbsp;&nbsp; 11513 |
| **Argentina — 2.9%** | **Argentina — 2.9%** | **Argentina — 2.9%** |
| &nbsp;&nbsp;&nbsp; Argentine Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 7/9/2030 (c) | &nbsp;&nbsp; 8448 | &nbsp;&nbsp; 6616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 7/9/2035 (c) | &nbsp;&nbsp; 13398 | &nbsp;&nbsp; 9013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/2035 (d) | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/9/2038 (c) | &nbsp;&nbsp; 5621 | &nbsp;&nbsp; 4003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/9/2041 (c) | &nbsp;&nbsp; 11928 | &nbsp;&nbsp; 7412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 7/9/2046 (c) | &nbsp;&nbsp; 2541 | &nbsp;&nbsp; 1660 |
|  |  | &nbsp;&nbsp; 29141 |
| **Azerbaijan — 0.1%** | **Azerbaijan — 0.1%** | **Azerbaijan — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Azerbaijan 3.50%, 9/1/2032 (a) | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 743 |
| **Bahrain — 1.8%** | **Bahrain — 1.8%** | **Bahrain — 1.8%** |
| &nbsp;&nbsp;&nbsp; Kingdom of Bahrain |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/12/2028 (a) | &nbsp;&nbsp; 4660 | &nbsp;&nbsp; 4763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/20/2029 (a) | &nbsp;&nbsp; 5431 | &nbsp;&nbsp; 5512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/16/2032 (a) | &nbsp;&nbsp; 6187 | &nbsp;&nbsp; 5723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/25/2033 (a) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 1997 |
|  |  | &nbsp;&nbsp; 17995 |
| **Benin — 0.3%** | **Benin — 0.3%** | **Benin — 0.3%** |
| &nbsp;&nbsp;&nbsp; Benin Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.96%, 2/13/2038 (b) | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.96%, 2/13/2038 (a) | &nbsp;&nbsp; 2405 | &nbsp;&nbsp; 2192 |
|  |  | &nbsp;&nbsp; 3121 |
| **Brazil — 2.7%** | **Brazil — 2.7%** | **Brazil — 2.7%** |
| &nbsp;&nbsp;&nbsp; Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 9/12/2031 | &nbsp;&nbsp; 7439 | &nbsp;&nbsp; 6621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/2033 | &nbsp;&nbsp; 5920 | &nbsp;&nbsp; 5809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/20/2034 | &nbsp;&nbsp; 4966 | &nbsp;&nbsp; 5577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/14/2050 | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 7438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 5/13/2054 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2083 |
|  |  | &nbsp;&nbsp; 27528 |
| **Bulgaria — 0.2%** | **Bulgaria — 0.2%** | **Bulgaria — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Bulgaria 5.00%, 3/5/2037 (a) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1829 |
| **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Chile 2.55%, 1/27/2032 | &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 3551 |

---

------

**JPMorgan Emerging Markets 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** |
| **Colombia — 2.9%** | **Colombia — 2.9%** | **Colombia — 2.9%** |
| &nbsp;&nbsp;&nbsp; Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/30/2030 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/25/2030 | &nbsp;&nbsp; 4771 | &nbsp;&nbsp; 4914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/15/2031 | &nbsp;&nbsp; 12175 | &nbsp;&nbsp; 9964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 1/28/2033 | &nbsp;&nbsp; 963 | &nbsp;&nbsp; 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/15/2049 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/15/2051 | &nbsp;&nbsp; 13879 | &nbsp;&nbsp; 7772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/14/2053 | &nbsp;&nbsp; 1268 | &nbsp;&nbsp; 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/7/2054 | &nbsp;&nbsp; 2885 | &nbsp;&nbsp; 2696 |
|  |  | &nbsp;&nbsp; 29753 |
| **Costa Rica — 1.0%** | **Costa Rica — 1.0%** | **Costa Rica — 1.0%** |
| &nbsp;&nbsp;&nbsp; Republic of Costa Rica |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/19/2031 (a) | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/30/2043 (a) | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/4/2044 (a) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.16%, 3/12/2045 (a) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 11/13/2054 (b) | &nbsp;&nbsp; 2687 | &nbsp;&nbsp; 2746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 11/13/2054 (a) | &nbsp;&nbsp; 2712 | &nbsp;&nbsp; 2772 |
|  |  | &nbsp;&nbsp; 10110 |
| **Dominican Republic — 3.0%** | **Dominican Republic — 3.0%** | **Dominican Republic — 3.0%** |
| &nbsp;&nbsp;&nbsp; Dominican Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 1/25/2027 (a) | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/19/2028 (a) | &nbsp;&nbsp; 3606 | &nbsp;&nbsp; 3642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/30/2030 (a) | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 4512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 2/3/2031 (b) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 2/3/2031 (a) | &nbsp;&nbsp; 2280 | &nbsp;&nbsp; 2366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/23/2032 (a) | &nbsp;&nbsp; 3860 | &nbsp;&nbsp; 3520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 6/1/2036 (b) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/21/2041 (a) | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 2/24/2055 (b) | &nbsp;&nbsp; 4407 | &nbsp;&nbsp; 4328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/30/2060 (a) | &nbsp;&nbsp; 7051 | &nbsp;&nbsp; 5803 |
|  |  | &nbsp;&nbsp; 30211 |
| **Ecuador — 1.4%** | **Ecuador — 1.4%** | **Ecuador — 1.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Ecuador |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 7/31/2030 (a) (c) | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/31/2035 (a) (c) | &nbsp;&nbsp; 15605 | &nbsp;&nbsp; 9691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/31/2040 (a) (c) | &nbsp;&nbsp; 7042 | &nbsp;&nbsp; 3781 |
|  |  | &nbsp;&nbsp; 14317 |
| **Egypt — 4.0%** | **Egypt — 4.0%** | **Egypt — 4.0%** |
| &nbsp;&nbsp;&nbsp; Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 24.46%, 10/1/2027 | &nbsp;&nbsp; EGP116,600 | &nbsp;&nbsp; 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 22.58%, 1/7/2028 | &nbsp;&nbsp; EGP251,190 | &nbsp;&nbsp; 5074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.59%, 2/21/2028 (a) | &nbsp;&nbsp; 3040 | &nbsp;&nbsp; 2969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 21.33%, 5/6/2028 | &nbsp;&nbsp; EGP251,000 | &nbsp;&nbsp; 5003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 3/1/2029 (a) | &nbsp;&nbsp; 2810 | &nbsp;&nbsp; 2755 |

---

------

**JPMorgan Emerging Markets 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** |
| **Egypt—continued** | **Egypt—continued** | **Egypt—continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/4/2030 (b) | &nbsp;&nbsp; 4879 | &nbsp;&nbsp; 4850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/16/2031 (a) | &nbsp;&nbsp; 4969 | &nbsp;&nbsp; 4241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 1/15/2032 (a) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/29/2032 (a) | &nbsp;&nbsp; 3743 | &nbsp;&nbsp; 3361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/2047 (a) | &nbsp;&nbsp; 4271 | &nbsp;&nbsp; 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.90%, 2/21/2048 (a) | &nbsp;&nbsp; 3661 | &nbsp;&nbsp; 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 5/29/2050 (a) | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 9/30/2051 (a) | &nbsp;&nbsp; 2050 | &nbsp;&nbsp; 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/16/2061 (a) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 752 |
|  |  | &nbsp;&nbsp; 40489 |
| **El Salvador — 1.3%** | **El Salvador — 1.3%** | **El Salvador — 1.3%** |
| &nbsp;&nbsp;&nbsp; Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/28/2029 (a) | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 4/17/2030 (b) | &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/17/2030 (a) | &nbsp;&nbsp; 4790 | &nbsp;&nbsp; 5006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12%, 1/20/2050 (a) | &nbsp;&nbsp; 3571 | &nbsp;&nbsp; 2898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 7/15/2052 (a) | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2891 |
|  |  | &nbsp;&nbsp; 13041 |
| **Ethiopia — 0.1%** | **Ethiopia — 0.1%** | **Ethiopia — 0.1%** |
| &nbsp;&nbsp;&nbsp; Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a) | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 619 |
| **Gabon — 0.2%** | **Gabon — 0.2%** | **Gabon — 0.2%** |
| &nbsp;&nbsp;&nbsp; Gabonese Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/18/2029 (a) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/24/2031 (a) | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 751 |
|  |  | &nbsp;&nbsp; 2006 |
| **Ghana — 1.1%** | **Ghana — 1.1%** | **Ghana — 1.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Ghana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 7/3/2026 (b) | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/3/2029 (b) (c) | &nbsp;&nbsp; 1556 | &nbsp;&nbsp; 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 1/3/2030 (b) | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/3/2035 (b) (c) | &nbsp;&nbsp; 4525 | &nbsp;&nbsp; 3337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/3/2035 (a) (c) | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 4867 |
|  |  | &nbsp;&nbsp; 10806 |
| **Guatemala — 1.7%** | **Guatemala — 1.7%** | **Guatemala — 1.7%** |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/10/2029 (b) | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 6/1/2030 (b) | &nbsp;&nbsp; 1424 | &nbsp;&nbsp; 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 6/1/2030 (a) | &nbsp;&nbsp; 6702 | &nbsp;&nbsp; 6518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/24/2032 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/7/2033 (a) | &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 2/6/2037 (a) | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/1/2050 (a) | &nbsp;&nbsp; 2594 | &nbsp;&nbsp; 2303 |
|  |  | &nbsp;&nbsp; 17090 |

---

------

**JPMorgan Emerging Markets 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** |
| **Honduras — 0.2%** | **Honduras — 0.2%** | **Honduras — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Honduras 8.63%, 11/27/2034 (b) | &nbsp;&nbsp; 2320 | &nbsp;&nbsp; 2352 |
| **Hungary — 3.3%** | **Hungary — 3.3%** | **Hungary — 3.3%** |
| &nbsp;&nbsp;&nbsp; Hungary Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/16/2029 (a) | &nbsp;&nbsp; 8200 | &nbsp;&nbsp; 8231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 9/22/2031 (a) | &nbsp;&nbsp; 7370 | &nbsp;&nbsp; 6033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/16/2034 (a) | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/26/2036 (a) | &nbsp;&nbsp; 8924 | &nbsp;&nbsp; 8437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/21/2051 (b) | &nbsp;&nbsp; 2194 | &nbsp;&nbsp; 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/21/2051 (a) | &nbsp;&nbsp; 7115 | &nbsp;&nbsp; 4133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/25/2052 (b) | &nbsp;&nbsp; 796 | &nbsp;&nbsp; 795 |
| &nbsp;&nbsp;&nbsp; Magyar Export-Import Bank Zrt. 6.13%, 12/4/2027 (b) | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1239 |
|  |  | &nbsp;&nbsp; 34210 |
| **Indonesia — 2.0%** | **Indonesia — 2.0%** | **Indonesia — 2.0%** |
| &nbsp;&nbsp;&nbsp; Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/11/2029 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/12/2035 (a) | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/17/2037 (a) | &nbsp;&nbsp; 4195 | &nbsp;&nbsp; 4600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 3/12/2051 | &nbsp;&nbsp; 7943 | &nbsp;&nbsp; 5114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 2/10/2054 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 9/10/2054 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1283 |
|  |  | &nbsp;&nbsp; 20185 |
| **Iraq — 0.1%** | **Iraq — 0.1%** | **Iraq — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Iraq 5.80%, 1/15/2028 (a) | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 1252 |
| **Ivory Coast — 1.6%** | **Ivory Coast — 1.6%** | **Ivory Coast — 1.6%** |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/3/2028 (a) | &nbsp;&nbsp; 5040 | &nbsp;&nbsp; 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/2032 (a) (c) | &nbsp;&nbsp; 676 | &nbsp;&nbsp; 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 1/30/2033 (a) | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 4/1/2036 (b) | &nbsp;&nbsp; 2743 | &nbsp;&nbsp; 2586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/30/2037 (b) | &nbsp;&nbsp; 5399 | &nbsp;&nbsp; 5068 |
|  |  | &nbsp;&nbsp; 16760 |
| **Jordan — 1.2%** | **Jordan — 1.2%** | **Jordan — 1.2%** |
| &nbsp;&nbsp;&nbsp; Hashemite Kingdom of Jordan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/7/2025 (a) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/31/2027 (a) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/13/2029 (a) | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 7/7/2030 (a) | &nbsp;&nbsp; 3383 | &nbsp;&nbsp; 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 7/7/2030 (b) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/10/2047 (a) | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3446 |
|  |  | &nbsp;&nbsp; 12263 |
| **Kenya — 0.7%** | **Kenya — 0.7%** | **Kenya — 0.7%** |
| &nbsp;&nbsp;&nbsp; Republic of Kenya |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/28/2028 (a) | &nbsp;&nbsp; 3135 | &nbsp;&nbsp; 3032 |

