# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0002071691-26-001813
**Filing Date:** 2026-1
**Character Count:** 269739
**Document Hash:** 27088ee80b05e29376993f6a4b0ee0a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001813.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001813

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust 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:** 26571330

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 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 November 30, 2025**

**(Unaudited)** 

---

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

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Foreign Government Securities — 73.0%** | **Foreign Government Securities — 73.0%** | **Foreign Government Securities — 73.0%** |
| **Angola — 1.4%** | **Angola — 1.4%** | **Angola — 1.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/9/2028 (a) | &nbsp;&nbsp; 1292 | &nbsp;&nbsp; 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/26/2029 (a) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.24%, 1/15/2031 (b) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/14/2032 (a) | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 4584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 11/26/2049 (a) | &nbsp;&nbsp; 3502 | &nbsp;&nbsp; 2972 |
|  |  | &nbsp;&nbsp; 12848 |
| **Argentina — 3.6%** | **Argentina — 3.6%** | **Argentina — 3.6%** |
| &nbsp;&nbsp;&nbsp; Argentine Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 7/9/2030 (c) | &nbsp;&nbsp; 5760 | &nbsp;&nbsp; 4763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76%, 7/9/2030 (c) | &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 7/9/2035 (c) | &nbsp;&nbsp; 20974 | &nbsp;&nbsp; 14915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/2035 (d) | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/9/2038 (c) | &nbsp;&nbsp; 1821 | &nbsp;&nbsp; 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/9/2041 (c) | &nbsp;&nbsp; 12528 | &nbsp;&nbsp; 8350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 7/9/2046 (c) | &nbsp;&nbsp; 2482 | &nbsp;&nbsp; 1710 |
|  |  | &nbsp;&nbsp; 33809 |
| **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; 793 |
| **Bahamas — 0.4%** | **Bahamas — 0.4%** | **Bahamas — 0.4%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of the Bahamas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 10/15/2032 (a) | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 1825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 6/24/2036 (b) | &nbsp;&nbsp; 2148 | &nbsp;&nbsp; 2327 |
|  |  | &nbsp;&nbsp; 4152 |
| **Bahrain — 2.2%** | **Bahrain — 2.2%** | **Bahrain — 2.2%** |
| &nbsp;&nbsp;&nbsp; Kingdom of Bahrain |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/12/2028 (a) | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/20/2029 (a) | &nbsp;&nbsp; 9506 | &nbsp;&nbsp; 9881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 9/16/2032 (a) | &nbsp;&nbsp; 4787 | &nbsp;&nbsp; 4633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/25/2033 (a) | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/6/2037 (b) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2207 |
|  |  | &nbsp;&nbsp; 20905 |
| **Barbados — 0.5%** | **Barbados — 0.5%** | **Barbados — 0.5%** |
| &nbsp;&nbsp;&nbsp; Barbados Government Bond 8.00%, 6/26/2035 (b) | &nbsp;&nbsp; 4258 | &nbsp;&nbsp; 4462 |
| **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 (a) | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/23/2041 (a) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1345 |
|  |  | &nbsp;&nbsp; 2773 |
| **Bolivia, Plurinational State of — 0.2%** | **Bolivia, Plurinational State of — 0.2%** | **Bolivia, Plurinational State of — 0.2%** |
| &nbsp;&nbsp;&nbsp; Plurinational State of Bolivia 4.50%, 3/20/2028 (a) | &nbsp;&nbsp; 2224 | &nbsp;&nbsp; 2042 |
| **Bosnia And Herzegovina — 0.1%** | **Bosnia And Herzegovina — 0.1%** | **Bosnia And Herzegovina — 0.1%** |
| &nbsp;&nbsp;&nbsp; Federation of Bosnia & Herzegovina Eurobond 5.50%, 7/17/2030 (b) | &nbsp;&nbsp; EUR951 | &nbsp;&nbsp; 1146 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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** |
| **Brazil — 2.9%** | **Brazil — 2.9%** | **Brazil — 2.9%** |
| &nbsp;&nbsp;&nbsp; Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/2033 | &nbsp;&nbsp; 5920 | &nbsp;&nbsp; 6026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/20/2034 | &nbsp;&nbsp; 2667 | &nbsp;&nbsp; 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/2035 | &nbsp;&nbsp; 4972 | &nbsp;&nbsp; 5141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/14/2050 | &nbsp;&nbsp; 8037 | &nbsp;&nbsp; 5943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 5/13/2054 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2255 |
| &nbsp;&nbsp;&nbsp; Notas do Tesouro Nacional 10.00%, 1/1/2035 | &nbsp;&nbsp; BRL30,000 | &nbsp;&nbsp; 4687 |
|  |  | &nbsp;&nbsp; 27170 |
| **Bulgaria — 0.5%** | **Bulgaria — 0.5%** | **Bulgaria — 0.5%** |
| &nbsp;&nbsp;&nbsp; Bulgaria Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 7/18/2035 (a) | &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/18/2045 (a) | &nbsp;&nbsp; EUR1,200 | &nbsp;&nbsp; 1362 |
| &nbsp;&nbsp;&nbsp; Republic of Bulgaria 5.00%, 3/5/2037 (a) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1905 |
|  |  | &nbsp;&nbsp; 4416 |
| **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Chile 2.55%, 1/27/2032 | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 2779 |
| **Colombia — 2.5%** | **Colombia — 2.5%** | **Colombia — 2.5%** |
| &nbsp;&nbsp;&nbsp; Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 1/30/2030 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 4/15/2031 | &nbsp;&nbsp; 2590 | &nbsp;&nbsp; 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/14/2035 | &nbsp;&nbsp; 5100 | &nbsp;&nbsp; 5498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 5/15/2049 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 5/15/2051 | &nbsp;&nbsp; 4529 | &nbsp;&nbsp; 2849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/14/2053 | &nbsp;&nbsp; 6763 | &nbsp;&nbsp; 7561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/7/2054 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3207 |
|  |  | &nbsp;&nbsp; 23600 |
| **Costa Rica — 1.2%** | **Costa Rica — 1.2%** | **Costa Rica — 1.2%** |
| &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; 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/30/2043 (a) | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/4/2044 (a) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.16%, 3/12/2045 (a) | &nbsp;&nbsp; 3260 | &nbsp;&nbsp; 3554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 11/13/2054 (b) | &nbsp;&nbsp; 907 | &nbsp;&nbsp; 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 11/13/2054 (a) | &nbsp;&nbsp; 3112 | &nbsp;&nbsp; 3452 |
|  |  | &nbsp;&nbsp; 11655 |
| **Dominican Republic — 1.6%** | **Dominican Republic — 1.6%** | **Dominican Republic — 1.6%** |
| &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; 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/19/2028 (a) | &nbsp;&nbsp; 2222 | &nbsp;&nbsp; 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/30/2030 (a) | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/23/2032 (a) | &nbsp;&nbsp; 3860 | &nbsp;&nbsp; 3680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 2/24/2055 (b) | &nbsp;&nbsp; 1957 | &nbsp;&nbsp; 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/30/2060 (a) | &nbsp;&nbsp; 1951 | &nbsp;&nbsp; 1738 |
|  |  | &nbsp;&nbsp; 14841 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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** |
| **Ecuador — 1.5%** | **Ecuador — 1.5%** | **Ecuador — 1.5%** |
| &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; 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 7/31/2035 (a) (c) | &nbsp;&nbsp; 10114 | &nbsp;&nbsp; 8638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/31/2040 (a) (c) | &nbsp;&nbsp; 5442 | &nbsp;&nbsp; 4108 |
|  |  | &nbsp;&nbsp; 13806 |
| **Egypt — 3.4%** | **Egypt — 3.4%** | **Egypt — 3.4%** |
| &nbsp;&nbsp;&nbsp; Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.46%, 10/1/2027 | &nbsp;&nbsp; EGP150,800 | &nbsp;&nbsp; 3209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 22.58%, 1/7/2028 | &nbsp;&nbsp; EGP274,190 | &nbsp;&nbsp; 5791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 21.33%, 5/6/2028 | &nbsp;&nbsp; EGP118,000 | &nbsp;&nbsp; 2404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/4/2030 (b) | &nbsp;&nbsp; 5444 | &nbsp;&nbsp; 5895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/16/2031 (a) | &nbsp;&nbsp; 3210 | &nbsp;&nbsp; 3108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 1/15/2032 (a) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/2047 (a) | &nbsp;&nbsp; 3747 | &nbsp;&nbsp; 3499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.90%, 2/21/2048 (a) | &nbsp;&nbsp; 3256 | &nbsp;&nbsp; 2863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 5/29/2050 (a) | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 9/30/2051 (a) | &nbsp;&nbsp; 2050 | &nbsp;&nbsp; 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/16/2061 (a) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 911 |
|  |  | &nbsp;&nbsp; 31909 |
| **El Salvador — 0.8%** | **El Salvador — 0.8%** | **El Salvador — 0.8%** |
| &nbsp;&nbsp;&nbsp; Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 4/17/2030 (b) | &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/17/2030 (a) | &nbsp;&nbsp; 1682 | &nbsp;&nbsp; 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12%, 1/20/2050 (a) | &nbsp;&nbsp; 4171 | &nbsp;&nbsp; 3748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 7/15/2052 (a) | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1884 |
|  |  | &nbsp;&nbsp; 7537 |
| **Ethiopia — 0.0% ^** | **Ethiopia — 0.0% ^** | **Ethiopia — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a) | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 324 |
| **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; 1000 | &nbsp;&nbsp; 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/6/2031 (a) | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 737 |
|  |  | &nbsp;&nbsp; 1605 |
| **Ghana — 0.9%** | **Ghana — 0.9%** | **Ghana — 0.9%** |
| &nbsp;&nbsp;&nbsp; Republic of Ghana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/3/2035 (b) (c) | &nbsp;&nbsp; 2124 | &nbsp;&nbsp; 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/3/2035 (a) (c) | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 7075 |
|  |  | &nbsp;&nbsp; 8954 |
| **Guatemala — 1.2%** | **Guatemala — 1.2%** | **Guatemala — 1.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 6/1/2030 (b) | &nbsp;&nbsp; 1424 | &nbsp;&nbsp; 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 6/1/2030 (a) | &nbsp;&nbsp; 5092 | &nbsp;&nbsp; 5050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/24/2032 (a) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/7/2033 (a) | &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 2430 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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** |
| **Guatemala—continued** | **Guatemala—continued** | **Guatemala—continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 8/15/2036 (b) | &nbsp;&nbsp; 1338 | &nbsp;&nbsp; 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 2/6/2037 (a) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 638 |
|  |  | &nbsp;&nbsp; 11524 |
| **Honduras — 1.2%** | **Honduras — 1.2%** | **Honduras — 1.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Honduras |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/27/2034 (b) | &nbsp;&nbsp; 2120 | &nbsp;&nbsp; 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/27/2034 (a) | &nbsp;&nbsp; 8600 | &nbsp;&nbsp; 9438 |
|  |  | &nbsp;&nbsp; 11765 |
| **Hungary — 1.8%** | **Hungary — 1.8%** | **Hungary — 1.8%** |
| &nbsp;&nbsp;&nbsp; Hungary Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 9/22/2031 (a) | &nbsp;&nbsp; 5970 | &nbsp;&nbsp; 5131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/16/2034 (a) | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/26/2036 (a) | &nbsp;&nbsp; 1849 | &nbsp;&nbsp; 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/21/2051 (b) | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 9/21/2051 (a) | &nbsp;&nbsp; 7915 | &nbsp;&nbsp; 4903 |
| &nbsp;&nbsp;&nbsp; Magyar Export-Import Bank Zrt. 6.13%, 12/4/2027 (b) | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1257 |
|  |  | &nbsp;&nbsp; 17241 |
| **Indonesia — 1.8%** | **Indonesia — 1.8%** | **Indonesia — 1.8%** |
| &nbsp;&nbsp;&nbsp; Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/11/2029 | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 3254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/12/2035 (a) | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/17/2037 (a) | &nbsp;&nbsp; 3195 | &nbsp;&nbsp; 3638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 3/12/2051 | &nbsp;&nbsp; 5743 | &nbsp;&nbsp; 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 2/10/2054 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 9/10/2054 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1366 |
|  |  | &nbsp;&nbsp; 17441 |
| **Iraq — 0.1%** | **Iraq — 0.1%** | **Iraq — 0.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Iraq 5.80%, 1/15/2028 (a) | &nbsp;&nbsp; 1063 | &nbsp;&nbsp; 1059 |
| **Ivory Coast — 1.4%** | **Ivory Coast — 1.4%** | **Ivory Coast — 1.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/3/2028 (a) | &nbsp;&nbsp; 2640 | &nbsp;&nbsp; 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2033 (a) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 4/1/2036 (b) | &nbsp;&nbsp; 1343 | &nbsp;&nbsp; 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/30/2037 (b) | &nbsp;&nbsp; 7199 | &nbsp;&nbsp; 7513 |
|  |  | &nbsp;&nbsp; 12929 |
| **Jordan — 1.3%** | **Jordan — 1.3%** | **Jordan — 1.3%** |
| &nbsp;&nbsp;&nbsp; Hashemite Kingdom of Jordan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/31/2027 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/13/2029 (b) | &nbsp;&nbsp; 2090 | &nbsp;&nbsp; 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/13/2029 (a) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/12/2032 (b) | &nbsp;&nbsp; 3765 | &nbsp;&nbsp; 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/10/2047 (a) | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2895 |
|  |  | &nbsp;&nbsp; 11894 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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 — 0.9%** | **Kenya — 0.9%** | **Kenya — 0.9%** |
| &nbsp;&nbsp;&nbsp; Republic of Kenya |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 2/16/2031 (a) | &nbsp;&nbsp; 1910 | &nbsp;&nbsp; 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/22/2032 (a) | &nbsp;&nbsp; 4430 | &nbsp;&nbsp; 4409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 1/23/2034 (a) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.80%, 10/9/2038 (b) | &nbsp;&nbsp; 821 | &nbsp;&nbsp; 794 |
|  |  | &nbsp;&nbsp; 8808 |
| **Lebanon — 0.7%** | **Lebanon — 0.7%** | **Lebanon — 0.7%** |
| &nbsp;&nbsp;&nbsp; Lebanese Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/9/2020 (a) (e) | &nbsp;&nbsp; 18607 | &nbsp;&nbsp; 4084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 6/19/2020 (a) (e) | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 3/23/2027 (a) (e) | &nbsp;&nbsp; 2184 | &nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/3/2028 (a) (e) | &nbsp;&nbsp; 7095 | &nbsp;&nbsp; 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 2/26/2030 (a) (e) | &nbsp;&nbsp; 1456 | &nbsp;&nbsp; 320 |
|  |  | &nbsp;&nbsp; 6599 |
| **Mexico — 2.5%** | **Mexico — 2.5%** | **Mexico — 2.5%** |
| &nbsp;&nbsp;&nbsp; Mex Bonos Desarr Fix Rt 8.50%, 2/28/2030 | &nbsp;&nbsp; MXN78,500 | &nbsp;&nbsp; 4332 |
| &nbsp;&nbsp;&nbsp; United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 2/9/2035 | &nbsp;&nbsp; 6153 | &nbsp;&nbsp; 6483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 5/4/2053 | &nbsp;&nbsp; 1693 | &nbsp;&nbsp; 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 5/7/2054 | &nbsp;&nbsp; 3995 | &nbsp;&nbsp; 3893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 5/13/2055 | &nbsp;&nbsp; 7130 | &nbsp;&nbsp; 7815 |
|  |  | &nbsp;&nbsp; 24164 |
| **Mongolia — 0.3%** | **Mongolia — 0.3%** | **Mongolia — 0.3%** |
| &nbsp;&nbsp;&nbsp; State of Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 7/7/2027 (a) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.65%, 1/19/2028 (a) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 7/7/2031 (a) | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 468 |
|  |  | &nbsp;&nbsp; 2362 |
| **Morocco — 0.5%** | **Morocco — 0.5%** | **Morocco — 0.5%** |
| &nbsp;&nbsp;&nbsp; Kingdom of Morocco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/8/2028 (b) | &nbsp;&nbsp; 2580 | &nbsp;&nbsp; 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 3/8/2028 (a) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2265 |
|  |  | &nbsp;&nbsp; 4921 |
| **Nigeria — 2.9%** | **Nigeria — 2.9%** | **Nigeria — 2.9%** |
| &nbsp;&nbsp;&nbsp; Federal Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/28/2028 (a) | &nbsp;&nbsp; 2435 | &nbsp;&nbsp; 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.14%, 2/23/2030 (a) | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 7788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/9/2031 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 9/28/2033 (a) | &nbsp;&nbsp; 4220 | &nbsp;&nbsp; 4145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 12/9/2034 (b) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 12/9/2034 (a) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 2/23/2038 (a) | &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 1943 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 9.13%, 1/13/2046 (b) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/28/2047 (a) | &nbsp;&nbsp; 6604 | &nbsp;&nbsp; 6115 |
|  |  | &nbsp;&nbsp; 27682 |
| **Oman — 2.2%** | **Oman — 2.2%** | **Oman — 2.2%** |
| &nbsp;&nbsp;&nbsp; Sultanate of Oman Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/17/2028 (a) | &nbsp;&nbsp; 12520 | &nbsp;&nbsp; 12796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 3/8/2047 (a) | &nbsp;&nbsp; 4259 | &nbsp;&nbsp; 4633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/25/2051 (a) | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3558 |
|  |  | &nbsp;&nbsp; 20987 |
| **Pakistan — 0.9%** | **Pakistan — 0.9%** | **Pakistan — 0.9%** |
| &nbsp;&nbsp;&nbsp; Islamic Republic of Pakistan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/8/2031 (a) | &nbsp;&nbsp; 5037 | &nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 4/8/2051 (a) | &nbsp;&nbsp; 4125 | &nbsp;&nbsp; 3950 |
|  |  | &nbsp;&nbsp; 8896 |
| **Panama — 2.6%** | **Panama — 2.6%** | **Panama — 2.6%** |
| &nbsp;&nbsp;&nbsp; Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 2/14/2035 | &nbsp;&nbsp; 3751 | &nbsp;&nbsp; 3912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/31/2036 | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 6223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/1/2038 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 4/29/2053 | &nbsp;&nbsp; 8530 | &nbsp;&nbsp; 6312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/19/2063 | &nbsp;&nbsp; 8445 | &nbsp;&nbsp; 6241 |
|  |  | &nbsp;&nbsp; 24760 |
| **Paraguay — 1.4%** | **Paraguay — 1.4%** | **Paraguay — 1.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Paraguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.90%, 2/9/2031 (b) | &nbsp;&nbsp; PYG9,621,000 | &nbsp;&nbsp; 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 4/28/2031 (a) | &nbsp;&nbsp; 2790 | &nbsp;&nbsp; 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 6/28/2033 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/9/2036 (b) | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 3/13/2048 (a) | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 4662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 3/30/2050 (a) | &nbsp;&nbsp; 4116 | &nbsp;&nbsp; 3803 |
|  |  | &nbsp;&nbsp; 13644 |
| **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; 3621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/8/2035 | &nbsp;&nbsp; 8514 | &nbsp;&nbsp; 8753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 12/1/2060 | &nbsp;&nbsp; 8200 | &nbsp;&nbsp; 4623 |
|  |  | &nbsp;&nbsp; 16997 |
| **Philippines — 1.1%** | **Philippines — 1.1%** | **Philippines — 1.1%** |
| &nbsp;&nbsp;&nbsp; Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/17/2028 | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 9/29/2032 | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/13/2047 | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2881 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 5.50%, 1/17/2048 | &nbsp;&nbsp; 1478 | &nbsp;&nbsp; 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 2/4/2050 | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2974 |
|  |  | &nbsp;&nbsp; 10665 |
| **Poland — 0.5%** | **Poland — 0.5%** | **Poland — 0.5%** |
| &nbsp;&nbsp;&nbsp; Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/16/2032 | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/4/2033 | &nbsp;&nbsp; 1933 | &nbsp;&nbsp; 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/4/2053 | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 670 |
|  |  | &nbsp;&nbsp; 4277 |
| **Romania — 3.4%** | **Romania — 3.4%** | **Romania — 3.4%** |
| &nbsp;&nbsp;&nbsp; Romania Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/27/2027 (a) | &nbsp;&nbsp; 4230 | &nbsp;&nbsp; 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 1/17/2033 (b) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/14/2033 (a) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/30/2034 (b) | &nbsp;&nbsp; 2044 | &nbsp;&nbsp; 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/30/2034 (a) | &nbsp;&nbsp; 2588 | &nbsp;&nbsp; 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/25/2034 (a) | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/24/2035 (b) | &nbsp;&nbsp; 4362 | &nbsp;&nbsp; 4266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/24/2035 (a) | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/16/2036 (b) | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/10/2037 (b) | &nbsp;&nbsp; 3760 | &nbsp;&nbsp; 4124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/7/2037 (b) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 1/17/2053 (a) | &nbsp;&nbsp; 2744 | &nbsp;&nbsp; 3013 |
|  |  | &nbsp;&nbsp; 32054 |
| **Saudi Arabia — 2.9%** | **Saudi Arabia — 2.9%** | **Saudi Arabia — 2.9%** |
| &nbsp;&nbsp;&nbsp; Kingdom of Saudi Arabia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/16/2030 (b) | &nbsp;&nbsp; 6949 | &nbsp;&nbsp; 7083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/17/2030 (a) | &nbsp;&nbsp; 10220 | &nbsp;&nbsp; 10329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/25/2032 (a) | &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 4037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 2/2/2033 (b) | &nbsp;&nbsp; 3047 | &nbsp;&nbsp; 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/16/2034 (b) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/4/2047 (a) | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 1921 |
|  |  | &nbsp;&nbsp; 27635 |
| **Senegal — 0.2%** | **Senegal — 0.2%** | **Senegal — 0.2%** |
| &nbsp;&nbsp;&nbsp; Republic of Senegal 6.25%, 5/23/2033 (a) | &nbsp;&nbsp; 3645 | &nbsp;&nbsp; 2223 |
| **Serbia — 0.5%** | **Serbia — 0.5%** | **Serbia — 0.5%** |
| &nbsp;&nbsp;&nbsp; Republic of Serbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/26/2033 (b) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/26/2033 (a) | &nbsp;&nbsp; 3965 | &nbsp;&nbsp; 4279 |
|  |  | &nbsp;&nbsp; 5142 |
| **South Africa — 3.1%** | **South Africa — 3.1%** | **South Africa — 3.1%** |
| &nbsp;&nbsp;&nbsp; Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/2037 | &nbsp;&nbsp; ZAR169,000 | &nbsp;&nbsp; 9569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/12/2046 | &nbsp;&nbsp; 6928 | &nbsp;&nbsp; 5440 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; 5.65%, 9/27/2047 | &nbsp;&nbsp; 2414 | &nbsp;&nbsp; 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/30/2049 | &nbsp;&nbsp; 9876 | &nbsp;&nbsp; 8340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 4/20/2052 | &nbsp;&nbsp; 4380 | &nbsp;&nbsp; 4413 |
|  |  | &nbsp;&nbsp; 29806 |
| **Sri Lanka — 1.0%** | **Sri Lanka — 1.0%** | **Sri Lanka — 1.0%** |
| &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; 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/15/2030 (a) (c) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 3/15/2033 (b) (c) | &nbsp;&nbsp; 4704 | &nbsp;&nbsp; 4078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 3/15/2033 (a) (c) | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 6/15/2035 (a) (c) | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 5/15/2036 (b) (c) | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; 2004 |
|  |  | &nbsp;&nbsp; 9409 |
| **Suriname — 0.9%** | **Suriname — 0.9%** | **Suriname — 0.9%** |
| &nbsp;&nbsp;&nbsp; Suriname Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 11/6/2030 (b) | &nbsp;&nbsp; 2418 | &nbsp;&nbsp; 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/6/2035 (b) | &nbsp;&nbsp; 4820 | &nbsp;&nbsp; 5189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 12/31/2050 (a) (d) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 716 |
|  |  | &nbsp;&nbsp; 8389 |
| **Turkey — 4.0%** | **Turkey — 4.0%** | **Turkey — 4.0%** |
| &nbsp;&nbsp;&nbsp; Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (b) | &nbsp;&nbsp; 3064 | &nbsp;&nbsp; 3355 |
| &nbsp;&nbsp;&nbsp; Republic of Turkiye (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB, 37.84%, 7/14/2027 | &nbsp;&nbsp; TRY175,000 | &nbsp;&nbsp; 4220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 1/15/2028 | &nbsp;&nbsp; 1635 | &nbsp;&nbsp; 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 7/13/2030 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/15/2034 | &nbsp;&nbsp; 2454 | &nbsp;&nbsp; 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/4/2036 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 7035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 4/16/2043 | &nbsp;&nbsp; 9615 | &nbsp;&nbsp; 7401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/11/2047 | &nbsp;&nbsp; 4450 | &nbsp;&nbsp; 3659 |
| &nbsp;&nbsp;&nbsp; Turkiye Ihracat Kredi Bankasi A/S 6.38%, 10/3/2030 (b) | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 1227 |
|  |  | &nbsp;&nbsp; 38183 |
| **Ukraine — 1.8%** | **Ukraine — 1.8%** | **Ukraine — 1.8%** |
| &nbsp;&nbsp;&nbsp; Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2029 (a) (c) | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 2/1/2030 (b) (c) | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2034 (b) (c) | &nbsp;&nbsp; 817 | &nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2034 (a) (c) | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2035 (b) (c) | &nbsp;&nbsp; 2152 | &nbsp;&nbsp; 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 2/1/2036 (a) (c) | &nbsp;&nbsp; 7400 | &nbsp;&nbsp; 4152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2036 (b) (c) | &nbsp;&nbsp; 1651 | &nbsp;&nbsp; 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2036 (a) (c) | &nbsp;&nbsp; 3794 | &nbsp;&nbsp; 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/31/2041 (d) | &nbsp;&nbsp; 5632 | &nbsp;&nbsp; 5238 |
|  |  | &nbsp;&nbsp; 17506 |
| **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** |
| &nbsp;&nbsp;&nbsp; United Arab Emirates Government Bond 3.63%, 3/10/2033 (a) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1441 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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** |
| **Uruguay — 1.9%** | **Uruguay — 1.9%** | **Uruguay — 1.9%** |
| &nbsp;&nbsp;&nbsp; Oriental Republic of Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/29/2035 | &nbsp;&nbsp; UYU277,541 | &nbsp;&nbsp; 7107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/21/2036 | &nbsp;&nbsp; 5232 | &nbsp;&nbsp; 6362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/10/2060 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4760 |
|  |  | &nbsp;&nbsp; 18229 |
| **Uzbekistan — 0.4%** | **Uzbekistan — 0.4%** | **Uzbekistan — 0.4%** |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan 3.70%, 11/25/2030 (a) | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3685 |
| **Venezuela, Bolivarian Republic of — 0.7%** | **Venezuela, Bolivarian Republic of — 0.7%** | **Venezuela, Bolivarian Republic of — 0.7%** |
| &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; 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/13/2024 (a) (e) | &nbsp;&nbsp; 2590 | &nbsp;&nbsp; 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.65%, 4/21/2025 (a) (e) | &nbsp;&nbsp; 3213 | &nbsp;&nbsp; 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 10/21/2026 (a) (e) | &nbsp;&nbsp; 3270 | &nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 5/7/2028 (a) (e) | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.95%, 8/5/2031 (a) (e) | &nbsp;&nbsp; 5543 | &nbsp;&nbsp; 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/31/2038 (a) (e) | &nbsp;&nbsp; 4707 | &nbsp;&nbsp; 1349 |
|  |  | &nbsp;&nbsp; 6649 |
| **Zambia — 0.3%** | **Zambia — 0.3%** | **Zambia — 0.3%** |
| &nbsp;&nbsp;&nbsp; Republic of Zambia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/30/2033 (a) (c) | &nbsp;&nbsp; 707 | &nbsp;&nbsp; 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/31/2053 (b) | &nbsp;&nbsp; 2651 | &nbsp;&nbsp; 1822 |
|  |  | &nbsp;&nbsp; 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $650,150)<br>|  | &nbsp;&nbsp; 692993 |
| **Corporate Bonds — 20.6%** | **Corporate Bonds — 20.6%** | **Corporate Bonds — 20.6%** |
| **Azerbaijan — 0.0% ^** | **Azerbaijan — 0.0% ^** | **Azerbaijan — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Southern Gas Corridor CJSC 6.88%, 3/24/2026 (a) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 503 |
| **Bahrain — 0.5%** | **Bahrain — 0.5%** | **Bahrain — 0.5%** |
| &nbsp;&nbsp;&nbsp; Bapco Energies BSC Closed 8.38%, 11/7/2028 (a) | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4530 |
| **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV 4.50%, 1/31/2030 (a) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 498 |
| &nbsp;&nbsp;&nbsp; FS Luxembourg SARL 8.88%, 2/12/2031 (b) | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 905 |
| &nbsp;&nbsp;&nbsp; Guara Norte SARL 5.20%, 6/15/2034 (b) | &nbsp;&nbsp; 939 | &nbsp;&nbsp; 911 |
| &nbsp;&nbsp;&nbsp; MV24 Capital BV 6.75%, 6/1/2034 (a) | &nbsp;&nbsp; 952 | &nbsp;&nbsp; 935 |
| &nbsp;&nbsp;&nbsp; Raizen Fuels Finance SA 6.45%, 3/5/2034 (b) | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; Yinson Bergenia Production BV 8.50%, 1/31/2045 (b) | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp; Yinson Boronia Production BV 8.95%, 7/31/2042 (b) | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 902 |
|  |  | &nbsp;&nbsp; 5277 |
| **Chile — 2.2%** | **Chile — 2.2%** | **Chile — 2.2%** |
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings 7.88%, 2/3/2030 (b) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1227 |
| &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) (f) (g) (h) (i) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 430 |
| &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) (f) (g) (h) (i) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 530 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chile — continued** | **Chile — continued** | **Chile — continued** |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 9/30/2029 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/2/2033 (b) | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/2/2033 (a) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.44%, 1/26/2036 (b) | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 10/24/2036 (a) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/1/2047 (a) | &nbsp;&nbsp; 4371 | &nbsp;&nbsp; 3580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 9/8/2053 (b) | &nbsp;&nbsp; 2261 | &nbsp;&nbsp; 2318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.78%, 1/13/2055 (b) | &nbsp;&nbsp; 3418 | &nbsp;&nbsp; 3681 |
| &nbsp;&nbsp;&nbsp; Empresa de los Ferrocarriles del Estado, 3.07%, 8/18/2050 (b) | &nbsp;&nbsp; 1271 | &nbsp;&nbsp; 814 |
| &nbsp;&nbsp;&nbsp; Empresa de Transporte de Pasajeros Metro SA, 5.00%, 1/25/2047 (a) | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 728 |
| &nbsp;&nbsp;&nbsp; Empresa Nacional del Petroleo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 9/16/2031 (b) | &nbsp;&nbsp; 799 | &nbsp;&nbsp; 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/30/2034 (b) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/14/2047 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp; GNL Quintero SA 4.63%, 7/31/2029 (a) | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 290 |
|  |  | &nbsp;&nbsp; 20564 |
| **Colombia — 1.3%** | **Colombia — 1.3%** | **Colombia — 1.3%** |
| &nbsp;&nbsp;&nbsp; AI Candelaria - spain- SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/15/2028 (a) | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/2033 (b) | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 1854 |
| &nbsp;&nbsp;&nbsp; Colombia Telecomunicaciones SA ESP 4.95%, 7/17/2030 (a) | &nbsp;&nbsp; 2602 | &nbsp;&nbsp; 2360 |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA 8.63%, 1/19/2029 | &nbsp;&nbsp; 4795 | &nbsp;&nbsp; 5154 |
| &nbsp;&nbsp;&nbsp; EnfraGen Energia Sur SA 5.38%, 12/30/2030 (a) | &nbsp;&nbsp; 2210 | &nbsp;&nbsp; 2053 |
|  |  | &nbsp;&nbsp; 11979 |
| **Costa Rica — 0.2%** | **Costa Rica — 0.2%** | **Costa Rica — 0.2%** |
| &nbsp;&nbsp;&nbsp; Instituto Costarricense de Electricidad |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/7/2031 (b) | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2043 (a) | &nbsp;&nbsp; 802 | &nbsp;&nbsp; 785 |
|  |  | &nbsp;&nbsp; 2024 |
| **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; 759 |
| **India — 0.5%** | **India — 0.5%** | **India — 0.5%** |
| &nbsp;&nbsp;&nbsp; Azure Power Energy Ltd. 3.58%, 8/19/2026 (a) | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV 3.85%, 3/29/2026 (b) | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 1541 |
| &nbsp;&nbsp;&nbsp; Greenko Power II Ltd. 4.30%, 12/13/2028 (b) | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 1423 |
| &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) (f) (g) (h) (i) | &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1840 |
|  |  | &nbsp;&nbsp; 4973 |
| **Indonesia — 0.6%** | **Indonesia — 0.6%** | **Indonesia — 0.6%** |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/21/2030 (a) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/27/2041 (a) | &nbsp;&nbsp; 1486 | &nbsp;&nbsp; 1605 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Indonesia — continued** | **Indonesia — continued** | **Indonesia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 7/30/2049 (a) | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1421 |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.25%, 5/15/2047 (a) | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1322 |
|  |  | &nbsp;&nbsp; 5483 |
| **Jamaica — 0.2%** | **Jamaica — 0.2%** | **Jamaica — 0.2%** |
| &nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. 8.63%, 8/1/2032 (b) | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; 1432 |
| &nbsp;&nbsp;&nbsp; Kingston Airport Revenue Finance Ltd. 6.75%, 12/15/2036 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 408 |
|  |  | &nbsp;&nbsp; 1840 |
| **Kazakhstan — 0.5%** | **Kazakhstan — 0.5%** | **Kazakhstan — 0.5%** |
| &nbsp;&nbsp;&nbsp; Development Bank of Kazakhstan JSC 4.60%, 1/31/2031 (b) | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4544 |
| **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; 378 |
| **Mexico — 6.3%** | **Mexico — 6.3%** | **Mexico — 6.3%** |
| &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) (f) (g) (h) (i) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1222 |
| &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) (f) (g) (h) (i) | &nbsp;&nbsp; 901 | &nbsp;&nbsp; 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 2.72%, <br> 8/11/2031 (b) (i)<br>| &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1677 |
| &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) (f) (i) | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 1044 |
| &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) (f) (i) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1318 |
| &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 Maturity <br> 5 Year + 2.65%), 5.13%, 1/18/2033 (a) (f) (i)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp; Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.52%), 7.20%, 6/10/2030 (b) (g) (h) (i) | &nbsp;&nbsp; 1374 | &nbsp;&nbsp; 1423 |
| &nbsp;&nbsp;&nbsp; Cometa Energia SA de CV 6.38%, 4/24/2035 (a) | &nbsp;&nbsp; 1764 | &nbsp;&nbsp; 1829 |
| &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; 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 2/9/2031 (b) | &nbsp;&nbsp; 2719 | &nbsp;&nbsp; 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 2/9/2051 (b) | &nbsp;&nbsp; 642 | &nbsp;&nbsp; 485 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%, 1/31/2041 (b) | &nbsp;&nbsp; 1538 | &nbsp;&nbsp; 1611 |
| &nbsp;&nbsp;&nbsp; Mexico City Airport Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/30/2028 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/31/2046 (a) | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1845 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 6/2/2029 | &nbsp;&nbsp; 3526 | &nbsp;&nbsp; 3773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 1/23/2030 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 1/28/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 2/16/2032 | &nbsp;&nbsp; 7720 | &nbsp;&nbsp; 7649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/2035 | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 2/12/2048 | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 1/23/2050 | &nbsp;&nbsp; 15065 | &nbsp;&nbsp; 13433 |
| &nbsp;&nbsp;&nbsp; Saavi Energia SARL 8.88%, 2/10/2035 (b) | &nbsp;&nbsp; 2453 | &nbsp;&nbsp; 2626 |
| &nbsp;&nbsp;&nbsp; Tierra Mojada Luxembourg II SARL 5.75%, 12/1/2040 (a) | &nbsp;&nbsp; 1669 | &nbsp;&nbsp; 1648 |
|  |  | &nbsp;&nbsp; 60024 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Morocco — 0.9%** | **Morocco — 0.9%** | **Morocco — 0.9%** |
| &nbsp;&nbsp;&nbsp; OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 4/30/2030 (b) | &nbsp;&nbsp; 2013 | &nbsp;&nbsp; 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/23/2051 (a) | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 4627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/2/2054 (b) | &nbsp;&nbsp; 1646 | &nbsp;&nbsp; 1821 |
|  |  | &nbsp;&nbsp; 8546 |
| **Oman — 0.2%** | **Oman — 0.2%** | **Oman — 0.2%** |
| &nbsp;&nbsp;&nbsp; EDO Sukuk Ltd. 5.88%, 9/21/2033 (b) | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 2376 |
| **Paraguay — 0.5%** | **Paraguay — 0.5%** | **Paraguay — 0.5%** |
| &nbsp;&nbsp;&nbsp; Bioceanico Sovereign Certificate Ltd., Zero Coupon, 6/5/2034 (b) | &nbsp;&nbsp; 5688 | &nbsp;&nbsp; 4628 |
| **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; 1700 | &nbsp;&nbsp; 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/6/2030 (b) | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1219 |
| &nbsp;&nbsp;&nbsp; Fondo MIVIVIENDA SA 4.63%, 4/12/2027 (b) | &nbsp;&nbsp; 2640 | &nbsp;&nbsp; 2646 |
| &nbsp;&nbsp;&nbsp; Peru LNG Srl, 5.38%, 3/22/2030 (a) | &nbsp;&nbsp; 1755 | &nbsp;&nbsp; 1694 |
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA 5.63%, 6/19/2047 (a) | &nbsp;&nbsp; 2824 | &nbsp;&nbsp; 1992 |
|  |  | &nbsp;&nbsp; 9191 |
| **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; 1700 | &nbsp;&nbsp; 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 5/22/2033 (b) | &nbsp;&nbsp; 2670 | &nbsp;&nbsp; 2771 |
|  |  | &nbsp;&nbsp; 4577 |
| **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; —<br> (j)<br>|
| **Saudi Arabia — 0.7%** | **Saudi Arabia — 0.7%** | **Saudi Arabia — 0.7%** |
| &nbsp;&nbsp;&nbsp; Gaci First Investment Co. 4.88%, 2/14/2035 (a) | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4602 |
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco SARL 6.51%, 2/23/2042 (b) | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 1980 |
|  |  | &nbsp;&nbsp; 6582 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| &nbsp;&nbsp;&nbsp; Eskom Holdings 6.35%, 8/10/2028 (a) | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2988 |
| **Trinidad And Tobago — 0.2%** | **Trinidad And Tobago — 0.2%** | **Trinidad And Tobago — 0.2%** |
| &nbsp;&nbsp;&nbsp; Trinidad Generation UnLtd 7.75%, 6/16/2033 (b) | &nbsp;&nbsp; 1770 | &nbsp;&nbsp; 1823 |
| **Turkey — 0.8%** | **Turkey — 0.8%** | **Turkey — 0.8%** |
| &nbsp;&nbsp;&nbsp; Akbank TAS (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.27%), 9.37%, 3/14/2029 (a) (f) (g) (h) (i) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1044 |
| &nbsp;&nbsp;&nbsp; TC Ziraat Bankasi A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.62%), 8.38%, 11/5/2030 (b) (f) (g) (h) (i) | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.33%), 8.99%, 8/2/2034 (b) (f) (i) | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1289 |
| &nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri A/S 5.80%, 4/11/2028 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 702 |
| &nbsp;&nbsp;&nbsp; Turkiye Garanti Bankasi A/S (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.09%), 8.38%, 2/28/2034 (a) (i) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1562 |
| &nbsp;&nbsp;&nbsp; Turkiye Varlik Fonu Yonetimi A/S 8.25%, 2/14/2029 (a) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 640 |
|  |  | &nbsp;&nbsp; 7652 |
| **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** |
| &nbsp;&nbsp;&nbsp; NPC Ukrenergo 6.88%, 11/9/2028 (b) (e) | &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 866 |