---

------

**JPMorgan Emerging Markets 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** |
| **Kenya—continued** | **Kenya—continued** | **Kenya—continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/22/2032 (a) | &nbsp;&nbsp; 2835 | &nbsp;&nbsp; 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 1/23/2034 (a) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1434 |
|  |  | &nbsp;&nbsp; 7047 |
| **Lebanon — 0.6%** | **Lebanon — 0.6%** | **Lebanon — 0.6%** |
| &nbsp;&nbsp;&nbsp; Lebanese Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/9/2020 (a) (e) | &nbsp;&nbsp; 12567 | &nbsp;&nbsp; 2174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 6/19/2020 (a) (e) | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 11/27/2026 (a) (e) | &nbsp;&nbsp; 11821 | &nbsp;&nbsp; 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 3/23/2027 (a) (e) | &nbsp;&nbsp; 2184 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/3/2028 (a) (e) | &nbsp;&nbsp; 5056 | &nbsp;&nbsp; 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 2/26/2030 (a) (e) | &nbsp;&nbsp; 1456 | &nbsp;&nbsp; 252 |
|  |  | &nbsp;&nbsp; 5848 |
| **Mexico — 4.3%** | **Mexico — 4.3%** | **Mexico — 4.3%** |
| &nbsp;&nbsp;&nbsp; Mex Bonos Desarr Fix Rt 8.50%, 2/28/2030 | &nbsp;&nbsp; MXN190,500 | &nbsp;&nbsp; 9694 |
| &nbsp;&nbsp;&nbsp; United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 2/9/2035 | &nbsp;&nbsp; 15857 | &nbsp;&nbsp; 15801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 5/4/2053 | &nbsp;&nbsp; 8460 | &nbsp;&nbsp; 7428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 5/7/2054 | &nbsp;&nbsp; 10885 | &nbsp;&nbsp; 9595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 5/13/2055 | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1414 |
|  |  | &nbsp;&nbsp; 43932 |
| **Mongolia — 0.2%** | **Mongolia — 0.2%** | **Mongolia — 0.2%** |
| &nbsp;&nbsp;&nbsp; State of Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/7/2027 (a) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.65%, 1/19/2028 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 7/7/2031 (a) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 688 |
|  |  | &nbsp;&nbsp; 2105 |
| **Montenegro — 0.4%** | **Montenegro — 0.4%** | **Montenegro — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Montenegro 7.25%, 3/12/2031 (b) | &nbsp;&nbsp; 4427 | &nbsp;&nbsp; 4539 |
| **Morocco — 0.7%** | **Morocco — 0.7%** | **Morocco — 0.7%** |
| &nbsp;&nbsp;&nbsp; Kingdom of Morocco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/8/2028 (b) | &nbsp;&nbsp; 3380 | &nbsp;&nbsp; 3438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/8/2028 (a) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2050 (a) | &nbsp;&nbsp; 2694 | &nbsp;&nbsp; 1777 |
|  |  | &nbsp;&nbsp; 7452 |
| **Namibia — 0.2%** | **Namibia — 0.2%** | **Namibia — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Namibia 5.25%, 10/29/2025 (a) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1884 |
| **Nigeria — 2.0%** | **Nigeria — 2.0%** | **Nigeria — 2.0%** |
| &nbsp;&nbsp;&nbsp; Federal Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.14%, 2/23/2030 (a) | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 7084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/9/2031 (b) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 9/28/2033 (a) | &nbsp;&nbsp; 4220 | &nbsp;&nbsp; 3581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 12/9/2034 (b) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1199 |

---

------

**JPMorgan Emerging Markets 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** |
| **Nigeria—continued** | **Nigeria—continued** | **Nigeria—continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 2/23/2038 (a) | &nbsp;&nbsp; 3985 | &nbsp;&nbsp; 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/28/2047 (a) | &nbsp;&nbsp; 5229 | &nbsp;&nbsp; 3922 |
|  |  | &nbsp;&nbsp; 20839 |
| **Oman — 2.7%** | **Oman — 2.7%** | **Oman — 2.7%** |
| &nbsp;&nbsp;&nbsp; Sultanate of Oman Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/17/2028 (a) | &nbsp;&nbsp; 14600 | &nbsp;&nbsp; 14731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/8/2047 (a) | &nbsp;&nbsp; 9814 | &nbsp;&nbsp; 9584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/25/2051 (a) | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2779 |
|  |  | &nbsp;&nbsp; 27094 |
| **Pakistan — 1.2%** | **Pakistan — 1.2%** | **Pakistan — 1.2%** |
| &nbsp;&nbsp;&nbsp; Islamic Republic of Pakistan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 9/30/2025 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/8/2026 (a) | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/5/2027 (a) | &nbsp;&nbsp; 2055 | &nbsp;&nbsp; 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/8/2031 (a) | &nbsp;&nbsp; 6237 | &nbsp;&nbsp; 5311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 4/8/2051 (a) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1410 |
|  |  | &nbsp;&nbsp; 12150 |
| **Panama — 1.0%** | **Panama — 1.0%** | **Panama — 1.0%** |
| &nbsp;&nbsp;&nbsp; Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 9/29/2032 | &nbsp;&nbsp; 5160 | &nbsp;&nbsp; 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/31/2036 | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/1/2038 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/19/2063 | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 2049 |
|  |  | &nbsp;&nbsp; 10037 |
| **Paraguay — 2.3%** | **Paraguay — 2.3%** | **Paraguay — 2.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Paraguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.90%, 2/9/2031 (b) | &nbsp;&nbsp; PYG12,818,000 | &nbsp;&nbsp; 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/28/2031 (a) | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/28/2033 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 8/21/2033 (b) | &nbsp;&nbsp; 3490 | &nbsp;&nbsp; 3499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/9/2036 (b) | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/13/2048 (a) | &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/30/2050 (a) | &nbsp;&nbsp; 4116 | &nbsp;&nbsp; 3458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 3/4/2055 (b) | &nbsp;&nbsp; 1955 | &nbsp;&nbsp; 1905 |
|  |  | &nbsp;&nbsp; 23357 |
| **Peru — 1.8%** | **Peru — 1.8%** | **Peru — 1.8%** |
| &nbsp;&nbsp;&nbsp; Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/15/2034 | &nbsp;&nbsp; 4150 | &nbsp;&nbsp; 3447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/8/2035 | &nbsp;&nbsp; 14914 | &nbsp;&nbsp; 14646 |
|  |  | &nbsp;&nbsp; 18093 |
| **Philippines — 1.2%** | **Philippines — 1.2%** | **Philippines — 1.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/17/2028 | &nbsp;&nbsp; 1610 | &nbsp;&nbsp; 1621 |

---

------

**JPMorgan Emerging Markets 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** |
| **Philippines—continued** | **Philippines—continued** | **Philippines—continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 9/29/2032 | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/13/2047 | &nbsp;&nbsp; 4700 | &nbsp;&nbsp; 4753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/17/2048 | &nbsp;&nbsp; 1478 | &nbsp;&nbsp; 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 2/4/2050 | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2797 |
|  |  | &nbsp;&nbsp; 12601 |
| **Poland — 1.4%** | **Poland — 1.4%** | **Poland — 1.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/16/2032 | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/4/2033 | &nbsp;&nbsp; 2733 | &nbsp;&nbsp; 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/4/2053 | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/18/2054 | &nbsp;&nbsp; 10972 | &nbsp;&nbsp; 9926 |
|  |  | &nbsp;&nbsp; 14822 |
| **Qatar — 0.5%** | **Qatar — 0.5%** | **Qatar — 0.5%** |
| &nbsp;&nbsp;&nbsp; State of Qatar 4.82%, 3/14/2049 (a) | &nbsp;&nbsp; 6095 | &nbsp;&nbsp; 5412 |
| **Romania — 2.3%** | **Romania — 2.3%** | **Romania — 2.3%** |
| &nbsp;&nbsp;&nbsp; Romania Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/27/2027 (a) | &nbsp;&nbsp; 4230 | &nbsp;&nbsp; 4045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/27/2032 (a) | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 1/17/2033 (b) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/30/2034 (b) | &nbsp;&nbsp; 2044 | &nbsp;&nbsp; 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/25/2034 (a) | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/24/2035 (b) | &nbsp;&nbsp; 4862 | &nbsp;&nbsp; 4361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/10/2037 (b) | &nbsp;&nbsp; 3360 | &nbsp;&nbsp; 3374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 1/17/2053 (a) | &nbsp;&nbsp; 3944 | &nbsp;&nbsp; 3809 |
|  |  | &nbsp;&nbsp; 23142 |
| **Saudi Arabia — 3.1%** | **Saudi Arabia — 3.1%** | **Saudi Arabia — 3.1%** |
| &nbsp;&nbsp;&nbsp; Kingdom of Saudi Arabia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/16/2030 (b) | &nbsp;&nbsp; 11100 | &nbsp;&nbsp; 11121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/17/2030 (a) | &nbsp;&nbsp; 9420 | &nbsp;&nbsp; 9334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/25/2032 (a) | &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 3918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/2/2033 (b) | &nbsp;&nbsp; 3047 | &nbsp;&nbsp; 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/16/2034 (b) | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/4/2047 (a) | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 1773 |
|  |  | &nbsp;&nbsp; 31426 |
| **Senegal — 0.5%** | **Senegal — 0.5%** | **Senegal — 0.5%** |
| &nbsp;&nbsp;&nbsp; Republic of Senegal 6.25%, 5/23/2033 (a) | &nbsp;&nbsp; 6445 | &nbsp;&nbsp; 4620 |
| **Serbia — 1.0%** | **Serbia — 1.0%** | **Serbia — 1.0%** |
| &nbsp;&nbsp;&nbsp; Republic of Serbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/26/2033 (b) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/26/2033 (a) | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 8669 |
|  |  | &nbsp;&nbsp; 10733 |
| **South Africa — 2.7%** | **South Africa — 2.7%** | **South Africa — 2.7%** |
| &nbsp;&nbsp;&nbsp; Republic of South Africa |  |  |

---

------

**JPMorgan Emerging Markets 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** |
| **South Africa—continued** | **South Africa—continued** | **South Africa—continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/12/2028 | &nbsp;&nbsp; 7585 | &nbsp;&nbsp; 7253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 9/30/2029 | &nbsp;&nbsp; 2115 | &nbsp;&nbsp; 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/20/2032 | &nbsp;&nbsp; 1845 | &nbsp;&nbsp; 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 11/19/2036 (b) | &nbsp;&nbsp; 3122 | &nbsp;&nbsp; 3022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/8/2041 | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 4697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/12/2046 | &nbsp;&nbsp; 6928 | &nbsp;&nbsp; 4659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/30/2049 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 4/20/2052 | &nbsp;&nbsp; 3880 | &nbsp;&nbsp; 3345 |
|  |  | &nbsp;&nbsp; 27773 |
| **Sri Lanka — 0.9%** | **Sri Lanka — 0.9%** | **Sri Lanka — 0.9%** |
| &nbsp;&nbsp;&nbsp; Democratic Socialist Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2028 (b) | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/15/2030 (a) (c) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 3/15/2033 (b) (c) | &nbsp;&nbsp; 4704 | &nbsp;&nbsp; 3651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 6/15/2035 (b) (c) | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 5/15/2036 (b) (c) | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; 1711 |
|  |  | &nbsp;&nbsp; 9365 |
| **Suriname — 0.3%** | **Suriname — 0.3%** | **Suriname — 0.3%** |
| &nbsp;&nbsp;&nbsp; Suriname Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 7/15/2033 (a) (f) | &nbsp;&nbsp; 1968 | &nbsp;&nbsp; 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 12/31/2050 (a) (d) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1080 |
|  |  | &nbsp;&nbsp; 2911 |
| **Trinidad And Tobago — 0.5%** | **Trinidad And Tobago — 0.5%** | **Trinidad And Tobago — 0.5%** |
| &nbsp;&nbsp;&nbsp; Republic of Trinidad and Tobago |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/26/2030 (a) | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 2942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 1/14/2031 (b) | &nbsp;&nbsp; 1940 | &nbsp;&nbsp; 1878 |
|  |  | &nbsp;&nbsp; 4820 |
| **Turkey — 4.6%** | **Turkey — 4.6%** | **Turkey — 4.6%** |
| &nbsp;&nbsp;&nbsp; Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (b) | &nbsp;&nbsp; 3864 | &nbsp;&nbsp; 4111 |
| &nbsp;&nbsp;&nbsp; Republic of Turkiye (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 36.00%, 8/12/2026 | &nbsp;&nbsp; TRY577,855 | &nbsp;&nbsp; 14009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 1/15/2028 | &nbsp;&nbsp; 5320 | &nbsp;&nbsp; 5767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/17/2028 | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 30.00%, 9/12/2029 | &nbsp;&nbsp; TRY239,135 | &nbsp;&nbsp; 5391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/13/2030 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 7/13/2030 | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 5651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/15/2034 | &nbsp;&nbsp; 2854 | &nbsp;&nbsp; 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 4/16/2043 | &nbsp;&nbsp; 9615 | &nbsp;&nbsp; 6503 |
|  |  | &nbsp;&nbsp; 47318 |
| **Ukraine — 1.4%** | **Ukraine — 1.4%** | **Ukraine — 1.4%** |
| &nbsp;&nbsp;&nbsp; Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 2/1/2029 (a) (c) | &nbsp;&nbsp; 2505 | &nbsp;&nbsp; 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 2/1/2030 (b) (c) | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 2/1/2034 (b) (c) | &nbsp;&nbsp; 817 | &nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 2/1/2034 (a) (c) | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 1755 |