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Arab Emirates — 1.4%** | **United Arab Emirates — 1.4%** | **United Arab Emirates — 1.4%** |
| &nbsp;&nbsp;&nbsp; Adnoc Murban Rsc Ltd. 5.13%, 9/11/2054 (b) | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3452 |
| &nbsp;&nbsp;&nbsp; DAE Sukuk Difc Ltd. 4.50%, 10/16/2030 (b) | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2779 |
| &nbsp;&nbsp;&nbsp; DP World Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 7/2/2037 (a) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/25/2048 (a) | &nbsp;&nbsp; 2173 | &nbsp;&nbsp; 2159 |
| &nbsp;&nbsp;&nbsp; MDGH GMTN RSC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/7/2029 (b) | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/7/2029 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 6/3/2031 (a) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/28/2033 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 424 |
|  |  | &nbsp;&nbsp; 13149 |
| **Uzbekistan — 0.4%** | **Uzbekistan — 0.4%** | **Uzbekistan — 0.4%** |
| &nbsp;&nbsp;&nbsp; Navoi Mining & Metallurgical Combinat 6.70%, 10/17/2028 (b) | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp; Navoiyuran State Enterprise 6.70%, 7/2/2030 (b) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp; Uzbekneftegaz JSC 4.75%, 11/16/2028 (a) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1515 |
|  |  | &nbsp;&nbsp; 3994 |
| **Venezuela, Bolivarian Republic of — 0.6%** | **Venezuela, Bolivarian Republic of — 0.6%** | **Venezuela, Bolivarian Republic of — 0.6%** |
| &nbsp;&nbsp;&nbsp; Petroleos de Venezuela SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/27/2020 (a) (e) | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/17/2021 (a) (e) | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/2026 (a) (e) | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/12/2027 (a) (e) | &nbsp;&nbsp; 14058 | &nbsp;&nbsp; 3398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 5/17/2035 (a) (e) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 672 |
|  |  | &nbsp;&nbsp; 6220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $193,102)<br>|  | &nbsp;&nbsp; 195470 |
| **U.S. Treasury Obligations — 0.4%** | **U.S. Treasury Obligations — 0.4%** | **U.S. Treasury Obligations — 0.4%** |
| **United States — 0.4%** | **United States — 0.4%** | **United States — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.00%, 12/15/2025 (k) <br>(Cost $3,546)<br>| &nbsp;&nbsp; 3546 | &nbsp;&nbsp; 3546 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** |
| **Investment Companies — 4.4%** | **Investment Companies — 4.4%** | **Investment Companies — 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class Institutional Shares, 3.96% (l) (m) <br>(Cost $41,737)<br>| &nbsp;&nbsp; 41722 | &nbsp;&nbsp; 41738 |
| **Total Investments — 98.4%** <br>**(Cost $888,535)**<br>|  | &nbsp;&nbsp; **933747** |
| **Other Assets in Excess of Liabilities — 1.6%** |  | &nbsp;&nbsp; **15288** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **949035** |