---

------

**JPMorgan Emerging Markets 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** |
| **Ukraine—continued** | **Ukraine—continued** | **Ukraine—continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 2/1/2035 (b) (c) | &nbsp;&nbsp; 4751 | &nbsp;&nbsp; 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 2/1/2036 (a) (c) | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 2/1/2036 (b) (c) | &nbsp;&nbsp; 4804 | &nbsp;&nbsp; 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/1/2041 (a) (d) | &nbsp;&nbsp; 4742 | &nbsp;&nbsp; 3426 |
|  |  | &nbsp;&nbsp; 14026 |
| **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** |
| &nbsp;&nbsp;&nbsp; United Arab Emirates Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 7/7/2032 (b) | &nbsp;&nbsp; 1474 | &nbsp;&nbsp; 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/10/2033 (a) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1688 |
|  |  | &nbsp;&nbsp; 3119 |
| **Uruguay — 1.6%** | **Uruguay — 1.6%** | **Uruguay — 1.6%** |
| &nbsp;&nbsp;&nbsp; Oriental Republic of Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/21/2036 | &nbsp;&nbsp; 9369 | &nbsp;&nbsp; 11008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/10/2060 | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; 5630 |
|  |  | &nbsp;&nbsp; 16638 |
| **Uzbekistan — 0.4%** | **Uzbekistan — 0.4%** | **Uzbekistan — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan 3.70%, 11/25/2030 (a) | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 4446 |
| **Venezuela, Bolivarian Republic of — 0.4%** | **Venezuela, Bolivarian Republic of — 0.4%** | **Venezuela, Bolivarian Republic of — 0.4%** |
| &nbsp;&nbsp;&nbsp; Bolivarian Republic of Venezuela |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 8/23/2022 (a) (e) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/13/2024 (a) (e) | &nbsp;&nbsp; 2590 | &nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.65%, 4/21/2025 (a) (e) | &nbsp;&nbsp; 3213 | &nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 10/21/2026 (a) (e) | &nbsp;&nbsp; 4870 | &nbsp;&nbsp; 925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 5/7/2028 (a) (e) | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.95%, 8/5/2031 (a) (e) | &nbsp;&nbsp; 3688 | &nbsp;&nbsp; 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/31/2038 (a) (e) | &nbsp;&nbsp; 6907 | &nbsp;&nbsp; 1150 |
|  |  | &nbsp;&nbsp; 4205 |
| **Zambia — 0.5%** | **Zambia — 0.5%** | **Zambia — 0.5%** |
| &nbsp;&nbsp;&nbsp; Republic of Zambia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/30/2033 (a) (c) | &nbsp;&nbsp; 799 | &nbsp;&nbsp; 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/31/2053 (a) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/31/2053 (b) | &nbsp;&nbsp; 6141 | &nbsp;&nbsp; 3731 |
|  |  | &nbsp;&nbsp; 5420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $778,634)<br>|  | &nbsp;&nbsp; 778059 |
| **Corporate Bonds — 19.1%** | **Corporate Bonds — 19.1%** | **Corporate Bonds — 19.1%** |
| **Azerbaijan — 0.1%** | **Azerbaijan — 0.1%** | **Azerbaijan — 0.1%** |
| &nbsp;&nbsp;&nbsp; Southern Gas Corridor CJSC 6.88%, 3/24/2026 (a) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 908 |
| **Bahrain — 0.5%** | **Bahrain — 0.5%** | **Bahrain — 0.5%** |
| &nbsp;&nbsp;&nbsp; Bapco Energies BSC Closed 8.38%, 11/7/2028 (a) | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 5490 |
| **Brazil — 1.2%** | **Brazil — 1.2%** | **Brazil — 1.2%** |
| &nbsp;&nbsp;&nbsp; Acu Petroleo Luxembourg SARL 7.50%, 1/13/2032 (a) | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 555 |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/10/2028 (a) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 454 |

---

------

**JPMorgan Emerging Markets 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** |
| **Brazil — continued** | **Brazil — continued** | **Brazil — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/31/2030 (a) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1154 |
| &nbsp;&nbsp;&nbsp; FS Luxembourg Sarl 8.88%, 2/12/2031 (b) | &nbsp;&nbsp; 1442 | &nbsp;&nbsp; 1457 |
| &nbsp;&nbsp;&nbsp; Guara Norte SARL 5.20%, 6/15/2034 (b) | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; 2056 |
| &nbsp;&nbsp;&nbsp; MV24 Capital BV 6.75%, 6/1/2034 (a) | &nbsp;&nbsp; 1880 | &nbsp;&nbsp; 1800 |
| &nbsp;&nbsp;&nbsp; Raizen Fuels Finance SA 6.45%, 3/5/2034 (b) | &nbsp;&nbsp; 1886 | &nbsp;&nbsp; 1867 |
| &nbsp;&nbsp;&nbsp; Yinson Boronia Production BV 8.95%, 7/31/2042 (b) | &nbsp;&nbsp; 2302 | &nbsp;&nbsp; 2396 |
|  |  | &nbsp;&nbsp; 11739 |
| **Chile — 2.7%** | **Chile — 2.7%** | **Chile — 2.7%** |
| &nbsp;&nbsp;&nbsp; Alfa Desarrollo SpA 4.55%, 9/27/2051 (b) | &nbsp;&nbsp; 1998 | &nbsp;&nbsp; 1444 |
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings 7.88%, 2/3/2030 (b) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1802 |
| &nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.94%), 8.75%, 5/8/2029 (a) (g) (h) (i) (j) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.77%), 7.50%, 12/12/2034 (b) (g) (h) (i) (j) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco del Estado de Chile (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 7.95%, 5/2/2029 (b) <br> (g) (h) (i) (j)<br>| &nbsp;&nbsp; 6795 | &nbsp;&nbsp; 7041 |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/30/2029 (a) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/2/2033 (b) | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/2/2033 (a) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.44%, 1/26/2036 (b) | &nbsp;&nbsp; 1727 | &nbsp;&nbsp; 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 10/24/2036 (a) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/2047 (a) | &nbsp;&nbsp; 6371 | &nbsp;&nbsp; 4797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 9/8/2053 (b) | &nbsp;&nbsp; 2261 | &nbsp;&nbsp; 2164 |
| &nbsp;&nbsp;&nbsp; Empresa de los Ferrocarriles del Estado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 8/18/2050 (b) | &nbsp;&nbsp; 1271 | &nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 9/14/2061 (b) | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp; Empresa de Transporte de Pasajeros Metro SA, 5.00%, 1/25/2047 (a) | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp; Empresa Nacional del Petroleo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 9/16/2031 (b) | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/30/2034 (b) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/14/2047 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp; GNL Quintero SA 4.63%, 7/31/2029 (a) | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 320 |
|  |  | &nbsp;&nbsp; 27787 |
| **Colombia — 1.4%** | **Colombia — 1.4%** | **Colombia — 1.4%** |
| &nbsp;&nbsp;&nbsp; AI Candelaria - spain- SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/15/2028 (a) | &nbsp;&nbsp; 606 | &nbsp;&nbsp; 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/2033 (b) | &nbsp;&nbsp; 3060 | &nbsp;&nbsp; 2556 |
| &nbsp;&nbsp;&nbsp; Colombia Telecomunicaciones SA ESP 4.95%, 7/17/2030 (a) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2621 |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA 8.63%, 1/19/2029 | &nbsp;&nbsp; 5595 | &nbsp;&nbsp; 5869 |
| &nbsp;&nbsp;&nbsp; EnfraGen Energia Sur SA 5.38%, 12/30/2030 (a) | &nbsp;&nbsp; 3010 | &nbsp;&nbsp; 2603 |
|  |  | &nbsp;&nbsp; 14244 |

---

------

**JPMorgan Emerging Markets 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** |
| **Costa Rica — 0.3%** | **Costa Rica — 0.3%** | **Costa Rica — 0.3%** |
| &nbsp;&nbsp;&nbsp; Instituto Costarricense de Electricidad |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/7/2031 (b) | &nbsp;&nbsp; 1780 | &nbsp;&nbsp; 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2043 (a) | &nbsp;&nbsp; 802 | &nbsp;&nbsp; 708 |
|  |  | &nbsp;&nbsp; 2514 |
| **Guatemala — 0.1%** | **Guatemala — 0.1%** | **Guatemala — 0.1%** |
| &nbsp;&nbsp;&nbsp; CT Trust 5.13%, 2/3/2032 (a) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 732 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| &nbsp;&nbsp;&nbsp; FWD Group Holdings Ltd. 8.40%, 4/5/2029 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 725 |
| **India — 0.5%** | **India — 0.5%** | **India — 0.5%** |
| &nbsp;&nbsp;&nbsp; Azure Power Energy Ltd. 3.58%, 8/19/2026 (a) | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV 3.85%, 3/29/2026 (b) | &nbsp;&nbsp; 2114 | &nbsp;&nbsp; 2069 |
| &nbsp;&nbsp;&nbsp; Greenko Power II Ltd. 4.30%, 12/13/2028 (b) | &nbsp;&nbsp; 1566 | &nbsp;&nbsp; 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.93%), 3.70%, 8/25/2026 (a) (g) (h) (i) <br> (j)<br>| &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1804 |
|  |  | &nbsp;&nbsp; 5513 |
| **Indonesia — 0.6%** | **Indonesia — 0.6%** | **Indonesia — 0.6%** |
| &nbsp;&nbsp;&nbsp; Medco Oak Tree Pte. Ltd. 7.38%, 5/14/2026 (a) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/21/2030 (a) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/27/2041 (a) | &nbsp;&nbsp; 1686 | &nbsp;&nbsp; 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 7/30/2049 (a) | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1314 |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2047 (a) | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/30/2050 (b) | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 498 |
|  |  | &nbsp;&nbsp; 6148 |
| **Jamaica — 0.0% ^** | **Jamaica — 0.0% ^** | **Jamaica — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Kingston Airport Revenue Finance Ltd. 6.75%, 12/15/2036 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 395 |
| **Macau — 0.0% ^** | **Macau — 0.0% ^** | **Macau — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Studio City Finance Ltd. 5.00%, 1/15/2029 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 361 |
| **Mexico — 5.2%** | **Mexico — 5.2%** | **Mexico — 5.2%** |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, 6/27/2029 (a) (g) (h) (i) (j) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.30%), 8.75%, 5/20/2035 (b) (g) (h) (i) (j) | &nbsp;&nbsp; 1701 | &nbsp;&nbsp; 1682 |
| &nbsp;&nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/14/2025 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 2.72%, 8/11/2031 (b) (j) | &nbsp;&nbsp; 2320 | &nbsp;&nbsp; 2177 |
| &nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (a) (g) (j) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.66%), 8.45%, 6/29/2038 (a) (g) (j) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (a) (g) (j)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp; Cometa Energia SA de CV 6.38%, 4/24/2035 (a) | &nbsp;&nbsp; 2274 | &nbsp;&nbsp; 2290 |
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 2/9/2031 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 2/9/2031 (b) | &nbsp;&nbsp; 3719 | &nbsp;&nbsp; 3208 |

---

------

**JPMorgan Emerging Markets 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** |
| **Mexico — continued** | **Mexico — continued** | **Mexico — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 2/9/2051 (b) | &nbsp;&nbsp; 642 | &nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%, 1/31/2041 (b) | &nbsp;&nbsp; 1942 | &nbsp;&nbsp; 1910 |
| &nbsp;&nbsp;&nbsp; Mexico City Airport Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/2028 (a) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/31/2046 (a) | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1685 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/16/2025 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/13/2027 | &nbsp;&nbsp; 1129 | &nbsp;&nbsp; 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 2/12/2028 | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 3021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 1/23/2029 | &nbsp;&nbsp; 8865 | &nbsp;&nbsp; 8455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 1/23/2030 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 1/28/2031 | &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 3285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 2/16/2032 | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 2/12/2048 | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 1/23/2050 | &nbsp;&nbsp; 5204 | &nbsp;&nbsp; 3832 |
| &nbsp;&nbsp;&nbsp; Saavi Energia Sarl 8.88%, 2/10/2035 (b) | &nbsp;&nbsp; 2853 | &nbsp;&nbsp; 2904 |
| &nbsp;&nbsp;&nbsp; Tierra Mojada Luxembourg II SARL 5.75%, 12/1/2040 (a) | &nbsp;&nbsp; 2232 | &nbsp;&nbsp; 2067 |
|  |  | &nbsp;&nbsp; 53005 |
| **Morocco — 0.4%** | **Morocco — 0.4%** | **Morocco — 0.4%** |
| &nbsp;&nbsp;&nbsp; OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 4/30/2030 (b) | &nbsp;&nbsp; 2813 | &nbsp;&nbsp; 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/2/2054 (b) | &nbsp;&nbsp; 1246 | &nbsp;&nbsp; 1214 |
|  |  | &nbsp;&nbsp; 4027 |
| **Oman — 0.3%** | **Oman — 0.3%** | **Oman — 0.3%** |
| &nbsp;&nbsp;&nbsp; EDO Sukuk Ltd. 5.88%, 9/21/2033 (b) | &nbsp;&nbsp; 3040 | &nbsp;&nbsp; 3076 |
| **Paraguay — 0.6%** | **Paraguay — 0.6%** | **Paraguay — 0.6%** |
| &nbsp;&nbsp;&nbsp; Bioceanico Sovereign Certificate Ltd., Zero Coupon, 6/5/2034 (b) | &nbsp;&nbsp; 7195 | &nbsp;&nbsp; 5648 |
| **Peru — 1.0%** | **Peru — 1.0%** | **Peru — 1.0%** |
| &nbsp;&nbsp;&nbsp; Corp. Financiera de Desarrollo SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 9/28/2027 (a) | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/6/2030 (b) | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1191 |
| &nbsp;&nbsp;&nbsp; Fondo MIVIVIENDA SA 4.63%, 4/12/2027 (b) | &nbsp;&nbsp; 3040 | &nbsp;&nbsp; 3037 |
| &nbsp;&nbsp;&nbsp; Peru LNG Srl, 5.38%, 3/22/2030 (a) | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 1799 |
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA 5.63%, 6/19/2047 (a) | &nbsp;&nbsp; 3624 | &nbsp;&nbsp; 2192 |
|  |  | &nbsp;&nbsp; 10380 |
| **Poland — 0.5%** | **Poland — 0.5%** | **Poland — 0.5%** |
| &nbsp;&nbsp;&nbsp; Bank Gospodarstwa Krajowego |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/31/2028 (b) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/22/2033 (b) | &nbsp;&nbsp; 2670 | &nbsp;&nbsp; 2649 |
|  |  | &nbsp;&nbsp; 5262 |
| **Russia — 0.0% ^** | **Russia — 0.0% ^** | **Russia — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Vnesheconombank Via VEB Finance plc 5.94%, 11/21/2023 ‡ (a) (e) | &nbsp;&nbsp; 3090 | &nbsp;&nbsp; — |
| **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** |
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco SARL 6.51%, 2/23/2042 (b) | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 1848 |

---

------

**JPMorgan Emerging Markets 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** |
| **South Africa — 0.4%** | **South Africa — 0.4%** | **South Africa — 0.4%** |
| &nbsp;&nbsp;&nbsp; Eskom Holdings SOC Ltd. 6.35%, 8/10/2028 (a) | &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 3695 |
| **Trinidad And Tobago — 0.1%** | **Trinidad And Tobago — 0.1%** | **Trinidad And Tobago — 0.1%** |
| &nbsp;&nbsp;&nbsp; Heritage Petroleum Co. Ltd. 9.00%, 8/12/2029 (a) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp; Trinidad Generation UnLtd 5.25%, 11/4/2027 (a) | &nbsp;&nbsp; 667 | &nbsp;&nbsp; 646 |
|  |  | &nbsp;&nbsp; 1153 |
| **Turkey — 1.2%** | **Turkey — 1.2%** | **Turkey — 1.2%** |
| &nbsp;&nbsp;&nbsp; Akbank TAS (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.27%), 9.37%, 3/14/2029 (a) (g) (h) (i) (j) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TC Ziraat Bankasi A/S (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.33%), 8.99%, 8/2/2034 (b) (g) <br> (j)<br>| &nbsp;&nbsp; 4620 | &nbsp;&nbsp; 4730 |
| &nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri A/S 5.80%, 4/11/2028 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkiye Garanti Bankasi A/S (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.09%), 8.38%, <br> 2/28/2034 (a) (j)<br>| &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1918 |
| &nbsp;&nbsp;&nbsp; Turkiye Varlik Fonu Yonetimi A/S 8.25%, 2/14/2029 (a) | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2482 |
| &nbsp;&nbsp;&nbsp; WE Soda Investments Holding plc 9.50%, 10/6/2028 (a) | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1473 |
|  |  | &nbsp;&nbsp; 12296 |
| **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** |
| &nbsp;&nbsp;&nbsp; NPC Ukrenergo 6.88%, 11/9/2028 (b) | &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 848 |
| **United Arab Emirates — 1.1%** | **United Arab Emirates — 1.1%** | **United Arab Emirates — 1.1%** |
| &nbsp;&nbsp;&nbsp; Adnoc Murban Rsc Ltd. 5.13%, 9/11/2054 (b) | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 3904 |
| &nbsp;&nbsp;&nbsp; DP World Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 7/2/2037 (a) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/25/2048 (a) | &nbsp;&nbsp; 2308 | &nbsp;&nbsp; 2106 |
| &nbsp;&nbsp;&nbsp; MDGH GMTN RSC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/7/2029 (b) | &nbsp;&nbsp; 1865 | &nbsp;&nbsp; 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/7/2029 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/3/2031 (a) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/28/2033 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 410 |
|  |  | &nbsp;&nbsp; 11383 |
| **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** |
| &nbsp;&nbsp;&nbsp; Navoi Mining & Metallurgical Combinat 6.70%, 10/17/2028 (b) | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp; Uzbekneftegaz JSC 4.75%, 11/16/2028 (a) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1807 |
|  |  | &nbsp;&nbsp; 2264 |
| **Venezuela, Bolivarian Republic of — 0.3%** | **Venezuela, Bolivarian Republic of — 0.3%** | **Venezuela, Bolivarian Republic of — 0.3%** |
| &nbsp;&nbsp;&nbsp; Petroleos de Venezuela SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/27/2020 (a) (e) | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/17/2021 (a) (e) | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/2026 (a) (e) | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/12/2027 (a) (e) | &nbsp;&nbsp; 5758 | &nbsp;&nbsp; 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 5/17/2035 (a) (e) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 355 |
|  |  | &nbsp;&nbsp; 3281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $203,317)<br>|  | &nbsp;&nbsp; 194722 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** |
| **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 2.75%, 6/30/2025 (k) <br>(Cost $2,888)<br>| &nbsp;&nbsp; 2891 | &nbsp;&nbsp; 2887 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |
| **Investment Companies — 2.5%** | **Investment Companies — 2.5%** | **Investment Companies — 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class Institutional Shares, 4.29% (l) (m) <br>(Cost $25,980)<br>| &nbsp;&nbsp; 25975 | &nbsp;&nbsp; 25980 |
| **Total Investments — 98.1%** <br>**(Cost $1,010,819)**<br>|  | &nbsp;&nbsp; **1001648** |
| **Other Assets in Excess of Liabilities — 1.9%** |  | &nbsp;&nbsp; **19718** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **1021366** |

---

&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** |  |
| CJSC | Closed Joint Stock Company |
| EGP | Egyptian Pound |
| GMTN | Global Medium Term Note |
| 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>|
| JSC | Joint Stock Company |
| MXN | Mexican Peso |
| PT | Limited liability company |
| PYG | Paraguay Guarani |
| TRY | Turkish Lira |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities <br> offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have <br> restrictions on resale.<br>|
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (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) | Defaulted security. |
| (f) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (g) | 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 $20,940 or 2.05% of the Fund's net assets <br> as of May 31, 2025.<br>|
| (h) | Security is an interest bearing note with preferred security characteristics. |
| (i) | 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>|
| (j) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (k) | All or a portion of this security is deposited with the broker as initial margin for futures contracts. |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The rate shown is the current yield as of May 31, 2025.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6630 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 130606 | &nbsp;&nbsp;&nbsp;&nbsp; 773 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 839 |

---

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

---

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

---

**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; 745 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 846 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| TRY | &nbsp;&nbsp;&nbsp;&nbsp; 171645 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3890 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 387 |
| TRY | &nbsp;&nbsp;&nbsp;&nbsp; 2282 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 54 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9787 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 190295 | Goldman Sachs International | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| EGP | &nbsp;&nbsp;&nbsp;&nbsp; 259114 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4377 | Goldman Sachs International<sup>\*\*</sup> <br>| 3/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 601 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 211 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 185 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 631 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 560 | BNP Paribas | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 1207 | TRY | &nbsp;&nbsp;&nbsp;&nbsp; 50857 | Barclays Bank plc | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2916 | TRY | &nbsp;&nbsp;&nbsp;&nbsp; 123070 | Morgan Stanley | 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (151)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2131 | EGP | &nbsp;&nbsp;&nbsp;&nbsp; 129557 | Goldman Sachs International\*\* | 3/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (161)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (378)<br>|
| Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 223 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EGP | Egyptian Pound |
| EUR | Euro |
| MXN | Mexican Peso |
| TRY | Turkish Lira |
| USD | United States Dollar |

---

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

(a) Amount rounds to less than one thousand.

\*\* Non-deliverable forward.

------

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

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

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

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

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

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

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

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

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

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

------

**JPMorgan Emerging Markets 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** |
| **Investments in Securities** |  |  |  |  |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Azerbaijan | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $908 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $908 |
| &nbsp;&nbsp;&nbsp; Bahrain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5490 |
| &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11739 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11739 |
| &nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27787 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27787 |
| &nbsp;&nbsp;&nbsp; Colombia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14244 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14244 |
| &nbsp;&nbsp;&nbsp; Costa Rica | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2514 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2514 |
| &nbsp;&nbsp;&nbsp; Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 732 |
| &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 725 |
| &nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5513 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5513 |
| &nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6148 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6148 |
| &nbsp;&nbsp;&nbsp; Jamaica | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp; Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53005 |
| &nbsp;&nbsp;&nbsp; Morocco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4027 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4027 |
| &nbsp;&nbsp;&nbsp; Oman | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3076 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3076 |
| &nbsp;&nbsp;&nbsp; Paraguay | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5648 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5648 |
| &nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10380 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10380 |
| &nbsp;&nbsp;&nbsp; Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5262 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5262 |
| &nbsp;&nbsp;&nbsp; Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —(a)<br>|
| &nbsp;&nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1848 |
| &nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3695 |
| &nbsp;&nbsp;&nbsp; Trinidad And Tobago | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1153 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| &nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12296 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12296 |
| &nbsp;&nbsp;&nbsp; Ukraine | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11383 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11383 |
| &nbsp;&nbsp;&nbsp; Uzbekistan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2264 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2264 |
| &nbsp;&nbsp;&nbsp; Venezuela, Bolivarian Republic of | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3281 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3281 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194722 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 194722 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 778059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 778059 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2887 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2887 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 25980 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25980 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $25980 | &nbsp;&nbsp;&nbsp;&nbsp; $975668 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1001648 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $601 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $601 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 839 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(378)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(378)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $839 | &nbsp;&nbsp;&nbsp;&nbsp; $223 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1062 |

---

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

(a) Amount rounds to less than one thousand.

**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.

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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>| $30349 | $177795 | $182156 | $(4)<br>| $(4)<br>| $25980 | 25975 | $464 | $— |

---

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

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

**C. Derivatives**— The Fund used derivative instruments including futures contracts and forward foreign currency contracts, 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) — (2) below describe the various derivatives used by the Fund.

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

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

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

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

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

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $1014869123.07

**Total Liabilities:** $820393.01

**Net Assets:** $1014048730.06

**Cash Not Reported:** $125449.88

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 14.52480000 | **1-Year:** 2334.05953000 | **5-Year:** 38978.33515000 | **10-Year:** 82091.12340000 | **30-Year:** 118341.65955000

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

- **3-Month:** 303.24595000 | **1-Year:** 16617.83541000 | **5-Year:** 104594.67062000 | **10-Year:** 105587.97960000 | **30-Year:** 127550.52055000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000033869 | -1.35%               | -0.64%               | 1.19%                |
| Class ID C000116218 | -1.47%               | -0.60%               | 1.22%                |
| Class ID C000007990 | -1.48%               | -0.62%               | 1.21%                |
| Class ID C000033533 | -1.30%               | -0.60%               | 1.13%                |
| Class ID C000033870 | -1.40%               | -0.68%               | 1.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-406416.74              | $-18550667.30                              |
| Month 2  | $-9544788.56             | $-4763531.29                               |
| Month 3  | $-3875186.83             | $11415441.16                               |