---

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

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

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

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| BRL | Brazilian Real |
| CJSC | Closed Joint Stock Company |
| EGP | Egyptian Pound |
| EUR | Euro |
| 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 |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| (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 November 30, 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 November 30, 2025. <br>|
| (e) | Defaulted security. |
| (f) | Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a <br> pre-specified trigger event occurs. The total value of aggregate CoCo holdings at November 30, 2025 is $12,479 or 1.31% of the Fund's net <br> assets as of November 30, 2025.<br>|
| (g) | Security is an interest bearing note with preferred security characteristics. |
| (h) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time <br> and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in <br> effect as of November 30, 2025.<br>|
| (i) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2025. |
| (j) | Value is zero. |
| (k) | All or a portion of this security is deposited with the broker as initial margin for futures contracts. |
| (l) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (m) | The rate shown is the current yield as of November 30, 2025. |

---

**Futures contracts outstanding as of November 30, 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 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1368 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 150159 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |

---

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

---

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

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Forward foreign currency exchange contracts outstanding as of November 30, 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>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10240 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 8787 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9415 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 161293 | HSBC Bank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| EGP | &nbsp;&nbsp;&nbsp;&nbsp; 398188 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 6990 | Goldman Sachs International<sup>\*\*</sup> <br>| 3/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1044 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 1080 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 24919 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4656 | Standard Chartered Bank\*\* | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2066 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2411 | Citibank, NA | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 3952 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 72920 | BNP Paribas | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2952 | EGP | &nbsp;&nbsp;&nbsp;&nbsp; 156268 | BNP Paribas\*\* | 3/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (200)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 2131 | EGP | &nbsp;&nbsp;&nbsp;&nbsp; 129557 | Goldman Sachs International\*\* | 3/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; (483)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (728)<br>|
| Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 352 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| BRL | Brazilian Real |
| EGP | Egyptian Pound |
| EUR | Euro |
| MXN | Mexican Peso |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

\*\* Non-deliverable forward.

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.EM.44-V1 | 1.00 | Quarterly | 12/20/2030 | 1.35 | USD 45,300 | &nbsp;&nbsp; 943 | &nbsp;&nbsp; (315)<br>| &nbsp;&nbsp; 628 |

---

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

---

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

---

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

---

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

---

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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

Fixed income instruments are valued based on prices received from 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. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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.

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Azerbaijan | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $503 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $503 |
| &nbsp;&nbsp;&nbsp; Bahrain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4530 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4530 |
| &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5277 |
| &nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20564 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20564 |
| &nbsp;&nbsp;&nbsp; Colombia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11979 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11979 |
| &nbsp;&nbsp;&nbsp; Costa Rica | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2024 |
| &nbsp;&nbsp;&nbsp; Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 759 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 759 |
| &nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4973 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4973 |
| &nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5483 |
| &nbsp;&nbsp;&nbsp; Jamaica | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1840 |
| &nbsp;&nbsp;&nbsp; Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4544 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4544 |
| &nbsp;&nbsp;&nbsp; Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60024 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60024 |
| &nbsp;&nbsp;&nbsp; Morocco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8546 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8546 |
| &nbsp;&nbsp;&nbsp; Oman | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2376 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2376 |
| &nbsp;&nbsp;&nbsp; Paraguay | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4628 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4628 |
| &nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9191 |
| &nbsp;&nbsp;&nbsp; Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4577 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4577 |
| &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; 6582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6582 |
| &nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2988 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2988 |
| &nbsp;&nbsp;&nbsp; Trinidad And Tobago | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1823 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1823 |
| &nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7652 |
| &nbsp;&nbsp;&nbsp; Ukraine | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 866 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
| &nbsp;&nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13149 |
| &nbsp;&nbsp;&nbsp; Uzbekistan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3994 |
| &nbsp;&nbsp;&nbsp; Venezuela, Bolivarian Republic of | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6220 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6220 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195470 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 195470 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 692993 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 692993 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3546 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3546 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 41738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41738 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $41738 | &nbsp;&nbsp;&nbsp;&nbsp; $892009 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $933747 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1080 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1080 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(728)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(728)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (315)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (315)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $144 | &nbsp;&nbsp;&nbsp;&nbsp; $37 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $181 |

---

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

 <br> (a) Value is zero.

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2025**<br>| **Shares at** <br>**November 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.96% (a) (b)<br>| $30349 | $417596 | $406202 | $(2)<br>| $(3)<br>| $41738 | 41722 | $1070 | $— |

---

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

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

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

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

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

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

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

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

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

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

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

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

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

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

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

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

<u>Credit Default Swaps</u>

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

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

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the

------

**JPMorgan Emerging Markets Debt Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

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

------

## 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:** 390 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

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

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

- **a. Name of Series:** JPMorgan 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:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $955377290.27

**Total Liabilities:** $3083463.98

**Net Assets:** $952293826.29

**Cash Not Reported:** $934064.44

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -20159.57648000 | **1-Year:** 2417.04604000 | **5-Year:** 32464.59005000 | **10-Year:** 71772.07959000 | **30-Year:** 119351.25963000