**Designated Index Information**

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

- **Index Identifier:** EMBIGDTRUSD0

### Schedule of Portfolio Investments

| Name                                                                      | Title                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Benin Government International Bond                                       | Benin Government Bond                                                     | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     1020000 | PA      | $929475.00    | 0.09%             | 2038-02-13      | Fixed         | 7.96%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                   | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |   190500000 | PA      | $9694398.27   | 0.96%             | 2030-02-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                                         | Corp. Nacional del Cobre de Chile                                         | CUSIP: 21987BBK3<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | NUSS              | CL        |     1727000 | PA      | $1764778.13   | 0.17%             | 2036-01-26      | Fixed         | 6.44%                 | Yes           |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                            | Braskem Netherlands Finance BV                                            | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |     1100000 | PA      | $906400.00    | 0.09%             | 2030-01-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |     1430000 | PA      | $1331337.15   | 0.13%             | 2034-05-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                 | Petroleos de Venezuela SA                                                 | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | NUSS              | VE        |      602000 | PA      | $557409.86    | 0.05%             | 2020-10-27      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     4862000 | PA      | $4360727.80   | 0.43%             | 2035-03-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                                          | JPMorgan Prime Money Market Fund, Class Institutional                     | CUSIP: 4812A2603<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        |    25974830 | NS      | $25980024.80  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                                         | Corp. Nacional del Cobre de Chile                                         | CUSIP: N/A<br>LEI: 549300UVMBCBCIPSUI70       | Long             | DBT              | NUSS              | CL        |      800000 | PA      | $730000.00    | 0.07%             | 2029-09-30      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Serbia International Bond                                                 | Republic of Serbia                                                        | CUSIP: N/A<br>LEI: 254900W94OCY91V32O78       | Long             | DBT              | NUSS              | RS        |     8400000 | PA      | $8668800.00   | 0.85%             | 2033-09-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Bapco Energies BSC Closed                                                 | Bapco Energies BSC Closed                                                 | CUSIP: N/A<br>LEI: 549300OBH16L6TS6IW50       | Long             | DBT              | NUSS              | BH        |     5200000 | PA      | $5489900.00   | 0.54%             | 2028-11-07      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     2140000 | PA      | $1844680.00   | 0.18%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     2425000 | PA      | $1785770.00   | 0.18%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205AV6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     6528000 | PA      | $4390080.00   | 0.43%             | 2046-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: N/A<br>LEI: 5493000PCHOG3B6S3Q85       | Long             | DBT              | NUSS              | TR        |   577854893 | PA      | $14009451.90  | 1.38%             | 2026-08-12      | Fixed         | 36.00%                | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                      | CUSIP: 699149AN0<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      640000 | PA      | $640790.40    | 0.06%             | 2036-02-09      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |     2600000 | PA      | $2850900.00   | 0.28%             | 2037-02-17      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |     4220000 | PA      | $3581725.00   | 0.35%             | 2033-09-28      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| UAE International Government Bond                                         | United Arab Emirates Government Bond                                      | CUSIP: 31424EAD4<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |     1474000 | PA      | $1431091.86   | 0.14%             | 2032-07-07      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325ER2<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     4771000 | PA      | $4913652.90   | 0.48%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Suriname Government International Bond                                    | Suriname Government International Bond                                    | CUSIP: N/A<br>LEI: 254900SYU4G5JM13TN77       | Long             | DBT              | NUSS              | SR        |     1968085 | PA      | $1853070.11   | 0.18%             | 2033-07-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                     | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    15857000 | PA      | $15801500.50  | 1.56%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Republic of Ecuador                                                       | Republic of Ecuador                                                       | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |    15604772 | PA      | $9690563.41   | 0.96%             | 2035-07-31      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                 | CUSIP: 71568QAD9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | NUSS              | ID        |     1435000 | PA      | $1214081.75   | 0.12%             | 2047-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Bank Gospodarstwa Krajowego                                               | Bank Gospodarstwa Krajowego                                               | CUSIP: 06237MAB9<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | NUSS              | PL        |     2500000 | PA      | $2612812.50   | 0.26%             | 2028-10-31      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo                                             | Empresa Nacional del Petroleo                                             | CUSIP: 29245JAP7<br>LEI: 549300YP3P0JZBLIV197 | Long             | DBT              | NUSS              | CL        |     1100000 | PA      | $1100687.50   | 0.11%             | 2034-07-30      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     2800000 | PA      | $2500120.00   | 0.25%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Gabonese Republic                                                         | Gabonese Republic                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GA        |     1010000 | PA      | $751268.30    | 0.07%             | 2031-11-24      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123CP3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1500000 | PA      | $1454032.50   | 0.14%             | 2028-02-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Republic of Iraq                                                          | Republic of Iraq                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | IQ        |     1275000 | PA      | $1251897.00   | 0.12%             | 2028-01-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Comision Federal de Electricidad                                          | Comision Federal de Electricidad                                          | CUSIP: N/A<br>LEI: 4469000001BFPONMPF32       | Long             | DBT              | NUSS              | MX        |      600000 | PA      | $517500.00    | 0.05%             | 2031-02-09      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Turkiye Varlik Fonu Yonetimi A/S                                          | Turkiye Varlik Fonu Yonetimi A/S                                          | CUSIP: N/A<br>LEI: 789000MAPAG7J8DI3112       | Long             | DBT              | NUSS              | TR        |     2400000 | PA      | $2482500.00   | 0.24%             | 2029-02-14      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Heritage Petroleum Co. Ltd.                                               | Heritage Petroleum Co. Ltd.                                               | CUSIP: N/A<br>LEI: 25490055MYPABN06OA04       | Long             | DBT              | CORP              | TT        |      500000 | PA      | $507190.00    | 0.05%             | 2029-08-12      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     3360000 | PA      | $3373608.00   | 0.33%             | 2037-02-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     8048027 | PA      | $5414310.16   | 0.53%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Republic of Chile                                                         | Republic of Chile                                                         | CUSIP: 168863DN5<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     4100000 | PA      | $3550600.00   | 0.35%             | 2032-01-27      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Comision Federal de Electricidad                                          | Comision Federal de Electricidad                                          | CUSIP: 200447AJ9<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | NUSS              | MX        |      642000 | PA      | $433350.00    | 0.04%             | 2051-02-09      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| Republic of Panama                                                        | Republic of Panama                                                        | CUSIP: 698299BW3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     2400000 | PA      | $2324400.00   | 0.23%             | 2036-01-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Yinson Boronia Production BV                                              | Yinson Boronia Production BV                                              | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |     2302511 | PA      | $2396062.17   | 0.24%             | 2042-07-31      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     8448000 | PA      | $6615840.00   | 0.65%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |     7051000 | PA      | $5802973.00   | 0.57%             | 2060-01-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Government of Mongolia                                                    | State of Mongolia                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MN        |      800000 | PA      | $688000.00    | 0.07%             | 2031-07-07      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     1100000 | PA      | $752114.00    | 0.07%             | 2061-02-16      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                      | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |      400000 | PA      | $357250.00    | 0.04%             | 2033-06-28      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     2279000 | PA      | $1678255.60   | 0.17%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                                              | Oriental Republic of Uruguay                                              | CUSIP: 760942AS1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     8595000 | PA      | $10099125.00  | 1.00%             | 2036-03-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: 25714PET1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      700000 | PA      | $726320.00    | 0.07%             | 2031-02-03      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                   | CUSIP: N/A<br>LEI: 5299003F3UFKGCCMAP43       | Long             | DBT              | NUSS              | HU        |     8200000 | PA      | $8230750.00   | 0.81%             | 2029-06-16      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1740000 | PA      | $1499880.00   | 0.15%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Republic of Zambia                                                        | Republic of Zambia                                                        | CUSIP: N/A<br>LEI: 213800DMLAZ6LGMMD849       | Long             | DBT              | NUSS              | ZM        |      799410 | PA      | $717270.62    | 0.07%             | 2033-06-30      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| NPC Ukrenergo                                                             | NPC Ukrenergo                                                             | CUSIP: 63718LAA2<br>LEI: 8945009LCLS92V4AK321 | Long             | DBT              | NUSS              | UA        |     1044000 | PA      | $848250.00    | 0.08%             | 2028-11-09      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                    | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |      348000 | PA      | $309024.00    | 0.03%             | 2043-04-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     1600000 | PA      | $1041600.00   | 0.10%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                      | CUSIP: 699149AP5<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        | 12818000000 | PA      | $1527315.91   | 0.15%             | 2031-02-09      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |     3860000 | PA      | $3520320.00   | 0.35%             | 2032-09-23      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Navoi Mining & Metallurgical Combinat                                     | Navoi Mining & Metallurgical Combinat                                     | CUSIP: 63890CAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |      453000 | PA      | $457459.24    | 0.05%             | 2028-10-17      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |     2505000 | PA      | $1528050.00   | 0.15%             | 2029-02-01      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                                   | Kingdom of Saudi Arabia                                                   | CUSIP: N/A<br>LEI: 635400FMICXSM3SI3H65       | Long             | DBT              | NUSS              | SA        |     2180000 | PA      | $1772601.60   | 0.17%             | 2047-10-04      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: N/A<br>LEI: 529900QKDFFU9UWW5315       | Long             | DBT              | NUSS              | GT        |     2594000 | PA      | $2303472.00   | 0.23%             | 2050-06-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| DP World Ltd.                                                             | DP World Ltd.                                                             | CUSIP: N/A<br>LEI: 549300M3U2DNF4QVSS04       | Long             | DBT              | CORP              | AE        |     2000000 | PA      | $2157500.00   | 0.21%             | 2037-07-02      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                         | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     4524348 | PA      | $3336706.65   | 0.33%             | 2035-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico | CUSIP: N/A<br>LEI: 549300WIWQK5Q9MCUN92       | Long             | DBT              | CORP              | MX        |     1200000 | PA      | $1249800.00   | 0.12%             | 2038-06-29      | Variable      | 8.45%                 | Yes           |                  2 | On Loan: No      |
| Petroleos del Peru SA                                                     | Petroleos del Peru SA                                                     | CUSIP: N/A<br>LEI: 549300ZMGDLC9JT2OR80       | Long             | DBT              | NUSS              | PE        |     3624000 | PA      | $2192520.00   | 0.22%             | 2047-06-19      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                                   | Kingdom of Saudi Arabia                                                   | CUSIP: 80413TBF5<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    11100000 | PA      | $11121201.00  | 1.10%             | 2030-01-16      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |     6237000 | PA      | $5310743.13   | 0.52%             | 2031-04-08      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Akbank TAS                                                                | Akbank TAS                                                                | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | DBT              | CORP              | TR        |     1000000 | PA      | $1011880.00   | 0.10%             | 2029-03-14      | Variable      | 9.37%                 | Yes           |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                                         | Corp. Nacional del Cobre de Chile                                         | CUSIP: 21987BBH0<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | NUSS              | CL        |     2261000 | PA      | $2164410.08   | 0.21%             | 2053-09-08      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Bank Gospodarstwa Krajowego                                               | Bank Gospodarstwa Krajowego                                               | CUSIP: 06237MAA1<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | NUSS              | PL        |     2670000 | PA      | $2648880.30   | 0.26%             | 2033-05-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: 455780DW3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     1400000 | PA      | $1282750.00   | 0.13%             | 2054-09-10      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DQ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1685000 | PA      | $1108730.00   | 0.11%             | 2049-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FWD Group Holdings Ltd.                                                   | FWD Group Holdings Ltd.                                                   | CUSIP: N/A<br>LEI: 254900HEGGDS8WU5QZ97       | Long             | DBT              | CORP              | KY        |      700000 | PA      | $724500.00    | 0.07%             | 2029-04-05      | Fixed         | 8.40%                 | Yes           |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad                                   | Instituto Costarricense de Electricidad                                   | CUSIP: 45777VAE7<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | NUSS              | CR        |     1780000 | PA      | $1806148.20   | 0.18%             | 2031-10-07      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                                | Democratic Socialist Republic of Sri Lanka                                | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     4703643 | PA      | $3651202.88   | 0.36%             | 2033-03-15      | Variable      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 5 Year Note                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        1206 | NC      | $772963.73    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Nacional de Comercio Exterior SNC                                   | Banco Nacional de Comercio Exterior SNC                                   | CUSIP: N/A<br>LEI: 4469000001BL6VG3DH44       | Long             | DBT              | CORP              | MX        |      400000 | PA      | $398500.00    | 0.04%             | 2025-10-14      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Corp. Financiera de Desarrollo SA                                         | Corp. Financiera de Desarrollo SA                                         | CUSIP: 21987DAH7<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | USGA              | PE        |     1190000 | PA      | $1190595.00   | 0.12%             | 2030-05-06      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo                                             | Empresa Nacional del Petroleo                                             | CUSIP: N/A<br>LEI: 549300YP3P0JZBLIV197       | Long             | DBT              | NUSS              | CL        |      700000 | PA      | $514507.00    | 0.05%             | 2047-09-14      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     4879000 | PA      | $4849726.00   | 0.48%             | 2030-02-04      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      319000 | PA      | $219685.73    | 0.02%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Greensaif Pipelines Bidco SARL                                            | Greensaif Pipelines Bidco SARL                                            | CUSIP: 39541EAC7<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |     1820000 | PA      | $1848437.50   | 0.18%             | 2042-02-23      | Fixed         | 6.51%                 | Yes           |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad                                   | Instituto Costarricense de Electricidad                                   | CUSIP: N/A<br>LEI: 5493009VA6AFUB2Q0289       | Long             | DBT              | NUSS              | CR        |      802000 | PA      | $708013.62    | 0.07%             | 2043-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |     2055000 | PA      | $1906690.65   | 0.19%             | 2027-12-05      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                 | CUSIP: 71568PAP4<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | NUSS              | ID        |      730000 | PA      | $498225.00    | 0.05%             | 2050-06-30      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Comision Federal de Electricidad                                          | Comision Federal de Electricidad                                          | CUSIP: N/A<br>LEI: 4469000001BFPONMPF32       | Long             | DBT              | NUSS              | MX        |      400000 | PA      | $345000.00    | 0.03%             | 2031-02-09      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| ATP Tower Holdings                                                        | ATP Tower Holdings                                                        | CUSIP: 00193BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1800000 | PA      | $1802250.00   | 0.18%             | 2030-02-03      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                   | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |     2520000 | PA      | $2633557.50   | 0.26%             | 2030-04-17      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     5200000 | PA      | $5650788.00   | 0.56%             | 2030-07-13      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     2050000 | PA      | $1596437.50   | 0.16%             | 2051-09-30      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1268000 | PA      | $1236934.00   | 0.12%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                        | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     2733000 | PA      | $2676973.50   | 0.26%             | 2033-10-04      | Fixed         | 4.88%                 | 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        |      676308 | PA      | $632347.98    | 0.06%             | 2032-12-31      | Variable      | 5.75%                 | 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      | $-150673.76   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Greenko Dutch BV                                                          | Greenko Dutch BV                                                          | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |     2113760 | PA      | $2068842.60   | 0.20%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Tierra Mojada Luxembourg II SARL                                          | Tierra Mojada Luxembourg II SARL                                          | CUSIP: N/A<br>LEI: 254900H2U8PBIY32VI94       | Long             | DBT              | CORP              | LU        |     2232354 | PA      | $2066936.72   | 0.20%             | 2040-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                               | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |     2800000 | PA      | $2827132.00   | 0.28%             | 2029-01-13      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |      678000 | PA      | $681729.00    | 0.07%             | 2027-01-25      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Republic of the Philippines                                               | Republic of Philippines                                                   | CUSIP: 718286CY1<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     1610000 | PA      | $1621253.90   | 0.16%             | 2028-07-17      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1845000 | PA      | $1769585.63   | 0.17%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Uzbekneftegaz JSC                                                         | Uzbekneftegaz JSC                                                         | CUSIP: N/A<br>LEI: 213800LUZJZFLJD4MJ51       | Long             | DBT              | NUSS              | UZ        |     2000000 | PA      | $1806875.00   | 0.18%             | 2028-11-16      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Studio City Finance Ltd.                                                  | Studio City Finance Ltd.                                                  | CUSIP: N/A<br>LEI: 254900D6R731QAUIG324       | Long             | DBT              | CORP              | VG        |      400000 | PA      | $361370.00    | 0.04%             | 2029-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-60690.66    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     2115000 | PA      | $2014008.75   | 0.20%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Federal Democratic Republic of Ethiopia                                   | Federal Democratic Republic of Ethiopia                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | ET        |      721000 | PA      | $641690.00    | 0.06%             | 2024-12-11      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Saavi Energia Sarl                                                        | Saavi Energia Sarl                                                        | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     2853000 | PA      | $2904354.00   | 0.29%             | 2035-02-10      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| TC Ziraat Bankasi A/S                                                     | TC Ziraat Bankasi A/S                                                     | CUSIP: 90014TAL5<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |     4620000 | PA      | $4729632.60   | 0.47%             | 2034-08-02      | Variable      | 8.99%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                    | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |     1100000 | PA      | $1125300.00   | 0.11%             | 2045-03-12      | Fixed         | 7.16%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                 | Petroleos de Venezuela SA                                                 | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | NUSS              | VE        |     5758400 | PA      | $675633.07    | 0.07%             | 2027-04-12      | 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      | $-4892.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Empresa de Transmision Electrica SA                                       | Empresa de Transmision Electrica SA                                       | CUSIP: N/A<br>LEI: 254900RX1DOMC83TZ320       | Long             | DBT              | NUSS              | PA        |     1494000 | PA      | $1073252.25   | 0.11%             | 2049-05-02      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Bulgaria                                                      | Republic of Bulgaria                                                      | CUSIP: N/A<br>LEI: 529900PG0XCL4LICL838       | Long             | DBT              | NUSS              | BG        |     1900000 | PA      | $1828987.50   | 0.18%             | 2037-03-05      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CT Trust                                                                  | CT Trust                                                                  | CUSIP: N/A<br>LEI: 213800MJB7WO427HQD34       | Long             | DBT              | CORP              | GT        |      800000 | PA      | $732000.00    | 0.07%             | 2032-02-03      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                                       | Republic of Ecuador                                                       | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |     7041521 | PA      | $3781296.78   | 0.37%             | 2040-07-31      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Greenko Power II Ltd.                                                     | Greenko Power II Ltd.                                                     | CUSIP: 39530MAA6<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |     1566460 | PA      | $1466206.56   | 0.14%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: 455780CW4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     7943000 | PA      | $5114338.84   | 0.50%             | 2051-03-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Kingston Airport Revenue Finance Ltd.                                     | Kingston Airport Revenue Finance Ltd.                                     | CUSIP: 49647QAA6<br>LEI: 254900SK2YRR95AVHU30 | Long             | DBT              | CORP              | KY        |      400000 | PA      | $395124.00    | 0.04%             | 2036-12-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $208101.28    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |     1300000 | PA      | $1622400.00   | 0.16%             | 2035-10-12      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Paraguay                                                      | Republic of Paraguay                                                      | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |     5900000 | PA      | $5103500.00   | 0.50%             | 2048-03-13      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                      | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |     4116000 | PA      | $3457625.22   | 0.34%             | 2050-03-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Banco Mercantil del Norte SA                                              | Banco Mercantil del Norte SA                                              | CUSIP: 05971PAE8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     1701000 | PA      | $1681863.75   | 0.17%             | 2035-05-20      | Variable      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325BB0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      400000 | PA      | $469100.00    | 0.05%             | 2033-01-28      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      850000 | PA      | $787100.00    | 0.08%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                        | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     1527000 | PA      | $1591973.85   | 0.16%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: N/A<br>LEI: 5493000PCHOG3B6S3Q85       | Long             | DBT              | NUSS              | TR        |   239135000 | PA      | $5390812.97   | 0.53%             | 2029-09-12      | Fixed         | 30.00%                | No            |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |     1800000 | PA      | $1409778.00   | 0.14%             | 2051-04-08      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |      500000 | PA      | $437055.00    | 0.04%             | 2032-01-15      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                                   | Kingdom of Saudi Arabia                                                   | CUSIP: N/A<br>LEI: 635400FMICXSM3SI3H65       | Long             | DBT              | NUSS              | SA        |     9420000 | PA      | $9333712.80   | 0.92%             | 2030-04-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Peru LNG Srl                                                              | Peru LNG Srl                                                              | CUSIP: N/A<br>LEI: 254900F70J1LOALV5K70       | Long             | DBT              | CORP              | PE        |     1950156 | PA      | $1799018.91   | 0.18%             | 2030-03-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                        | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    10972000 | PA      | $9925545.50   | 0.98%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |    11821000 | PA      | $2045033.00   | 0.20%             | 2026-11-27      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325EQ4<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     2885000 | PA      | $2695744.00   | 0.27%             | 2054-11-07      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Government of Mongolia                                                    | State of Mongolia                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MN        |      200000 | PA      | $208050.00    | 0.02%             | 2028-01-19      | Fixed         | 8.65%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: N/A<br>LEI: 529900QKDFFU9UWW5315       | Long             | DBT              | NUSS              | GT        |     3400000 | PA      | $3400000.00   | 0.34%             | 2037-02-06      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                                | Democratic Socialist Republic of Sri Lanka                                | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     1600000 | PA      | $1388528.00   | 0.14%             | 2030-01-15      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |     2300000 | PA      | $2116000.00   | 0.21%             | 2030-02-23      | Fixed         | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     3013067 | PA      | $1872271.02   | 0.18%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123DF4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     5320000 | PA      | $5767199.20   | 0.57%             | 2028-01-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Republic of the Philippines                                               | Republic of Philippines                                                   | CUSIP: 718286CX3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     1478000 | PA      | $1417239.42   | 0.14%             | 2048-01-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205AU8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     4785000 | PA      | $4575656.25   | 0.45%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                   | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |     2100000 | PA      | $2169300.00   | 0.21%             | 2029-02-28      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     4751468 | PA      | $2280704.64   | 0.22%             | 2035-02-01      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                                              | Oriental Republic of Uruguay                                              | CUSIP: 760942AS1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      773466 | PA      | $908822.55    | 0.09%             | 2036-03-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Empresa de Transporte de Pasajeros Metro SA                               | Empresa de Transporte de Pasajeros Metro SA                               | CUSIP: N/A<br>LEI: 959800T4M5QUPYMSCH69       | Long             | DBT              | CORP              | CL        |      770000 | PA      | $647570.00    | 0.06%             | 2047-01-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                        | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |     5431000 | PA      | $5512465.00   | 0.54%             | 2029-09-20      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                   | CUSIP: N/A<br>LEI: 5299003F3UFKGCCMAP43       | Long             | DBT              | NUSS              | HU        |     4200000 | PA      | $4067448.00   | 0.40%             | 2034-06-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                            | Braskem Netherlands Finance BV                                            | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |      500000 | PA      | $454000.00    | 0.04%             | 2028-01-10      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Morocco                                                        | Kingdom of Morocco                                                        | CUSIP: 617726AN4<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     3380000 | PA      | $3437460.00   | 0.34%             | 2028-03-08      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| MDGH GMTN RSC Ltd.                                                        | MDGH GMTN RSC Ltd.                                                        | CUSIP: N/A<br>LEI: 213800WRY6FRL9IXLT77       | Long             | DBT              | CORP              | AE        |      400000 | PA      | $371196.00    | 0.04%             | 2029-11-07      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Gabonese Republic                                                         | Gabonese Republic                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GA        |     1400000 | PA      | $1254750.00   | 0.12%             | 2029-02-18      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Panama                                                        | Republic of Panama                                                        | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     1800000 | PA      | $1863900.00   | 0.18%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                                              | Oriental Republic of Uruguay                                              | CUSIP: 760942BG6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     6400000 | PA      | $5630272.00   | 0.56%             | 2060-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     5621330 | PA      | $4002949.09   | 0.39%             | 2038-01-09      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |     1415000 | PA      | $237012.50    | 0.02%             | 2028-05-07      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| EDO Sukuk Ltd.                                                            | EDO Sukuk Ltd.                                                            | CUSIP: 28135J2A4<br>LEI: 5493000LZIE4T625R469 | Long             | DBT              | CORP              | KY        |     3040000 | PA      | $3075780.80   | 0.30%             | 2033-09-21      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |     4800000 | PA      | $4512000.00   | 0.44%             | 2030-01-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                            | Braskem Netherlands Finance BV                                            | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |      300000 | PA      | $247200.00    | 0.02%             | 2030-01-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Acu Petroleo Luxembourg SARL                                              | Acu Petroleo Luxembourg SARL                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |      553586 | PA      | $555274.16    | 0.05%             | 2032-01-13      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Trinidad & Tobago                                             | Republic of Trinidad and Tobago                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | TT        |     3200000 | PA      | $2942016.00   | 0.29%             | 2030-06-26      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1800000 | PA      | $1800000.00   | 0.18%             | 2031-06-09      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |     2280000 | PA      | $2365728.00   | 0.23%             | 2031-02-03      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756CE8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     7439000 | PA      | $6620710.00   | 0.65%             | 2031-09-12      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      817133 | PA      | $398352.34    | 0.04%             | 2034-02-01      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Turkiye Garanti Bankasi A/S                                               | Turkiye Garanti Bankasi A/S                                               | CUSIP: N/A<br>LEI: 5493002XSS7K7RHN1V37       | Long             | DBT              | CORP              | TR        |     1900000 | PA      | $1918411.00   | 0.19%             | 2034-02-28      | Variable      | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Namibia                                                       | Republic of Namibia                                                       | CUSIP: N/A<br>LEI: 549300T6Y4CWK77SML15       | Long             | DBT              | NUSS              | NA        |      400000 | PA      | $396624.00    | 0.04%             | 2025-10-29      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| State of Qatar                                                            | State of Qatar                                                            | CUSIP: N/A<br>LEI: 52990074F6OJOAXK4P65       | Long             | DBT              | NUSS              | QA        |     6095000 | PA      | $5412360.00   | 0.53%             | 2049-03-14      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                               | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |     4000000 | PA      | $3446000.00   | 0.34%             | 2047-10-10      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                   | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |     3571000 | PA      | $2897866.50   | 0.29%             | 2050-01-20      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     4271000 | PA      | $3266332.67   | 0.32%             | 2047-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Medco Oak Tree Pte. Ltd.                                                  | Medco Oak Tree Pte. Ltd.                                                  | CUSIP: N/A<br>LEI: 254900AU06KP3JTGZL51       | Long             | DBT              | CORP              | SG        |      300000 | PA      | $303750.00    | 0.03%             | 2026-05-14      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |    12567000 | PA      | $2174091.00   | 0.21%             | 2020-03-09      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Raizen Fuels Finance SA                                                   | Raizen Fuels Finance SA                                                   | CUSIP: 75102XAB2<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     1886000 | PA      | $1867140.00   | 0.18%             | 2034-03-05      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Republic of Zambia                                                        | Republic of Zambia                                                        | CUSIP: N/A<br>LEI: 213800DMLAZ6LGMMD849       | Long             | DBT              | NUSS              | ZM        |     1600000 | PA      | $972000.00    | 0.10%             | 2053-12-31      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| Pertamina Persero PT                                                      | Pertamina Persero PT                                                      | CUSIP: 69370RAF4<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |      600000 | PA      | $552000.00    | 0.05%             | 2030-01-21      | Fixed         | 3.10%                 | 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        |     5040000 | PA      | $5004291.60   | 0.49%             | 2028-03-03      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FS Luxembourg Sarl                                                        | FS Luxembourg Sarl                                                        | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     1442000 | PA      | $1456420.00   | 0.14%             | 2031-02-12      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                      | CUSIP: 699149BY5<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     1955000 | PA      | $1905147.50   | 0.19%             | 2055-03-04      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                         | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      944858 | PA      | $767697.20    | 0.08%             | 2030-01-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                    | CUSIP: 67091TAH8<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |     2813000 | PA      | $2812437.40   | 0.28%             | 2030-04-30      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     3743000 | PA      | $3360512.19   | 0.33%             | 2032-05-29      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     7615000 | PA      | $5149643.75   | 0.51%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |     1900000 | PA      | $333374.00    | 0.03%             | 2022-08-23      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Republic of Panama                                                        | Republic of Panama                                                        | CUSIP: 698299BS2<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     3400000 | PA      | $2048500.00   | 0.20%             | 2063-01-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United Arab Emirates Government Bond                                      | United Arab Emirates Government Bond                                      | CUSIP: N/A<br>LEI: 254900ZNL8O3F1CLJO24       | Long             | DBT              | NUSS              | AE        |     2000000 | PA      | $1687560.00   | 0.17%             | 2033-03-10      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |     1200000 | PA      | $188352.00    | 0.02%             | 2025-04-21      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Mexico City Airport Trust                                                 | Mexico City Airport Trust                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | MX        |     2100000 | PA      | $1684659.27   | 0.17%             | 2046-10-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                                | Democratic Socialist Republic of Sri Lanka                                | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     1820450 | PA      | $1230965.53   | 0.12%             | 2035-06-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DT9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    12379000 | PA      | $6932240.00   | 0.68%             | 2051-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Republic of Trinidad & Tobago                                             | Republic of Trinidad and Tobago                                           | CUSIP: 896292AL3<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     1940000 | PA      | $1877551.40   | 0.19%             | 2031-01-14      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                   | CUSIP: N/A<br>LEI: 5299003F3UFKGCCMAP43       | Long             | DBT              | NUSS              | HU        |     8924000 | PA      | $8436749.60   | 0.83%             | 2036-03-26      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| DP World Ltd.                                                             | DP World Ltd.                                                             | CUSIP: N/A<br>LEI: 549300M3U2DNF4QVSS04       | Long             | DBT              | CORP              | AE        |     2308000 | PA      | $2106050.00   | 0.21%             | 2048-09-25      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                        | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      510000 | PA      | $419633.10    | 0.04%             | 2032-04-14      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |     1595000 | PA      | $1748917.50   | 0.17%             | 2037-02-17      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                    | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |     1105000 | PA      | $1130415.00   | 0.11%             | 2031-02-19      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     5920000 | PA      | $5809000.00   | 0.57%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                    | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     2687000 | PA      | $2746114.00   | 0.27%             | 2054-11-13      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Serbia International Bond                                                 | Republic of Serbia                                                        | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     2000000 | PA      | $2064000.00   | 0.20%             | 2033-09-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325BB0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      563000 | PA      | $660258.25    | 0.07%             | 2033-01-28      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Cometa Energia SA de CV                                                   | Cometa Energia SA de CV                                                   | CUSIP: N/A<br>LEI: 5493007L8UH7TYXKI505       | Long             | DBT              | CORP              | MX        |     2274000 | PA      | $2289645.12   | 0.23%             | 2035-04-24      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GNL Quintero SA                                                           | GNL Quintero SA                                                           | CUSIP: N/A<br>LEI: 549300JJJIQXE6E1QY27       | Long             | DBT              | CORP              | CL        |      325174 | PA      | $320257.76    | 0.03%             | 2029-07-31      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo                                             | Empresa Nacional del Petroleo                                             | CUSIP: 29245JAM4<br>LEI: 549300YP3P0JZBLIV197 | Long             | DBT              | NUSS              | CL        |      399000 | PA      | $345135.00    | 0.03%             | 2031-09-16      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Republic of Philippines                                                   | Republic of Philippines                                                   | CUSIP: 718286DH7<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     2800000 | PA      | $2796500.00   | 0.28%             | 2050-02-04      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri A/S                                          | Turkcell Iletisim Hizmetleri A/S                                          | CUSIP: N/A<br>LEI: 7890003EX1LTLS2FFL84       | Long             | DBT              | CORP              | TR        |      700000 | PA      | $680708.00    | 0.07%             | 2028-04-11      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |     4200000 | PA      | $2022300.00   | 0.20%             | 2036-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Benin Government International Bond                                       | Benin Government Bond                                                     | CUSIP: N/A<br>LEI: 635400Q11P6AE5A5Y230       | Long             | DBT              | NUSS              | BJ        |     2405000 | PA      | $2191556.25   | 0.22%             | 2038-02-13      | Fixed         | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                      | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |     7000000 | PA      | $6866562.50   | 0.68%             | 2031-04-28      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     3400000 | PA      | $3178830.00   | 0.31%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Suriname Government International Bond                                    | Suriname Government International Bond                                    | CUSIP: N/A<br>LEI: 254900SYU4G5JM13TN77       | Long             | DBT              | NUSS              | SR        |     1000000 | PA      | $1080000.00   | 0.11%             | 2050-12-31      | Variable      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Pertamina Persero PT                                                      | Pertamina Persero PT                                                      | CUSIP: 69370RAE7<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |     1660000 | PA      | $1313906.60   | 0.13%             | 2049-07-30      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1334000 | PA      | $963815.00    | 0.10%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |     2900000 | PA      | $2443250.00   | 0.24%             | 2041-01-21      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: N/A<br>LEI: 529900QKDFFU9UWW5315       | Long             | DBT              | NUSS              | GT        |     2736000 | PA      | $2281824.00   | 0.23%             | 2033-10-07      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Empresa de los Ferrocarriles del Estado                                   | Empresa de los Ferrocarriles del Estado                                   | CUSIP: 292487AB1<br>LEI: 8755006LY8XNRFOGWN86 | Long             | DBT              | NUSS              | CL        |      820000 | PA      | $513238.00    | 0.05%             | 2061-09-14      | Fixed         | 3.83%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                        | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |     2200000 | PA      | $1996742.00   | 0.20%             | 2033-01-25      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |    14600000 | PA      | $14730487.50  | 1.45%             | 2028-01-17      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Pertamina Persero PT                                                      | Pertamina Persero PT                                                      | CUSIP: N/A<br>LEI: 254900NDAKGNZ2IBBL45       | Long             | DBT              | NUSS              | ID        |     1686000 | PA      | $1713819.00   | 0.17%             | 2041-05-27      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |     3944000 | PA      | $3809391.28   | 0.38%             | 2053-01-17      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                                         | Corp. Nacional del Cobre de Chile                                         | CUSIP: N/A<br>LEI: 549300UVMBCBCIPSUI70       | Long             | DBT              | NUSS              | CL        |     6371000 | PA      | $4797363.00   | 0.47%             | 2047-08-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Zambia                                                        | Republic of Zambia                                                        | CUSIP: 988895AR9<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     6140701 | PA      | $3730475.86   | 0.37%             | 2053-12-31      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Peru                                                          | Republic of Peru                                                          | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     2950000 | PA      | $2449975.00   | 0.24%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico | BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico | CUSIP: N/A<br>LEI: 549300WIWQK5Q9MCUN92       | Long             | DBT              | CORP              | MX        |     1000000 | PA      | $948750.00    | 0.09%             | 2033-01-18      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| HDFC Bank Ltd.                                                            | HDFC Bank Ltd.                                                            | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | DBT              | CORP              | IN        |     1875000 | PA      | $1804101.56   | 0.18%             | 2026-08-25      | Variable      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                   | CUSIP: 283875CD2<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     4250000 | PA      | $76500.00     | 0.01%             | 2030-04-17      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Alfa Desarrollo SpA                                                       | Alfa Desarrollo SpA                                                       | CUSIP: 01538TAA3<br>LEI: 2549006BJAN34R520038 | Long             | DBT              | CORP              | CL        |     1997829 | PA      | $1444050.92   | 0.14%             | 2051-09-27      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                     | CUSIP: 91087BAX8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     8460000 | PA      | $7427880.00   | 0.73%             | 2053-05-04      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     2854000 | PA      | $2850432.50   | 0.28%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |     3688300 | PA      | $655042.08    | 0.06%             | 2031-08-05      | Fixed         | 11.95%                | Yes           |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                                 | Republic of Uzbekistan                                                    | CUSIP: N/A<br>LEI: 213800L6VDKUM3TCM927       | Long             | DBT              | NUSS              | UZ        |     5200000 | PA      | $4446000.00   | 0.44%             | 2030-11-25      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |       69000 | PA      | $49852.50     | 0.00%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                         | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      432024 | PA      | $417983.22    | 0.04%             | 2026-07-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     2000000 | PA      | $1352500.00   | 0.13%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     5350000 | PA      | $3599212.50   | 0.35%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Pertamina Persero PT                                                      | Pertamina Persero PT                                                      | CUSIP: 69370RAF4<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |      600000 | PA      | $552000.00    | 0.05%             | 2030-01-21      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DT9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1500000 | PA      | $840000.00    | 0.08%             | 2051-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                         | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |     1800000 | PA      | $1433808.00   | 0.14%             | 2034-01-23      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    10481000 | PA      | $7217950.27   | 0.71%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123CP3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1200000 | PA      | $1163226.00   | 0.11%             | 2028-02-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |   116600000 | PA      | $2392901.00   | 0.24%             | 2027-10-01      | Fixed         | 24.46%                | No            |                  2 | On Loan: No      |
| Banco Mercantil del Norte SA                                              | Banco Mercantil del Norte SA                                              | CUSIP: N/A<br>LEI: 549300QTVYRPFHS0J362       | Long             | DBT              | CORP              | MX        |     1200000 | PA      | $1188000.00   | 0.12%             | 2029-06-27      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                 | Petroleos de Venezuela SA                                                 | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | NUSS              | VE        |     1122500 | PA      | $1039356.43   | 0.10%             | 2020-10-27      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                               | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |     3072000 | PA      | $2872412.16   | 0.28%             | 2030-07-07      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    12175000 | PA      | $9964020.00   | 0.98%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| AI Candelaria -spain- SA                                                  | AI Candelaria -spain- SA                                                  | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |     3060000 | PA      | $2556048.60   | 0.25%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                                | Democratic Socialist Republic of Sri Lanka                                | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     2204246 | PA      | $1711045.96   | 0.17%             | 2036-05-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     3800000 | PA      | $3284720.00   | 0.32%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Mexico City Airport Trust                                                 | Mexico City Airport Trust                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | MX        |     1200000 | PA      | $1148628.00   | 0.11%             | 2028-04-30      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     1400000 | PA      | $1272250.00   | 0.13%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Trinidad Generation UnLtd                                                 | Trinidad Generation UnLtd                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | TT        |      666667 | PA      | $645963.34    | 0.06%             | 2027-11-04      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| MDGH GMTN RSC Ltd.                                                        | MDGH GMTN RSC Ltd.                                                        | CUSIP: N/A<br>LEI: 213800WRY6FRL9IXLT77       | Long             | DBT              | CORP              | AE        |      400000 | PA      | $410452.00    | 0.04%             | 2033-04-28      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                               | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |      600000 | PA      | $596064.00    | 0.06%             | 2027-01-31      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |     5229000 | PA      | $3921750.00   | 0.39%             | 2047-11-28      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |     1800000 | PA      | $2246400.00   | 0.22%             | 2035-10-12      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     3200000 | PA      | $3020800.00   | 0.30%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Republic of Peru                                                          | Republic of Peru                                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    14914000 | PA      | $14646293.70  | 1.44%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MDGH GMTN RSC Ltd.                                                        | MDGH GMTN RSC Ltd.                                                        | CUSIP: N/A<br>LEI: 213800WRY6FRL9IXLT77       | Long             | DBT              | CORP              | AE        |      800000 | PA      | $703504.00    | 0.07%             | 2031-06-03      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Corp. Financiera de Desarrollo SA                                         | Corp. Financiera de Desarrollo SA                                         | CUSIP: N/A<br>LEI: 254900BOM7T4MG6T0J30       | Long             | DBT              | NUSS              | PE        |     2300000 | PA      | $2160850.00   | 0.21%             | 2027-09-28      | Fixed         | 2.40%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QDH2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     1500000 | PA      | $1490625.00   | 0.15%             | 2025-10-16      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                    | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |     1246000 | PA      | $1214401.44   | 0.12%             | 2054-05-02      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: 25714PFC7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     4407000 | PA      | $4327674.00   | 0.43%             | 2055-02-24      | Fixed         | 7.15%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                   | CUSIP: 445545AT3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      796000 | PA      | $795403.00    | 0.08%             | 2052-09-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |      700000 | PA      | $681975.00    | 0.07%             | 2026-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                                       | Republic of Ecuador                                                       | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |     1090385 | PA      | $845320.97    | 0.08%             | 2030-07-31      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      200000 | PA      | $171300.00    | 0.02%             | 2030-01-30      | 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      | $-161641.86   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |     2300000 | PA      | $1964200.00   | 0.19%             | 2029-11-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Vnesheconombank Via VEB Finance plc                                       | Vnesheconombank Via VEB Finance plc                                       | CUSIP: N/A<br>LEI: 635400KYY8E2NCZXJ191       | Long             | DBT              | CORP              | IE        |     3090000 | PA      | $0.03         | 0.00%             | 2023-11-21      | Fixed         | 5.94%                 | Yes           |                  3 | On Loan: No      |
| United States of America                                                  | U.S. Treasury Notes                                                       | CUSIP: 912828XZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     2891000 | PA      | $2887235.69   | 0.28%             | 2025-06-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                   | CUSIP: N/A<br>LEI: 5299003F3UFKGCCMAP43       | Long             | DBT              | NUSS              | HU        |     7370000 | PA      | $6033413.65   | 0.59%             | 2031-09-22      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: 77586RAU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     2044000 | PA      | $1948974.44   | 0.19%             | 2034-01-30      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |     6907000 | PA      | $1149739.22   | 0.11%             | 2038-03-31      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      800000 | PA      | $685200.00    | 0.07%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Banco de Credito e Inversiones SA                                         | Banco de Credito e Inversiones SA                                         | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |      500000 | PA      | $488750.00    | 0.05%             | 2034-12-12      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                                         | Corp. Nacional del Cobre de Chile                                         | CUSIP: N/A<br>LEI: 549300UVMBCBCIPSUI70       | Long             | DBT              | NUSS              | CL        |      500000 | PA      | $478375.00    | 0.05%             | 2033-02-02      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: 25714PEZ7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     2200000 | PA      | $2189000.00   | 0.22%             | 2036-06-01      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |      500000 | PA      | $368200.00    | 0.04%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                        | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |     4660000 | PA      | $4762520.00   | 0.47%             | 2028-10-12      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Bioceanico Sovereign Certificate Ltd.                                     | Bioceanico Sovereign Certificate Ltd.                                     | CUSIP: 09076AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     7194975 | PA      | $5648342.83   | 0.56%             | 2034-06-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |     3606000 | PA      | $3642060.00   | 0.36%             | 2028-07-19      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of the Philippines                                               | Republic of Philippines                                                   | CUSIP: 718286CR6<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     1800000 | PA      | $1647000.00   | 0.16%             | 2032-09-29      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Republic of the Philippines                                               | Republic of Philippines                                                   | CUSIP: 718286CU9<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     4700000 | PA      | $4752875.00   | 0.47%             | 2047-10-13      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                   | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |     2900000 | PA      | $2891300.00   | 0.29%             | 2052-07-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Magyar Export-Import Bank Zrt.                                            | Magyar Export-Import Bank Zrt.                                            | CUSIP: 55977YAA6<br>LEI: 529900O4UGETQ9Q3AA63 | Long             | DBT              | NUSS              | HU        |     1220000 | PA      | $1238910.00   | 0.12%             | 2027-12-04      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                 | Petroleos de Venezuela SA                                                 | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | NUSS              | VE        |     3900000 | PA      | $462637.50    | 0.05%             | 2026-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     3661000 | PA      | $2650197.90   | 0.26%             | 2048-02-21      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                   | CUSIP: N/A<br>LEI: 5299003F3UFKGCCMAP43       | Long             | DBT              | NUSS              | HU        |     7115000 | PA      | $4132818.90   | 0.41%             | 2051-09-21      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: N/A<br>LEI: 529900QKDFFU9UWW5315       | Long             | DBT              | NUSS              | GT        |      200000 | PA      | $193600.00    | 0.02%             | 2032-04-24      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |     2184000 | PA      | $377832.00    | 0.04%             | 2027-03-23      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123CY4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      450000 | PA      | $418950.00    | 0.04%             | 2030-03-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756BB5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     2024000 | PA      | $2272952.00   | 0.22%             | 2034-01-20      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                               | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |     1300000 | PA      | $1295944.00   | 0.13%             | 2025-07-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Empresa de los Ferrocarriles del Estado                                   | Empresa de los Ferrocarriles del Estado                                   | CUSIP: 292487AA3<br>LEI: 8755006LY8XNRFOGWN86 | Long             | DBT              | NUSS              | CL        |     1271000 | PA      | $734638.00    | 0.07%             | 2050-08-18      | Fixed         | 3.07%                 | Yes           |                  2 | On Loan: No      |
| Republic of Honduras                                                      | Republic of Honduras                                                      | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |     1720000 | PA      | $1743495.20   | 0.17%             | 2034-11-27      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                                   | Kingdom of Saudi Arabia                                                   | CUSIP: N/A<br>LEI: 635400FMICXSM3SI3H65       | Long             | DBT              | NUSS              | SA        |     3800000 | PA      | $3918237.00   | 0.39%             | 2032-10-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |     2700000 | PA      | $2779326.00   | 0.27%             | 2051-01-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Adnoc Murban Rsc Ltd.                                                     | Adnoc Murban Rsc Ltd.                                                     | CUSIP: 00723L2C2<br>LEI: 213800OWGH7RAYG61M70 | Long             | DBT              | CORP              | AE        |     4400000 | PA      | $3903900.00   | 0.38%             | 2054-09-11      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |     3600000 | PA      | $1755000.00   | 0.17%             | 2034-02-01      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756BB5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     2942000 | PA      | $3303866.00   | 0.33%             | 2034-01-20      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Banco de Credito e Inversiones SA                                         | Banco de Credito e Inversiones SA                                         | CUSIP: 05890PAC0<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |      400000 | PA      | $415740.00    | 0.04%             | 2029-08-05      | Variable      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Morocco                                                        | Kingdom of Morocco                                                        | CUSIP: N/A<br>LEI: 529900F3MBW9XY5K1X07       | Long             | DBT              | NUSS              | MA        |     2694000 | PA      | $1776693.00   | 0.18%             | 2050-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                                         | Corp. Nacional del Cobre de Chile                                         | CUSIP: 21987BBF4<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | NUSS              | CL        |      443000 | PA      | $423840.25    | 0.04%             | 2033-02-02      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     3040000 | PA      | $2968468.80   | 0.29%             | 2028-02-21      | Fixed         | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                 | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     4999000 | PA      | $4692811.25   | 0.46%             | 2037-01-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     2810000 | PA      | $2755443.85   | 0.27%             | 2029-03-01      | Fixed         | 7.60%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |     5400000 | PA      | $4968000.00   | 0.49%             | 2030-02-23      | Fixed         | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |     2200000 | PA      | $2143350.00   | 0.21%             | 2026-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1200000 | PA      | $1199256.00   | 0.12%             | 2034-12-09      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| State of Israel                                                           | State of Israel Government Bond                                           | CUSIP: 46514Y8A8<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |     2924000 | PA      | $2943883.20   | 0.29%             | 2030-02-19      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                                         | Corp. Nacional del Cobre de Chile                                         | CUSIP: N/A<br>LEI: 549300UVMBCBCIPSUI70       | Long             | DBT              | NUSS              | CL        |      900000 | PA      | $861075.00    | 0.08%             | 2033-02-02      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     8865000 | PA      | $8455348.35   | 0.83%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                    | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |     2000000 | PA      | $2028000.00   | 0.20%             | 2044-04-04      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: 455780CH7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     4000000 | PA      | $4047000.00   | 0.40%             | 2029-02-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |   251190000 | PA      | $5074201.56   | 0.50%             | 2028-01-07      | Fixed         | 22.58%                | No            |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                                         | Corp. Nacional del Cobre de Chile                                         | CUSIP: N/A<br>LEI: 549300UVMBCBCIPSUI70       | Long             | DBT              | NUSS              | CL        |     1200000 | PA      | $1198800.00   | 0.12%             | 2036-10-24      | Fixed         | 6.15%                 | 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        |     1941771 | PA      | $1910459.86   | 0.19%             | 2041-01-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |     2590000 | PA      | $400051.40    | 0.04%             | 2024-10-13      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |     1292000 | PA      | $1161831.00   | 0.11%             | 2028-05-09      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of the Philippines                                               | Republic of Philippines                                                   | CUSIP: 718286CR6<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |      400000 | PA      | $366000.00    | 0.04%             | 2032-09-29      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |     9214000 | PA      | $8998208.12   | 0.89%             | 2047-03-08      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| EnfraGen Energia Sur SA                                                   | EnfraGen Energia Sur SA                                                   | CUSIP: N/A<br>LEI: 2549002TO75PYMY3VY07       | Long             | DBT              | CORP              | ES        |     3010000 | PA      | $2602897.50   | 0.26%             | 2030-12-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     4803955 | PA      | $2257858.85   | 0.22%             | 2036-02-01      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Comision Federal de Electricidad                                          | Comision Federal de Electricidad                                          | CUSIP: 200447AH3<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | NUSS              | MX        |     3719000 | PA      | $3207637.50   | 0.32%             | 2031-02-09      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Republic of Peru                                                          | Republic of Peru                                                          | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     1200000 | PA      | $996600.00    | 0.10%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Republic of Senegal                                                       | Republic of Senegal                                                       | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |     6445000 | PA      | $4620291.60   | 0.46%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |      700000 | PA      | $697900.00    | 0.07%             | 2025-09-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: 401494AQ2<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     1424000 | PA      | $1384982.40   | 0.14%             | 2030-06-01      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                               | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     1000000 | PA      | $935030.00    | 0.09%             | 2030-07-07      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                         | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     4356242 | PA      | $3964180.22   | 0.39%             | 2029-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |     4742000 | PA      | $3426095.00   | 0.34%             | 2041-08-01      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     1450000 | PA      | $1141875.00   | 0.11%             | 2050-05-29      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                                | Democratic Socialist Republic of Sri Lanka                                | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     1485107 | PA      | $1383005.79   | 0.14%             | 2028-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     8915000 | PA      | $5539636.58   | 0.55%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MV24 Capital BV                                                           | MV24 Capital BV                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |     1880250 | PA      | $1800000.93   | 0.18%             | 2034-06-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                        | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |     6187000 | PA      | $5722975.00   | 0.56%             | 2032-09-16      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                                              | Ecopetrol SA                                                              | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |     5595000 | PA      | $5869155.00   | 0.58%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Ultra Bond                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          57 | NC      | $65819.61     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                 | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     2743000 | PA      | $2585428.37   | 0.25%             | 2036-04-01      | Fixed         | 8.07%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |     2600000 | PA      | $2139306.00   | 0.21%             | 2032-04-14      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114GM6<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    14000000 | PA      | $436940.00    | 0.04%             | 2035-12-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                        | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      690000 | PA      | $627382.50    | 0.06%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |     4500000 | PA      | $3765960.00   | 0.37%             | 2032-03-27      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |     1456000 | PA      | $251888.00    | 0.02%             | 2030-02-26      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Colombia Telecomunicaciones SA ESP                                        | Colombia Telecomunicaciones SA ESP                                        | CUSIP: N/A<br>LEI: 549300CK4YN0V1C3MN55       | Long             | DBT              | CORP              | CO        |     3000000 | PA      | $2621250.00   | 0.26%             | 2030-07-17      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                                   | Kingdom of Saudi Arabia                                                   | CUSIP: 80413TBG3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     2800000 | PA      | $2769368.00   | 0.27%             | 2034-01-16      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                 | Petroleos de Venezuela SA                                                 | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | NUSS              | VE        |     1510000 | PA      | $190758.30    | 0.02%             | 2022-11-17      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| MDGH GMTN RSC Ltd.                                                        | MDGH GMTN RSC Ltd.                                                        | CUSIP: 55276VAJ1<br>LEI: 213800WRY6FRL9IXLT77 | Long             | DBT              | CORP              | AE        |     1865000 | PA      | $1730701.35   | 0.17%             | 2029-11-07      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                    | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |     2712000 | PA      | $2771664.00   | 0.27%             | 2054-11-13      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                         | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |     3135000 | PA      | $3032391.45   | 0.30%             | 2028-02-28      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |     5056000 | PA      | $874688.00    | 0.09%             | 2028-11-03      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Republic of Namibia                                                       | Republic of Namibia                                                       | CUSIP: N/A<br>LEI: 549300T6Y4CWK77SML15       | Long             | DBT              | NUSS              | NA        |     1500000 | PA      | $1487340.00   | 0.15%             | 2025-10-29      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |     4502000 | PA      | $3230185.00   | 0.32%             | 2049-11-26      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DQ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      115000 | PA      | $75670.00     | 0.01%             | 2049-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Southern Gas Corridor CJSC                                                | Southern Gas Corridor CJSC                                                | CUSIP: N/A<br>LEI: 213800DG58KG59XY6318       | Long             | DBT              | NUSS              | AZ        |      900000 | PA      | $907632.00    | 0.09%             | 2026-03-24      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |     2013000 | PA      | $315960.48    | 0.03%             | 2025-04-21      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      500000 | PA      | $507250.00    | 0.05%             | 2033-01-17      | Fixed         | 7.12%                 | 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        |     3600000 | PA      | $3469644.00   | 0.34%             | 2033-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Fondo MIVIVIENDA SA                                                       | Fondo MIVIVIENDA SA                                                       | CUSIP: 344593AF5<br>LEI: 549300X41PNOK11PZ670 | Long             | DBT              | NUSS              | PE        |     3040000 | PA      | $3036960.00   | 0.30%             | 2027-04-12      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |   251000000 | PA      | $5003354.10   | 0.49%             | 2028-05-06      | Fixed         | 21.33%                | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     3122000 | PA      | $3022189.66   | 0.30%             | 2036-11-19      | Fixed         | 7.10%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                 | Petroleos de Venezuela SA                                                 | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | NUSS              | VE        |     2500000 | PA      | $355375.00    | 0.04%             | 2035-05-17      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Guara Norte SARL                                                          | Guara Norte SARL                                                          | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |     2204274 | PA      | $2056036.57   | 0.20%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |     4870000 | PA      | $925300.00    | 0.09%             | 2026-10-21      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     4969000 | PA      | $4240519.76   | 0.42%             | 2031-02-16      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: 401494AV1<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     1020000 | PA      | $1008270.00   | 0.10%             | 2029-08-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     1759091 | PA      | $1149082.86   | 0.11%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |      720000 | PA      | $124560.00    | 0.01%             | 2020-06-19      | Fixed         | 6.15%                 | 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      | $2697.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                     | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1430000 | PA      | $1413555.00   | 0.14%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      781818 | PA      | $510703.49    | 0.05%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                                   | Kingdom of Saudi Arabia                                                   | CUSIP: 80413TAV1<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     3047000 | PA      | $2510987.00   | 0.25%             | 2033-02-02      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Government of Mongolia                                                    | State of Mongolia                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MN        |     1300000 | PA      | $1209325.00   | 0.12%             | 2027-07-07      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Azerbaijan                                                    | Republic of Azerbaijan                                                    | CUSIP: N/A<br>LEI: 7890009G02BUL1M3LS88       | Long             | DBT              | NUSS              | AZ        |      850000 | PA      | $742687.50    | 0.07%             | 2032-09-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: N/A<br>LEI: 529900QKDFFU9UWW5315       | Long             | DBT              | NUSS              | GT        |     6702000 | PA      | $6518365.20   | 0.64%             | 2030-06-01      | Fixed         | 4.90%                 | 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      | $1938.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Azure Power Energy Ltd.                                                   | Azure Power Energy Ltd.                                                   | CUSIP: N/A<br>LEI: 54930051LQDFHGQMHF47       | Long             | DBT              | CORP              | MU        |      181851 | PA      | $173372.96    | 0.02%             | 2026-08-19      | Fixed         | 3.58%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      741567 | PA      | $357806.08    | 0.04%             | 2030-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |     2600000 | PA      | $2597562.50   | 0.26%             | 2025-11-12      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205AP9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     5600000 | PA      | $4697000.00   | 0.46%             | 2041-03-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                      | CUSIP: 699149AM2<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     3490000 | PA      | $3498725.00   | 0.35%             | 2033-08-21      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                                        | Istanbul Metropolitan Municipality                                        | CUSIP: 46522TAC2<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |     3864000 | PA      | $4111296.00   | 0.41%             | 2028-12-06      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| AI Candelaria -spain- SA                                                  | AI Candelaria -spain- SA                                                  | CUSIP: N/A<br>LEI: 213800L5KA2MJ5FKRZ02       | Long             | DBT              | CORP              | ES        |      605623 | PA      | $595024.69    | 0.06%             | 2028-12-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                     | CUSIP: 91087BBA7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    10885000 | PA      | $9595127.50   | 0.95%             | 2054-05-07      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |     3985000 | PA      | $3252756.25   | 0.32%             | 2038-02-23      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     1129000 | PA      | $1108192.53   | 0.11%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Republic of Montenegro                                                    | Republic of Montenegro                                                    | CUSIP: 857305AA4<br>LEI: 747800V014106FYLL014 | Long             | DBT              | NUSS              | ME        |     4427000 | PA      | $4538781.75   | 0.45%             | 2031-03-12      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| WE Soda Investments Holding plc                                           | WE Soda Investments Holding plc                                           | CUSIP: N/A<br>LEI: 984500SE38C07DB47A90       | Long             | DBT              | CORP              | GB        |     1430000 | PA      | $1473071.60   | 0.15%             | 2028-10-06      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |     4230000 | PA      | $4044937.50   | 0.40%             | 2027-02-27      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $387262.02    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205AU8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     2800000 | PA      | $2677500.00   | 0.26%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Banco Nacional de Comercio Exterior SNC                                   | Banco Nacional de Comercio Exterior SNC                                   | CUSIP: 05973JAA8<br>LEI: 4469000001BL6VG3DH44 | Long             | DBT              | CORP              | MX        |     2320000 | PA      | $2176693.60   | 0.21%             | 2031-08-11      | Variable      | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Banco del Estado de Chile                                                 | Banco del Estado de Chile                                                 | CUSIP: 05957AAC3<br>LEI: 5493004R4EJC0W0XVQ72 | Long             | DBT              | CORP              | CL        |     6795000 | PA      | $7041318.75   | 0.69%             | 2029-05-02      | Variable      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                   | CUSIP: 445545AN6<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     2194000 | PA      | $1274406.84   | 0.13%             | 2051-09-21      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd.                                                   | Eskom Holdings SOC Ltd.                                                   | CUSIP: N/A<br>LEI: 3789001900ED06F65111       | Long             | DBT              | NUSS              | ZA        |     3700000 | PA      | $3695375.00   | 0.36%             | 2028-08-10      | Fixed         | 6.35%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Morocco                                                        | Kingdom of Morocco                                                        | CUSIP: N/A<br>LEI: 529900F3MBW9XY5K1X07       | Long             | DBT              | NUSS              | MA        |     2200000 | PA      | $2237400.00   | 0.22%             | 2028-03-08      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1400000 | PA      | $1296400.00   | 0.13%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                                        | Republic of Panama                                                        | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     5160000 | PA      | $3800236.80   | 0.37%             | 2032-09-29      | 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