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

- **3-Month:** 56.94196000 | **1-Year:** 14793.79394000 | **5-Year:** 92482.20963000 | **10-Year:** 101726.23107000 | **30-Year:** 137745.52181000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007990 | 1.78%                | 2.25%                | 0.55%                |
| Class ID C000033533 | 1.75%                | 2.23%                | 0.55%                |
| Class ID C000033869 | 1.60%                | 2.39%                | 0.53%                |
| Class ID C000033870 | 1.57%                | 2.20%                | 0.65%                |
| Class ID C000116218 | 1.78%                | 2.26%                | 0.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-660914.64              | $11864284.95                               |
| Month 2  | $3493680.43              | $12154333.55                               |
| Month 3  | $1148780.20              | $-527993.10                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ATP Tower Holdings                                                        | ATP Tower Holdings                                                        | CUSIP: 00193BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1200000 | PA      | $1226880.00   | 0.13%             | 2030-02-03      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Adnoc Murban Rsc Ltd.                                                     | Adnoc Murban Rsc Ltd.                                                     | CUSIP: 00723L2C2<br>LEI: 213800OWGH7RAYG61M70 | Long             | DBT              | CORP              | AE        |    3600000 | PA      | $3451500.00   | 0.36%             | 2054-09-11      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| AI Candelaria -spain- SA                                                  | AI Candelaria -spain- SA                                                  | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |    2060000 | PA      | $1854000.00   | 0.19%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                        | CUSIP: 035198AH3<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    2200000 | PA      | $2172500.00   | 0.23%             | 2031-01-15      | Fixed         | 9.24%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    5444000 | PA      | $5894817.64   | 0.62%             | 2030-02-04      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114GM6<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   14000000 | PA      | $392000.00    | 0.04%             | 2035-12-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    5760000 | PA      | $4763520.00   | 0.50%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   15623923 | PA      | $11110562.24  | 1.17%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    1821330 | PA      | $1358712.18   | 0.14%             | 2038-01-09      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    9515000 | PA      | $6341747.50   | 0.67%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    1718182 | PA      | $1183827.27   | 0.12%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of the Bahamas                                               | Commonwealth of the Bahamas                                               | CUSIP: 056732AP5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |    2148000 | PA      | $2327358.00   | 0.24%             | 2036-06-24      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                        | CUSIP: 056909AA2<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    2200000 | PA      | $2206930.00   | 0.23%             | 2037-10-06      | Fixed         | 6.62%                 | Yes           |                  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      | $529530.00    | 0.06%             | 2034-12-12      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Banco Mercantil del Norte SA                                              | Banco Mercantil del Norte SA                                              | CUSIP: 05971PAE8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     901000 | PA      | $956240.31    | 0.10%             | 2035-05-20      | Variable      | 8.75%                 | Yes           |                  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        |    1720000 | PA      | $1676466.80   | 0.18%             | 2031-08-11      | Variable      | 2.72%                 | 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        |    1538258 | PA      | $1610433.04   | 0.17%             | 2041-01-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Bank Gospodarstwa Krajowego                                               | Bank Gospodarstwa Krajowego                                               | CUSIP: 06237MAA1<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | NUSS              | PL        |    2670000 | PA      | $2770979.40   | 0.29%             | 2033-05-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Bank Gospodarstwa Krajowego                                               | Bank Gospodarstwa Krajowego                                               | CUSIP: 06237MAB9<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | NUSS              | PL        |    1700000 | PA      | $1806080.00   | 0.19%             | 2028-10-31      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Barbados                                                                  | Barbados Government Bond                                                  | CUSIP: 067070AK8<br>LEI: 529900UD1KUUS4SFD905 | Long             | DBT              | NUSS              | BB        |    4258000 | PA      | $4462384.00   | 0.47%             | 2035-06-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Bioceanico Sovereign Certificate Ltd.                                     | Bioceanico Sovereign Certificate Ltd.                                     | CUSIP: 09076AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    5687846 | PA      | $4628370.73   | 0.49%             | 2034-06-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    7718000 | PA      | $5707461.00   | 0.60%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    5920000 | PA      | $6026560.00   | 0.63%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     850000 | PA      | $851700.00    | 0.09%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    4972000 | PA      | $5141048.00   | 0.54%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Cemex SAB de CV                                                           | Cemex SAB de CV                                                           | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    1374000 | PA      | $1422955.62   | 0.15%             | 2030-06-10      | Variable      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Republic of Chile                                                         | Republic of Chile                                                         | CUSIP: 168863DN5<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    3100000 | PA      | $2779150.00   | 0.29%             | 2032-01-27      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DQ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    1685000 | PA      | $1251112.50   | 0.13%             | 2049-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     200000 | PA      | $180300.00    | 0.02%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    2590000 | PA      | $2247472.50   | 0.24%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DT9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    3029000 | PA      | $1905241.00   | 0.20%             | 2051-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    5100000 | PA      | $5497800.00   | 0.58%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    6763000 | PA      | $7561034.00   | 0.79%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325EQ4<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    3000000 | PA      | $3207000.00   | 0.34%             | 2054-11-07      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Comision Federal de Electricidad                                          | Comision Federal de Electricidad                                          | CUSIP: 200447AH3<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | NUSS              | MX        |    2719000 | PA      | $2453897.50   | 0.26%             | 2031-02-09      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Comision Federal de Electricidad                                          | Comision Federal de Electricidad                                          | CUSIP: 200447AJ9<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | NUSS              | MX        |     642000 | PA      | $484710.00    | 0.05%             | 2051-02-09      | Fixed         | 4.68%                 | 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      | $444382.16    | 0.05%             | 2033-02-02      | Fixed         | 5.12%                 | 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      | $2318135.47   | 0.24%             | 2053-09-08      | Fixed         | 6.30%                 | Yes           |                  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        |     927000 | PA      | $1004339.61   | 0.11%             | 2036-01-26      | Fixed         | 6.44%                 | Yes           |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                                         | Corp. Nacional del Cobre de Chile                                         | CUSIP: 21987BBM9<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | NUSS              | CL        |    3418000 | PA      | $3681356.90   | 0.39%             | 2055-01-13      | Fixed         | 6.78%                 | 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      | $1219250.20   | 0.13%             | 2030-05-06      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                    | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     907000 | PA      | $1006089.75   | 0.11%             | 2054-11-13      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                 | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    7199000 | PA      | $7513104.61   | 0.79%             | 2037-01-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                                 | Republic of Cote d'Ivoire                                                 | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    1343000 | PA      | $1394316.03   | 0.15%             | 2036-04-01      | Fixed         | 8.07%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756BB5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    2667000 | PA      | $3117723.00   | 0.33%             | 2034-01-20      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DAE Sukuk Difc Ltd.                                                       | DAE Sukuk Difc Ltd.                                                       | CUSIP: 23302JAC9<br>LEI: 635400AMGMPG1J5EQD94 | Long             | DBT              | CORP              | AE        |    2800000 | PA      | $2779000.00   | 0.29%             | 2030-10-16      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Digicel International Finance Ltd.                                        | Digicel International Finance Ltd.                                        | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1403000 | PA      | $1432357.78   | 0.15%             | 2032-08-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: 25714PFC7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    1957000 | PA      | $2087874.38   | 0.22%             | 2055-02-24      | Fixed         | 7.15%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                                              | Ecopetrol SA                                                              | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    4795000 | PA      | $5153857.80   | 0.54%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| EDO Sukuk Ltd.                                                            | EDO Sukuk Ltd.                                                            | CUSIP: 28135J2A4<br>LEI: 5493000LZIE4T625R469 | Long             | DBT              | CORP              | KY        |    2240000 | PA      | $2375654.40   | 0.25%             | 2033-09-21      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                   | CUSIP: 283875CD2<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    4250000 | PA      | $97750.00     | 0.01%             | 2030-04-17      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo                                             | Empresa Nacional del Petroleo                                             | CUSIP: 29245JAM4<br>LEI: 549300YP3P0JZBLIV197 | Long             | DBT              | NUSS              | CL        |     799000 | PA      | $725891.50    | 0.08%             | 2031-09-16      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Empresa Nacional del Petroleo                                             | Empresa Nacional del Petroleo                                             | CUSIP: 29245JAP7<br>LEI: 549300YP3P0JZBLIV197 | Long             | DBT              | NUSS              | CL        |    1100000 | PA      | $1147437.50   | 0.12%             | 2034-07-30      | Fixed         | 5.95%                 | 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      | $814405.96    | 0.09%             | 2050-08-18      | Fixed         | 3.07%                 | Yes           |                  2 | On Loan: No      |
| FS Luxembourg Sarl                                                        | FS Luxembourg SARL                                                        | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     877000 | PA      | $905221.86    | 0.10%             | 2031-02-12      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Fondo MIVIVIENDA SA                                                       | Fondo MIVIVIENDA SA                                                       | CUSIP: 344593AF5<br>LEI: 549300X41PNOK11PZ670 | Long             | DBT              | NUSS              | PE        |    2640000 | PA      | $2646098.40   | 0.28%             | 2027-04-12      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Greenko Dutch BV                                                          | Greenko Dutch BV                                                          | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |    1558730 | PA      | $1541194.29   | 0.16%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Greenko Power II Ltd.                                                     | Greenko Power II Ltd.                                                     | CUSIP: 39530MAA6<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |    1496110 | PA      | $1423174.64   | 0.15%             | 2028-12-13      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| Greensaif Pipelines Bidco SARL                                            | Greensaif Pipelines Bidco SARL                                            | CUSIP: 39541EAC7<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    1820000 | PA      | $1980069.00   | 0.21%             | 2042-02-23      | Fixed         | 6.51%                 | Yes           |                  2 | On Loan: No      |
| Guara Norte SARL                                                          | Guara Norte SARL                                                          | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |     938850 | PA      | $910900.80    | 0.10%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: 401494AQ2<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    1424000 | PA      | $1412252.00   | 0.15%             | 2030-06-01      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: 401494BA6<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    1338000 | PA      | $1391854.50   | 0.15%             | 2036-08-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                               | CUSIP: 418097AP6<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    3765000 | PA      | $3703818.75   | 0.39%             | 2032-11-12      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                               | CUSIP: 41809JAB1<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    2090000 | PA      | $2194395.50   | 0.23%             | 2029-01-13      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Honduras                                                      | Republic of Honduras                                                      | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |    2120000 | PA      | $2326700.00   | 0.24%             | 2034-11-27      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                   | CUSIP: 445545AN6<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    1394000 | PA      | $863583.00    | 0.09%             | 2051-09-21      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: 455780CH7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    3200000 | PA      | $3254000.00   | 0.34%             | 2029-02-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: 455780CW4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    5743000 | PA      | $3863603.25   | 0.41%             | 2051-03-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: 455780DV5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    1400000 | PA      | $1351350.00   | 0.14%             | 2054-02-10      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: 455780DW3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    1400000 | PA      | $1365350.00   | 0.14%             | 2054-09-10      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad                                   | Instituto Costarricense de Electricidad                                   | CUSIP: 45777VAE7<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | NUSS              | CR        |    1180000 | PA      | $1239000.00   | 0.13%             | 2031-10-07      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                                        | Istanbul Metropolitan Municipality                                        | CUSIP: 46522TAC2<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |    3064000 | PA      | $3354528.48   | 0.35%             | 2028-12-06      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Development Bank of Kazakhstan JSC                                        | Development Bank of Kazakhstan JSC                                        | CUSIP: 48129VAG1<br>LEI: 213800LCDPGJ1BI7KX98 | Long             | DBT              | NUSS              | KZ        |    4600000 | PA      | $4543937.50   | 0.48%             | 2031-01-31      | Fixed         | 4.60%                 | 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        |   41721768 | NS      | $41738456.69  | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                         | CUSIP: 491798AQ7<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     821000 | PA      | $794062.99    | 0.08%             | 2038-10-09      | Fixed         | 8.80%                 | 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      | $850862.02    | 0.09%             |  |  |  | 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      | $-483022.22   | -0.05%            |  |  |  | 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      | $193204.21    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-200451.22   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $32049.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $3515.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-11647.93    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-23868.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                       | Forward Foreign Currency Contract                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-9457.36     | -0.00%            |  |  |  | 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      | $408000.00    | 0.04%             | 2036-12-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MDGH GMTN RSC Ltd.                                                        | MDGH GMTN RSC Ltd.                                                        | CUSIP: 55276VAJ1<br>LEI: 213800WRY6FRL9IXLT77 | Long             | DBT              | CORP              | AE        |    1465000 | PA      | $1394496.88   | 0.15%             | 2029-11-07      | Fixed         | 2.88%                 | 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      | $1257362.50   | 0.13%             | 2027-12-04      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | CDI                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   45300000 | PA      | $-315392.68   | -0.03%            |  |  |  | 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        |     500000 | PA      | $501560.00    | 0.05%             | 2033-02-02      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Morocco                                                        | Kingdom of Morocco                                                        | CUSIP: 617726AN4<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    2580000 | PA      | $2656110.00   | 0.28%             | 2028-03-08      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| NPC Ukrenergo                                                             | NPC Ukrenergo                                                             | CUSIP: 63718LAA2<br>LEI: 8945009LCLS92V4AK321 | Long             | DBT              | NUSS              | UA        |    1044000 | PA      | $866520.00    | 0.09%             | 2028-11-09      | Fixed         | 6.88%                 | 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      | $469138.13    | 0.05%             | 2028-10-17      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     400000 | PA      | $445500.00    | 0.05%             | 2031-06-09      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    1200000 | PA      | $1389300.00   | 0.15%             | 2034-12-09      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: 65412AFG2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    1500000 | PA      | $1590750.00   | 0.17%             | 2046-01-13      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                    | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |    1646000 | PA      | $1820689.98   | 0.19%             | 2054-05-02      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                    | CUSIP: 67091TAH8<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |    2013000 | PA      | $2097923.44   | 0.22%             | 2030-04-30      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Pertamina Persero PT                                                      | Pertamina Persero PT                                                      | CUSIP: 69370RAF4<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |     600000 | PA      | $567562.50    | 0.06%             | 2030-01-21      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Republic of Panama                                                        | Republic of Panama                                                        | CUSIP: 698299BB9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    8530000 | PA      | $6312200.00   | 0.66%             | 2053-04-29      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                                        | Republic of Panama                                                        | CUSIP: 698299BS2<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    8445000 | PA      | $6240855.00   | 0.66%             | 2063-01-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                                        | Republic of Panama                                                        | CUSIP: 698299BT0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    3751000 | PA      | $3911580.31   | 0.41%             | 2035-02-14      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                                        | Republic of Panama                                                        | CUSIP: 698299BW3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    5800000 | PA      | $6223400.00   | 0.65%             | 2036-01-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                                        | Republic of Panama                                                        | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    1800000 | PA      | $2071596.06   | 0.22%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                      | CUSIP: 699149AN0<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     640000 | PA      | $678003.20    | 0.07%             | 2036-02-09      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                      | CUSIP: 699149AP5<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        | 9621000000 | PA      | $1314990.71   | 0.14%             | 2031-02-09      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    2800000 | PA      | $2641800.00   | 0.28%             | 2035-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Republic of Peru                                                          | Republic of Peru                                                          | CUSIP: 715638DQ2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    8200000 | PA      | $4622750.00   | 0.49%             | 2060-12-01      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Republic of Peru                                                          | Republic of Peru                                                          | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    2950000 | PA      | $2573875.00   | 0.27%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Republic of Peru                                                          | Republic of Peru                                                          | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    8514000 | PA      | $8753456.25   | 0.92%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    7720000 | PA      | $7649362.00   | 0.80%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    1600000 | PA      | $1250320.00   | 0.13%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    4000000 | PA      | $4049800.00   | 0.43%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   12140000 | PA      | $10825238.00  | 1.14%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    5000000 | PA      | $4820300.00   | 0.51%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    3526508 | PA      | $3773363.56   | 0.40%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Republic of the Philippines                                               | Republic of Philippines                                                   | CUSIP: 718286CR6<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    1800000 | PA      | $1705500.00   | 0.18%             | 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        |    2700000 | PA      | $2880562.50   | 0.30%             | 2047-10-13      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Republic of the Philippines                                               | Republic of Philippines                                                   | CUSIP: 718286CX3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    1478000 | PA      | $1498322.50   | 0.16%             | 2048-01-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic of Philippines                                                   | Republic of Philippines                                                   | CUSIP: 718286DH7<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    2800000 | PA      | $2973600.00   | 0.31%             | 2050-02-04      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                        | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    1933000 | PA      | $1964256.61   | 0.21%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                        | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     690000 | PA      | $669279.30    | 0.07%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Raizen Fuels Finance SA                                                   | Raizen Fuels Finance SA                                                   | CUSIP: 75102XAB2<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     226000 | PA      | $194586.00    | 0.02%             | 2034-03-05      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                                              | Oriental Republic of Uruguay                                              | CUSIP: 760942AS1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    4458280 | PA      | $5421268.48   | 0.57%             | 2036-03-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                                              | Oriental Republic of Uruguay                                              | CUSIP: 760942BG6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    5000000 | PA      | $4760000.00   | 0.50%             | 2060-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                                              | Oriental Republic of Uruguay                                              | CUSIP: 760942BJ0<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |  277541397 | PA      | $7106880.28   | 0.75%             | 2035-10-29      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     500000 | PA      | $541565.00    | 0.06%             | 2033-01-17      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: 77586RAU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    2044000 | PA      | $2108386.00   | 0.22%             | 2034-01-30      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    4362000 | PA      | $4266428.58   | 0.45%             | 2035-03-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    3760000 | PA      | $4123667.20   | 0.43%             | 2037-02-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: 77586RAX8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    2600000 | PA      | $2684500.00   | 0.28%             | 2036-05-16      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Saavi Energia Sarl                                                        | Saavi Energia SARL                                                        | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |    2453000 | PA      | $2626255.39   | 0.28%             | 2035-02-10      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                                   | Kingdom of Saudi Arabia                                                   | CUSIP: 80413TAV1<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    3047000 | PA      | $2623284.18   | 0.28%             | 2033-02-02      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                                   | Kingdom of Saudi Arabia                                                   | CUSIP: 80413TBF5<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    6949000 | PA      | $7082768.25   | 0.74%             | 2030-01-16      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                                   | Kingdom of Saudi Arabia                                                   | CUSIP: 80413TBG3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    1600000 | PA      | $1642048.00   | 0.17%             | 2034-01-16      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Serbia International Bond                                                 | Republic of Serbia                                                        | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     800000 | PA      | $863226.00    | 0.09%             | 2033-09-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205AV6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    6928000 | PA      | $5439311.36   | 0.57%             | 2046-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    2414000 | PA      | $2044042.43   | 0.21%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    9876000 | PA      | $8340282.00   | 0.88%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    2640000 | PA      | $2659984.80   | 0.28%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Navoiyuran State Enterprise                                               | Navoiyuran State Enterprise                                               | CUSIP: 85679AAA6<br>LEI: 254900ACNT2MA4KNLL55 | Long             | DBT              | NUSS              | UZ        |    2000000 | PA      | $2010000.00   | 0.21%             | 2030-07-02      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Republic of Poland                                                        | Republic of Poland                                                        | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    1527000 | PA      | $1643204.70   | 0.17%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Suriname Government International Bond                                    | Suriname Government International Bond                                    | CUSIP: 86886PAE2<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |    2418000 | PA      | $2483890.50   | 0.26%             | 2030-11-06      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Suriname Government International Bond                                    | Suriname Government International Bond                                    | CUSIP: 86886PAF9<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |    4820000 | PA      | $5189019.20   | 0.54%             | 2035-11-06      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Trinidad Generation UnLtd                                                 | Trinidad Generation UnLtd                                                 | CUSIP: 89636DAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |    1770000 | PA      | $1822657.50   | 0.19%             | 2033-06-16      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    7615000 | PA      | $5861646.25   | 0.62%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123CM0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    4450000 | PA      | $3659146.00   | 0.38%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123DF4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    1635000 | PA      | $1797682.50   | 0.19%             | 2028-01-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    6000000 | PA      | $6852030.00   | 0.72%             | 2030-07-13      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    2454000 | PA      | $2636135.88   | 0.28%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123DS6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    7000000 | PA      | $7035242.20   | 0.74%             | 2036-11-04      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| TC Ziraat Bankasi A/S                                                     | TC Ziraat Bankasi A/S                                                     | CUSIP: 90014TAL5<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |    1220000 | PA      | $1288673.80   | 0.14%             | 2034-08-02      | Variable      | 8.99%                 | Yes           |                  2 | On Loan: No      |
| TC Ziraat Bankasi A/S                                                     | TC Ziraat Bankasi A/S                                                     | CUSIP: 90015JAC6<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |    2400000 | PA      | $2415000.00   | 0.25%             | 2030-11-05      | Variable      | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Turkiye Ihracat Kredi Bankasi A/S                                         | Turkiye Ihracat Kredi Bankasi A/S                                         | CUSIP: 90015LAL1<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |    1228000 | PA      | $1226845.68   | 0.13%             | 2030-10-03      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     817133 | PA      | $478022.81    | 0.05%             | 2034-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    2151468 | PA      | $1239245.57   | 0.13%             | 2035-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    1651167 | PA      | $937037.27    | 0.10%             | 2036-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     741567 | PA      | $411198.90    | 0.04%             | 2030-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                     | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    6153000 | PA      | $6482800.80   | 0.68%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                     | CUSIP: 91087BAX8<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    1693000 | PA      | $1641024.90   | 0.17%             | 2053-05-04      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                     | CUSIP: 91087BBA7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    3995000 | PA      | $3893127.50   | 0.41%             | 2054-05-07      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | United Mexican States                                                     | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    7130000 | PA      | $7814480.00   | 0.82%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| United States of America                                                  | U.S. Treasury Notes                                                       | CUSIP: 91282CGA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3546000 | PA      | $3545947.98   | 0.37%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yinson Boronia Production BV                                              | Yinson Boronia Production BV                                              | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |     830002 | PA      | $902195.73    | 0.09%             | 2042-07-31      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| Yinson Bergenia Production BV                                             | Yinson Bergenia Production BV                                             | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | NL        |     890000 | PA      | $931385.00    | 0.10%             | 2045-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Zambia                                                        | Republic of Zambia                                                        | CUSIP: 988895AR9<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    2650701 | PA      | $1821535.22   | 0.19%             | 2053-12-31      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    2425000 | PA      | $2162372.50   | 0.23%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Argentine Peso                                                            | Argentine Peso                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AR        |       3384 | OU      | $2.33         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Australian Dollar                                                         | Australian Dollar                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | AU        |         98 | OU      | $64.36        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |    1200000 | PA      | $325200.00    | 0.03%             | 2026-04-21      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |    1300000 | PA      | $1664000.00   | 0.17%             | 2035-10-12      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Iraq                                                          | Republic of Iraq                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | IQ        |    1062500 | PA      | $1058847.66   | 0.11%             | 2028-01-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Oriental Republic of Uruguay                                              | Oriental Republic of Uruguay                                              | CUSIP: 760942AS1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     773466 | PA      | $940534.66    | 0.10%             | 2036-03-21      | Fixed         | 7.62%                 | 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      | $1275498.00   | 0.13%             | 2036-10-24      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |    1600000 | PA      | $1822000.00   | 0.19%             | 2037-02-17      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                 | Petroleos de Venezuela SA                                                 | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | NUSS              | VE        |   14058400 | PA      | $3397915.28   | 0.36%             | 2027-04-12      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| DP World Ltd.                                                             | DP World Ltd.                                                             | CUSIP: N/A<br>LEI: 549300M3U2DNF4QVSS04       | Long             | DBT              | CORP              | AE        |    1600000 | PA      | $1829504.00   | 0.19%             | 2037-07-02      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |    4707000 | PA      | $1348555.50   | 0.14%             | 2038-03-31      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |   18607000 | PA      | $4084236.50   | 0.43%             | 2020-03-09      | 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        |    2590000 | PA      | $701890.00    | 0.07%             | 2024-10-13      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Pertamina Persero PT                                                      | Pertamina Persero PT                                                      | CUSIP: N/A<br>LEI: 254900NDAKGNZ2IBBL45       | Long             | DBT              | NUSS              | ID        |    1486000 | PA      | $1605344.38   | 0.17%             | 2041-05-27      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |    5543300 | PA      | $1712879.70   | 0.18%             | 2031-08-05      | Fixed         | 11.95%                | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |    3270000 | PA      | $1008795.00   | 0.11%             | 2026-10-21      | Fixed         | 11.75%                | 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      | $672500.00    | 0.07%             | 2035-05-17      | Fixed         | 9.75%                 | 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      | $329208.00    | 0.03%             | 2043-04-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    2000000 | PA      | $1539500.00   | 0.16%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad                                   | Instituto Costarricense de Electricidad                                   | CUSIP: N/A<br>LEI: 5493009VA6AFUB2Q0289       | Long             | DBT              | NUSS              | CR        |     802000 | PA      | $785342.46    | 0.08%             | 2043-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Southern Gas Corridor CJSC                                                | Southern Gas Corridor CJSC                                                | CUSIP: N/A<br>LEI: 213800DG58KG59XY6318       | Long             | DBT              | NUSS              | AZ        |     500000 | PA      | $503530.00    | 0.05%             | 2026-03-24      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Paraguay                                                      | Republic of Paraguay                                                      | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |    4900000 | PA      | $4661737.50   | 0.49%             | 2048-03-13      | Fixed         | 5.60%                 | 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        |    4371000 | PA      | $3579914.57   | 0.38%             | 2047-08-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |   12520000 | PA      | $12795440.00  | 1.34%             | 2028-01-17      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    6604000 | PA      | $6115304.00   | 0.64%             | 2047-11-28      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Cometa Energia SA de CV                                                   | Cometa Energia SA de CV                                                   | CUSIP: N/A<br>LEI: 5493007L8UH7TYXKI505       | Long             | DBT              | CORP              | MX        |    1764000 | PA      | $1829285.64   | 0.19%             | 2035-04-24      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Peru LNG Srl                                                              | Peru LNG Srl                                                              | CUSIP: N/A<br>LEI: 254900F70J1LOALV5K70       | Long             | DBT              | CORP              | PE        |    1755234 | PA      | $1693256.69   | 0.18%             | 2030-03-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    3747000 | PA      | $3498761.25   | 0.37%             | 2047-01-31      | Fixed         | 8.50%                 | 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      | $1844514.00   | 0.19%             | 2046-10-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                        | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |    1460000 | PA      | $1518852.60   | 0.16%             | 2028-10-12      | Fixed         | 7.00%                 | 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      | $5461830.00   | 0.57%             | 2030-02-23      | Fixed         | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                               | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    2900000 | PA      | $2894925.00   | 0.30%             | 2047-10-10      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |    4259000 | PA      | $4633259.63   | 0.49%             | 2047-03-08      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Senegal                                                       | Republic of Senegal                                                       | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |    3645000 | PA      | $2223450.00   | 0.23%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Azerbaijan                                                    | Republic of Azerbaijan                                                    | CUSIP: N/A<br>LEI: 7890009G02BUL1M3LS88       | Long             | DBT              | NUSS              | AZ        |     850000 | PA      | $793421.88    | 0.08%             | 2032-09-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Eskom Holdings                                                            | Eskom Holdings                                                            | CUSIP: N/A<br>LEI: 3789001900ED06F65111       | Long             | DBT              | NUSS              | ZA        |    2900000 | PA      | $2987906.25   | 0.31%             | 2028-08-10      | Fixed         | 6.35%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |    2222000 | PA      | $2275328.00   | 0.24%             | 2028-07-19      | Fixed         | 6.00%                 | 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      | $2326335.00   | 0.24%             | 2030-02-23      | Fixed         | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    1985000 | PA      | $1942818.75   | 0.20%             | 2038-02-23      | Fixed         | 7.70%                 | 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      | $585172.00    | 0.06%             | 2047-09-14      | Fixed         | 4.50%                 | 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      | $1321631.41   | 0.14%             | 2047-05-15      | Fixed         | 5.25%                 | Yes           |                  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      | $701750.00    | 0.07%             | 2028-04-11      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                        | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |    9506000 | PA      | $9881296.88   | 1.04%             | 2029-09-20      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Mexico City Airport Trust                                                 | Mexico City Airport Trust                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | MX        |    1000000 | PA      | $975080.00    | 0.10%             | 2028-04-30      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: N/A<br>LEI: 378900AAFB4F17004C49       | Long             | DBT              | NUSS              | ZA        |  169000000 | PA      | $9569304.69   | 1.00%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Kingdom of Saudi Arabia                                                   | Kingdom of Saudi Arabia                                                   | CUSIP: N/A<br>LEI: 635400FMICXSM3SI3H65       | Long             | DBT              | NUSS              | SA        |   10220000 | PA      | $10328638.60  | 1.08%             | 2030-04-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| DP World Ltd.                                                             | DP World Ltd.                                                             | CUSIP: N/A<br>LEI: 549300M3U2DNF4QVSS04       | Long             | DBT              | CORP              | AE        |    2173000 | PA      | $2159418.75   | 0.23%             | 2048-09-25      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Bapco Energies BSC Closed                                                 | Bapco Energies BSC Closed                                                 | CUSIP: N/A<br>LEI: 549300OBH16L6TS6IW50       | Long             | DBT              | NUSS              | BH        |    4200000 | PA      | $4530078.00   | 0.48%             | 2028-11-07      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    1292000 | PA      | $1285943.75   | 0.14%             | 2028-05-09      | Fixed         | 8.25%                 | 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      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DQ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     115000 | PA      | $85387.50     | 0.01%             | 2049-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AI Candelaria -spain- SA                                                  | AI Candelaria -spain- SA                                                  | CUSIP: N/A<br>LEI: 213800L5KA2MJ5FKRZ02       | Long             | DBT              | CORP              | ES        |     555748 | PA      | $558526.43    | 0.06%             | 2028-12-15      | Fixed         | 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        |    3900000 | PA      | $947700.00    | 0.10%             | 2026-11-15      | Fixed         | 6.00%                 | 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      | $380750.00    | 0.04%             | 2029-11-07      | Fixed         | 2.88%                 | 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      | $390500.00    | 0.04%             | 2030-01-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                      | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |    4116000 | PA      | $3803184.00   | 0.40%             | 2050-03-30      | Fixed         | 5.40%                 | 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      | $1153620.00   | 0.12%             | 2031-02-19      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |    3860000 | PA      | $3679902.05   | 0.39%             | 2032-09-23      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |    4500000 | PA      | $4374562.50   | 0.46%             | 2030-01-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |    1951000 | PA      | $1738341.00   | 0.18%             | 2060-01-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |     900000 | PA      | $904221.00    | 0.09%             | 2032-01-15      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: N/A<br>LEI: 529900QKDFFU9UWW5315       | Long             | DBT              | NUSS              | GT        |    5092000 | PA      | $5049991.00   | 0.53%             | 2030-06-01      | Fixed         | 4.90%                 | Yes           |                  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      | $1221804.00   | 0.13%             | 2029-06-27      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| MV24 Capital BV                                                           | MV24 Capital BV                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |     952016 | PA      | $935355.72    | 0.10%             | 2034-06-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Pertamina Persero PT                                                      | Pertamina Persero PT                                                      | CUSIP: 69370RAE7<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |    1660000 | PA      | $1421424.80   | 0.15%             | 2049-07-30      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     319000 | PA      | $235900.50    | 0.02%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Corp. Financiera de Desarrollo SA                                         | Corp. Financiera de Desarrollo SA                                         | CUSIP: N/A<br>LEI: 254900BOM7T4MG6T0J30       | Long             | DBT              | NUSS              | PE        |    1700000 | PA      | $1639837.00   | 0.17%             | 2027-09-28      | Fixed         | 2.40%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                   | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |    4171000 | PA      | $3747643.50   | 0.39%             | 2050-01-20      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                         | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |    4430000 | PA      | $4409223.30   | 0.46%             | 2032-05-22      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Pertamina Persero PT                                                      | Pertamina Persero PT                                                      | CUSIP: 69370RAF4<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | NUSS              | ID        |     600000 | PA      | $567562.50    | 0.06%             | 2030-01-21      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     800000 | PA      | $721200.00    | 0.08%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                    | OCP SA                                                                    | CUSIP: N/A<br>LEI: 213800D26TAPVTCVWG40       | Long             | DBT              | NUSS              | MA        |    5600000 | PA      | $4627560.00   | 0.49%             | 2051-06-23      | Fixed         | 5.12%                 | 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        |     400000 | PA      | $379040.00    | 0.04%             | 2029-09-30      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |    1105000 | PA      | $792285.00    | 0.08%             | 2029-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |    3600000 | PA      | $2106000.00   | 0.22%             | 2034-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |    3794175 | PA      | $2153194.31   | 0.23%             | 2036-02-01      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |    7400000 | PA      | $4151400.00   | 0.44%             | 2036-02-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    1900000 | PA      | $1833405.00   | 0.19%             | 2029-11-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    3502000 | PA      | $2972322.50   | 0.31%             | 2049-11-26      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                      | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |    2790000 | PA      | $2812320.00   | 0.30%             | 2031-04-28      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Gabonese Republic                                                         | Gabonese Republic                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GA        |     980000 | PA      | $737450.00    | 0.08%             | 2031-02-06      | 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        |    2000000 | PA      | $2160000.00   | 0.23%             | 2044-04-04      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                    | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |    3112000 | PA      | $3451986.00   | 0.36%             | 2054-11-13      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Azure Power Energy Ltd.                                                   | Azure Power Energy Ltd.                                                   | CUSIP: N/A<br>LEI: 54930051LQDFHGQMHF47       | Long             | DBT              | CORP              | MU        |     172510 | PA      | $168412.83    | 0.02%             | 2026-08-19      | Fixed         | 3.58%                 | 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      | $910734.00    | 0.10%             | 2061-02-16      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    3210000 | PA      | $3107697.30   | 0.33%             | 2031-02-16      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                        | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |    4787000 | PA      | $4632906.47   | 0.49%             | 2032-09-16      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| MDGH GMTN RSC Ltd.                                                        | MDGH GMTN RSC Ltd.                                                        | CUSIP: N/A<br>LEI: 213800WRY6FRL9IXLT77       | Long             | DBT              | CORP              | AE        |     800000 | PA      | $730248.00    | 0.08%             | 2031-06-03      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Colombia                                                      | Republic of Colombia                                                      | CUSIP: 195325DT9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    1500000 | PA      | $943500.00    | 0.10%             | 2051-05-15      | Fixed         | 4.12%                 | 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      | $1931612.50   | 0.20%             | 2051-09-30      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                                  | Republic of South Africa                                                  | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    1740000 | PA      | $1753171.80   | 0.18%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    1430000 | PA      | $1440095.80   | 0.15%             | 2034-05-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Government of Mongolia                                                    | State of Mongolia                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MN        |     510000 | PA      | $467925.00    | 0.05%             | 2031-07-07      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Government of Mongolia                                                    | State of Mongolia                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MN        |    1300000 | PA      | $1256125.00   | 0.13%             | 2027-07-07      | Fixed         | 3.50%                 | 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        |    1668580 | PA      | $1648406.53   | 0.17%             | 2040-12-01      | Fixed         | 5.75%                 | 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      | $424200.00    | 0.04%             | 2033-04-28      | Fixed         | 5.50%                 | 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      | $541500.00    | 0.06%             | 2031-02-09      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Republic of the Philippines                                               | Republic of Philippines                                                   | CUSIP: 718286CR6<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     400000 | PA      | $379000.00    | 0.04%             | 2032-09-29      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Ltd.                                                  | Studio City Finance Ltd.                                                  | CUSIP: N/A<br>LEI: 254900D6R731QAUIG324       | Long             | DBT              | CORP              | VG        |     400000 | PA      | $377624.00    | 0.04%             | 2029-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                                       | Republic of Ecuador                                                       | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |    1090385 | PA      | $1060399.41   | 0.11%             | 2030-07-31      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                                       | Republic of Ecuador                                                       | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |   10114164 | PA      | $8637496.06   | 0.91%             | 2035-07-31      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                                       | Republic of Ecuador                                                       | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |    5441521 | PA      | $4108348.36   | 0.43%             | 2040-07-31      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Federative Republic of Brazil                                             | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    1400000 | PA      | $1402800.00   | 0.15%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Uzbekneftegaz JSC                                                         | Uzbekneftegaz JSC                                                         | CUSIP: N/A<br>LEI: 213800LUZJZFLJD4MJ51       | Long             | DBT              | CORP              | UZ        |    1600000 | PA      | $1515000.00   | 0.16%             | 2028-11-16      | Fixed         | 4.75%                 | 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      | $1393979.25   | 0.15%             | 2050-05-29      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    2000000 | PA      | $1889931.67   | 0.20%             | 2033-04-14      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| United Arab Emirates Government Bond                                      | United Arab Emirates Government Bond                                      | CUSIP: N/A<br>LEI: 254900ZNL8O3F1CLJO24       | Long             | DBT              | NUSS              | AE        |    1600000 | PA      | $1440688.00   | 0.15%             | 2033-03-10      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |     720000 | PA      | $158040.00    | 0.02%             | 2020-06-19      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: N/A<br>LEI: 529900QKDFFU9UWW5315       | Long             | DBT              | NUSS              | GT        |     600000 | PA      | $602100.00    | 0.06%             | 2032-04-24      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Suriname Government International Bond                                    | Suriname Government International Bond                                    | CUSIP: N/A<br>LEI: 254900SYU4G5JM13TN77       | Long             | DBT              | NUSS              | SR        |     600000 | PA      | $716400.00    | 0.08%             | 2050-12-31      | Variable      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                                 | Republic of Uzbekistan                                                    | CUSIP: N/A<br>LEI: 213800L6VDKUM3TCM927       | Long             | DBT              | NUSS              | UZ        |    4000000 | PA      | $3684700.00   | 0.39%             | 2030-11-25      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Gaci First Investment Co.                                                 | Gaci First Investment Co.                                                 | CUSIP: N/A<br>LEI: 558600TU1PWGNLZ3XM88       | Long             | DBT              | CORP              | KY        |    4600000 | PA      | $4601656.00   | 0.48%             | 2035-02-14      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: N/A<br>LEI: 529900QKDFFU9UWW5315       | Long             | DBT              | NUSS              | GT        |    2736000 | PA      | $2429786.88   | 0.26%             | 2033-10-07      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of the Bahamas                                               | Commonwealth of the Bahamas                                               | CUSIP: N/A<br>LEI: 549300W13SXC7EKNJC20       | Long             | DBT              | NUSS              | BS        |    1645000 | PA      | $1825012.35   | 0.19%             | 2032-10-15      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                                        | Sultanate of Oman Government Bond                                         | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |    3100000 | PA      | $3558211.00   | 0.37%             | 2051-01-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     500000 | PA      | $445850.00    | 0.05%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                   | CUSIP: N/A<br>LEI: 5299003F3UFKGCCMAP43       | Long             | DBT              | NUSS              | HU        |    3200000 | PA      | $3237056.00   | 0.34%             | 2034-06-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                   | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |    1700000 | PA      | $1883897.50   | 0.20%             | 2052-07-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Colombia Telecomunicaciones SA ESP                                        | Colombia Telecomunicaciones SA ESP                                        | CUSIP: N/A<br>LEI: 549300CK4YN0V1C3MN55       | Long             | DBT              | CORP              | CO        |    2602000 | PA      | $2360040.02   | 0.25%             | 2030-07-17      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    2435000 | PA      | $2412001.43   | 0.25%             | 2028-09-28      | Fixed         | 6.12%                 | 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      | $4145306.00   | 0.44%             | 2033-09-28      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| EnfraGen Energia Sur SA                                                   | EnfraGen Energia Sur SA                                                   | CUSIP: N/A<br>LEI: 2549002TO75PYMY3VY07       | Long             | DBT              | CORP              | ES        |    2210000 | PA      | $2052537.50   | 0.22%             | 2030-12-30      | Fixed         | 5.38%                 | 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        |     900000 | PA      | $902808.00    | 0.09%             | 2033-02-02      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                        | Kingdom of Bahrain                                                        | CUSIP: N/A<br>LEI: 549300RODM1WN85LFQ95       | Long             | DBT              | NUSS              | BH        |    2800000 | PA      | $2665264.00   | 0.28%             | 2033-01-25      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                   | CUSIP: N/A<br>LEI: 5299003F3UFKGCCMAP43       | Long             | DBT              | NUSS              | HU        |    7915000 | PA      | $4903342.50   | 0.51%             | 2051-09-21      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| HDFC Bank Ltd.                                                            | HDFC Bank Ltd.                                                            | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | DBT              | CORP              | IN        |    1875000 | PA      | $1839843.75   | 0.19%             | 2026-08-25      | Variable      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    2588000 | PA      | $2669522.00   | 0.28%             | 2034-01-30      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    5350000 | PA      | $3804518.75   | 0.40%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     763636 | PA      | $526145.45    | 0.06%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    3013067 | PA      | $2008209.16   | 0.21%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    4125000 | PA      | $3949687.50   | 0.41%             | 2051-04-08      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    4230000 | PA      | $4149630.00   | 0.44%             | 2027-02-27      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                         | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |    1910000 | PA      | $2036537.50   | 0.21%             | 2031-02-16      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| CT Trust                                                                  | CT Trust                                                                  | CUSIP: N/A<br>LEI: 213800MJB7WO427HQD34       | Long             | DBT              | CORP              | GT        |     800000 | PA      | $759504.00    | 0.08%             | 2032-02-03      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Peru                                                          | Republic of Peru                                                          | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    1200000 | PA      | $1047000.00   | 0.11%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                              | Islamic Republic of Pakistan                                              | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    5037000 | PA      | $4946334.00   | 0.52%             | 2031-04-08      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                   | CUSIP: N/A<br>LEI: 5299003F3UFKGCCMAP43       | Long             | DBT              | NUSS              | HU        |    5970000 | PA      | $5130498.60   | 0.54%             | 2031-09-22      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Benin                                                         | Benin Government Bond                                                     | CUSIP: N/A<br>LEI: 635400Q11P6AE5A5Y230       | Long             | DBT              | NUSS              | BJ        |    1300000 | PA      | $1345500.00   | 0.14%             | 2041-01-23      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                     | Republic of Guatemala                                                     | CUSIP: N/A<br>LEI: 529900QKDFFU9UWW5315       | Long             | DBT              | NUSS              | GT        |     600000 | PA      | $638064.00    | 0.07%             | 2037-02-06      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                        | Republic of Angola                                                        | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    4800000 | PA      | $4584000.00   | 0.48%             | 2032-04-14      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    2900000 | PA      | $2836461.00   | 0.30%             | 2035-03-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                         | Republic of Kenya                                                         | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |    1800000 | PA      | $1567674.00   | 0.16%             | 2034-01-23      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Serbia International Bond                                                 | Republic of Serbia                                                        | CUSIP: N/A<br>LEI: 254900W94OCY91V32O78       | Long             | DBT              | NUSS              | RS        |    3965000 | PA      | $4278363.86   | 0.45%             | 2033-09-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                                   | Republic of El Salvador                                                   | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |    1682000 | PA      | $1807309.00   | 0.19%             | 2030-04-17      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Paraguay Government International Bond                                    | Republic of Paraguay                                                      | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |     400000 | PA      | $373750.00    | 0.04%             | 2033-06-28      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                               | Federal Republic of Nigeria                                               | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    1600000 | PA      | $1852400.00   | 0.19%             | 2034-12-09      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| GNL Quintero SA                                                           | GNL Quintero SA                                                           | CUSIP: N/A<br>LEI: 549300JJJIQXE6E1QY27       | Long             | DBT              | CORP              | CL        |     289071 | PA      | $289883.49    | 0.03%             | 2029-07-31      | Fixed         | 4.63%                 | 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        |    1500000 | PA      | $1562340.00   | 0.16%             | 2034-02-28      | Variable      | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                               | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    2000000 | PA      | $2099900.00   | 0.22%             | 2029-01-13      | Fixed         | 7.50%                 | 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        |     902000 | PA      | $684505.25    | 0.07%             | 2035-06-15      | Variable      | 3.60%                 | 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        |     540000 | PA      | $468180.00    | 0.05%             | 2033-03-15      | Variable      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Hungary                                                                   | Hungary Government Bond                                                   | CUSIP: N/A<br>LEI: 5299003F3UFKGCCMAP43       | Long             | DBT              | NUSS              | HU        |    1849000 | PA      | $1849462.25   | 0.19%             | 2036-03-26      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    2744000 | PA      | $3013268.72   | 0.32%             | 2053-01-17      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of the Philippines                                               | Republic of Philippines                                                   | CUSIP: 718286CY1<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    1210000 | PA      | $1228150.00   | 0.13%             | 2028-07-17      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Government of Mongolia                                                    | State of Mongolia                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | MN        |     600000 | PA      | $637800.00    | 0.07%             | 2028-01-19      | Fixed         | 8.65%                 | Yes           |                  2 | On Loan: No      |
| Akbank TAS                                                                | Akbank TAS                                                                | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | DBT              | CORP              | TR        |    1000000 | PA      | $1044000.00   | 0.11%             | 2029-03-14      | Variable      | 9.37%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                         | CUSIP: N/A<br>LEI: 213800PP4399SNNXZ126       | Long             | DBT              | NUSS              | GH        |    8000000 | PA      | $7075026.40   | 0.74%             | 2035-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Morocco                                                        | Kingdom of Morocco                                                        | CUSIP: N/A<br>LEI: 529900F3MBW9XY5K1X07       | Long             | DBT              | NUSS              | MA        |    2200000 | PA      | $2264900.00   | 0.24%             | 2028-03-08      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |  274190000 | PA      | $5791436.58   | 0.61%             | 2028-01-07      | Fixed         | 22.58%                | No            |                  2 | On Loan: No      |
| United Mexican States                                                     | Mex Bonos Desarr Fix Rt                                                   | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |   78500000 | PA      | $4332276.92   | 0.45%             | 2030-02-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Republic of Honduras                                                      | Republic of Honduras                                                      | CUSIP: N/A<br>LEI: 5493002DW1JNBNG17615       | Long             | DBT              | NUSS              | HN        |    8600000 | PA      | $9438500.00   | 0.99%             | 2034-11-27      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Benin Government International Bond                                       | Benin Government Bond                                                     | CUSIP: N/A<br>LEI: 635400Q11P6AE5A5Y230       | Long             | DBT              | NUSS              | BJ        |    1405000 | PA      | $1427634.55   | 0.15%             | 2038-02-13      | Fixed         | 7.96%                 | 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        |     600000 | PA      | $640125.00    | 0.07%             | 2029-02-14      | Fixed         | 8.25%                 | 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      | $1318128.00   | 0.14%             | 2038-06-29      | Variable      | 8.45%                 | Yes           |                  2 | On Loan: No      |
| Republic of Zambia                                                        | Republic of Zambia                                                        | CUSIP: N/A<br>LEI: 213800DMLAZ6LGMMD849       | Long             | DBT              | NUSS              | ZM        |     707060 | PA      | $679042.75    | 0.07%             | 2033-06-30      | Variable      | 5.75%                 | Yes           |                  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      | $429800.00    | 0.05%             | 2029-05-08      | Variable      | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Gabonese Republic                                                         | Gabonese Republic                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | GA        |    1000000 | PA      | $867500.00    | 0.09%             | 2029-02-18      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Bulgaria                                                      | Republic of Bulgaria                                                      | CUSIP: N/A<br>LEI: 529900PG0XCL4LICL838       | Long             | DBT              | NUSS              | BG        |    1900000 | PA      | $1904750.00   | 0.20%             | 2037-03-05      | Fixed         | 5.00%                 | 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        |     800000 | PA      | $753000.00    | 0.08%             | 2030-01-15      | Variable      | 3.10%                 | Yes           |                  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        |     321000 | PA      | $345075.00    | 0.04%             | 2024-12-11      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Bulgaria                                                      | Bulgaria Government Bond                                                  | CUSIP: N/A<br>LEI: 529900PG0XCL4LICL838       | Long             | DBT              | NUSS              | BG        |    1000000 | PA      | $1149326.67   | 0.12%             | 2035-07-18      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Bulgaria                                                      | Bulgaria Government Bond                                                  | CUSIP: N/A<br>LEI: 529900PG0XCL4LICL838       | Long             | DBT              | NUSS              | BG        |    1200000 | PA      | $1361525.68   | 0.14%             | 2045-07-18      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |   34200000 | PA      | $727661.88    | 0.08%             | 2027-10-01      | Fixed         | 24.46%                | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                                 | Republic of Turkiye (The)                                                 | CUSIP: N/A<br>LEI: 5493000PCHOG3B6S3Q85       | Long             | DBT              | NUSS              | TR        |  175000000 | PA      | $4220258.23   | 0.44%             | 2027-07-14      | Fixed         | 37.84%                | No            |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |    1456000 | PA      | $319592.00    | 0.03%             | 2030-02-26      | Fixed         | 6.65%                 | 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        |    2640000 | PA      | $2669554.80   | 0.28%             | 2028-03-03      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                                    | Republic of Costa Rica                                                    | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |    3260000 | PA      | $3554215.00   | 0.37%             | 2045-03-12      | Fixed         | 7.16%                 | Yes           |                  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      | $727650.00    | 0.08%             | 2047-01-25      | Fixed         | 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        |    1068000 | PA      | $1043596.20   | 0.11%             | 2033-01-18      | Variable      | 5.12%                 | 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        |    1400000 | PA      | $1352050.00   | 0.14%             | 2033-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    3256000 | PA      | $2863261.28   | 0.30%             | 2048-02-21      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| Plurinational State of Bolivia                                            | Plurinational State of Bolivia                                            | CUSIP: N/A<br>LEI: 529900TGIRPY3SZXEB56       | Long             | DBT              | NUSS              | BO        |    2224000 | PA      | $2042466.00   | 0.21%             | 2028-03-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                               | Hashemite Kingdom of Jordan                                               | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    1000000 | PA      | $1000800.00   | 0.11%             | 2027-01-31      | Fixed         | 5.75%                 | 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      | $1920972.40   | 0.20%             | 2047-10-04      | Fixed         | 4.62%                 | 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      | $601692.98    | 0.06%             | 2020-10-27      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                        | Dominican Republic Government Bond                                        | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |     678000 | PA      | $684576.06    | 0.07%             | 2027-01-25      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |    2184000 | PA      | $479388.00    | 0.05%             | 2027-03-23      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| Lebanese Republic                                                         | Lebanese Republic                                                         | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |    7095000 | PA      | $1557352.50   | 0.16%             | 2028-11-03      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| Ukraine                                                                   | Ukraine Government Bond                                                   | CUSIP: N/A<br>LEI: 6354001WLTJXOMEXPY07       | Long             | DBT              | NUSS              | UA        |    5632000 | PA      | $5237760.00   | 0.55%             | 2041-05-31      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Petroleos del Peru SA                                                     | Petroleos del Peru SA                                                     | CUSIP: N/A<br>LEI: 549300ZMGDLC9JT2OR80       | Long             | DBT              | NUSS              | PE        |    2824000 | PA      | $1992247.28   | 0.21%             | 2047-06-19      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Canadian Dollar                                                           | Canadian Dollar                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | CA        |          0 | OU      | $0.01         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                                                      | EURO                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | XX        |          0 | OU      | $0.14         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 5 Year Note                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       1368 | NC      | $144310.18    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingdom of Saudi Arabia                                                   | Kingdom of Saudi Arabia                                                   | CUSIP: N/A<br>LEI: 635400FMICXSM3SI3H65       | Long             | DBT              | NUSS              | SA        |    3800000 | PA      | $4037500.00   | 0.42%             | 2032-10-25      | 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        |     300000 | PA      | $106500.00    | 0.01%             | 2030-01-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Nigerian Naira                                                            | Nigerian Naira                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | NG        |    2128902 | OU      | $1470.74      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |  118000000 | PA      | $2404147.11   | 0.25%             | 2028-05-06      | Fixed         | 21.33%                | No            |                  2 | On Loan: No      |
| Federation of Bosnia & Herzegovina Eurobond                               | Federation of Bosnia & Herzegovina Eurobond                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | BA        |     951000 | PA      | $1146253.20   | 0.12%             | 2030-07-17      | Fixed         | 5.50%                 | 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        |     400000 | PA      | $390860.00    | 0.04%             | 2033-01-18      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |    1415000 | PA      | $422377.50    | 0.04%             | 2028-05-07      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Bolivarian Republic of Venezuela                                          | Bolivarian Republic of Venezuela                                          | CUSIP: N/A<br>LEI: 529900XM8PJTJK5OJI77       | Long             | DBT              | NUSS              | VE        |    1900000 | PA      | $584250.00    | 0.06%             | 2022-08-23      | Fixed         | 12.75%                | 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      | $361000.00    | 0.04%             | 2031-02-09      | Fixed         | 3.35%                 | 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      | $377500.00    | 0.04%             | 2022-11-17      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Petroleos de Venezuela SA                                                 | Petroleos de Venezuela SA                                                 | CUSIP: N/A<br>LEI: 549300YWR8TN1OFD4P06       | Long             | DBT              | NUSS              | VE        |     222500 | PA      | $222386.53    | 0.02%             | 2020-10-27      | Fixed         | 8.50%                 | 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      | $545523.00    | 0.06%             | 2025-04-21      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Peruvian New Sol                                                          | Peruvian New Sol                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PE        |     320213 | OU      | $95230.57     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Paraguay Guarani                                                          | Paraguay Guarani                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | PY        |          0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Romanian Leu                                                              | Romanian Leu                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | RO        |          4 | OU      | $0.92         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Thailand Baht                                                             | Thailand Baht                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | TH        |          0 | OU      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Arab Republic of Egypt                                                    | Arab Republic of Egypt                                                    | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |  116600000 | PA      | $2480858.93   | 0.26%             | 2027-10-01      | Fixed         | 24.46%                | No            |                  2 | On Loan: No      |
| Republic of Ghana                                                         | Republic of Ghana                                                         | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    2124348 | PA      | $1878727.27   | 0.20%             | 2035-07-03      | Variable      | 5.00%                 | 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      | $1421247.29   | 0.15%             | 2028-04-15      | Fixed         | 4.00%                 | 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      | $2003659.61   | 0.21%             | 2036-05-15      | Variable      | 3.60%                 | 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      | $4078058.48   | 0.43%             | 2033-03-15      | Variable      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Romania                                                                   | Romania Government Bond                                                   | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |    2000000 | PA      | $2330911.08   | 0.24%             | 2037-10-07      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |    1800000 | PA      | $2304000.00   | 0.24%             | 2035-10-12      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Republic of Indonesia                                                     | CUSIP: N/A<br>LEI: 529900FWX0GRR7WG5W79       | Long             | DBT              | NUSS              | ID        |    1595000 | PA      | $1816306.25   | 0.19%             | 2037-02-17      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Federative Republic of Brazil                                             | Notas do Tesouro Nacional                                                 | CUSIP: N/A<br>LEI: 254900ZFY40OYEADAP90       | Long             | DBT              | NUSS              | BR        |   30000000 | PA      | $4919009.77   | 0.52%             | 2035-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Argentine Republic (The)                                                  | Argentine Republic                                                        | CUSIP: N/A<br>LEI: 549300KPBYGYF7HCHO27       | Long             | DBT              | NUSS              | AR        |    3700000 | PA      | $2331000.00   | 0.24%             | 2030-07-09      | Variable      | 0.76%                 | No            |                  2 | On Loan: No      |
| South African Rand                                                        | South African Rand                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | ZA        |          2 | OU      | $0.13         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer